Market analysis is a necessary step for successful marketing. Understanding how a market works is a prerequisite for good marketing. Market analysis enables you to make well informed decisions for the business. In today’s world, time is the most precious asset. This article proposes the various ways of doing a quick international market analysis using online tools.
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International market is more complex than the domestic market. This is primarily because of the large number of participating countries. However, it is essential to study market conditions for business. Following is the process of doing a quick international market analysis:
1. Understand the various foreign markets
Assessing and evaluating the working structure of the various foreign markets (which form the international market) is significant. Analyse the competitive environment of the international market. You should ensure that there will be no political and legal hindrances before initiating the trade. Look for potential in the market and take a step further accordingly. Your product should be capable of growing in the market opted by you.
2. Develop a plan and implement it
Develop a proper plan for conducting an international market research. Decide how you will get the information related to the international markets. For example, if you’ve to conduct surveys, how will you conduct them? You can conduct them over phones and mails. Ensure proper translation facilities while surveying. Your plan should focus on getting the maximum amount of data possible. Thereafter, start conducting the surveys. Communicate with the people abroad in order to get a clear understanding of the international market
3. Analyse the data collected
The last step is to analyse all the data collected. Organize the data and evaluate its suitability for your business. Examine the market in terms of the level of profitability it offers to you. Compare the level of profits with the costs involved. This will enable you to determine the suitability of the international market for your business.
Following are the various online tools for doing a quick international market analysis:
BMI research is an online website which provides an analysis of the financial markets and the macroeconomic industry. It gives information about specific countries and their 5-10 year detailed forecasts. It is a source of trusted insights and can be used to take strategic and investment related decisions. You can analyse them further in order to identify the various market opportunities and threats. It is one of the most trusted platforms for the process of ‘how to do a market analysis’. You can simply go through all the latest reports, columns and views columns which are available here.
2. Global edge
Global edge is an online website which provides information, insights and resources of the international market. It is a credible source of identifying the emerging, frontier and matured markets. You should visit its trade bloc which caters to the trading information of 21 major countries. You can also obtain industry specific information and insights by choosing the appropriate industry on the website. You can also subscribe to the global edge newsletter which keeps you up to date with all the international market happenings. It is an effectual tool for doing a quick international market analysis. If you wish to find insights of any specific country, click here.
Countrywatch is an online website which provides a storehouse of ten years of data for all countries with respect to over 250 variables. The members of Countrywatch have a strong business experience along with a good academic background. It aims at providing country specific market data. It renders a detailed analysis of macroeconomic variables of various countries. It is one of the most productive tools to do a quick international market analysis. In order to get accurate international market data, click here.
4. Hoover’s online
Hoover’s online is one of the largest business information database. It provides insights into the market conditions along with information about various companies. It is an effective way to the approach towards ‘how to do a market analysis’. It renders the right kind of knowledge to the sales people. The free trial option includes powerful analytical tools, finding new prospects and targeting the market appropriately. For more details regarding their subscription packages, you can simply give them a call. Also, in order to get a free trial, click here.
LexisNexis is an online website which provides business research and risk management services. It is a source of market news and business insights. It helps the business organisations in managing the risk in an optimal manner. The ‘Nexis’ tab on the website provides the news and company research. You can use Lexis Practice advisor to get a practical guidance. For more details about the various international market ongoings, click here.
All the above points render the process followed by some best online tools to do a quick international market analysis. Follow the process with a tactical mindset. Using any of the tools would be a successful approach to the process of ‘how to do a market analysis’. They are the most useful and widely used tools to study market conditions for business.