Expanding to new geographical markets presents several unique challenges to growing businesses. Making good decisions can lead to new revenue and growth, but making bad decisions can waste money and time, which could potentially lead to the downfall of a small business.
Here are 5 ways to research the demand in potential new markets to ensure you make the correct decision about which markets to expand your business to.
Google Adwords is one of the best resources for market research. They provide the search volume for all searches performed in Google over the past 12 months and this information can be segmented in many ways such as country, language, city and town. When considering expanding a product or service to a new market this database can be used to analyse the search volume for a selected product in the geographical location.
Google Analytics Data
This tool provides detailed analytics of visitor behaviour for a given website. One of the reports Google Analytics provide is a Location Report. This provides information about where visitors to the website are located and this can viewed by city or by country. The data can be used to analyse the cities and countries where visitors are located and identify which locations are delivering the best quality visitors. This information can then be used to determine the best new geographical markets to enter.
Facebook provide two data sets that can be used for analysis. The first is Facebook Insights, which is the analysis for a page that a business owns. This data provides insight about where the page’s fans are located. The second data set is the Facebook advertising data. Facebook have an astounding amount of personal data on users and this information is used to provide advertisers with effective solutions to reach their customers making it one of the most targeted advertising options available to marketers. The data can be used for research by accessing Facebook’s advertising centre and searching for people who have a particular interest and live in a particular geographical location. This enables businesses to find which locations have the most users with interests relating to their product or service.
Before entering a new market it is important to carry out logistics research to ensure the business can supply customers in the new market and account for any additional costs. Companies that deliver a product to a customers can use a service like NI Parcels to book couriers who will deliver parcels to hundreds of international locations easing the transition to new markets.
Google Trends is another tool from Google that users Google’s data to provide insight to marketers. Users can search Google trends for a given keyword and the tool will provide a trend of interest for this keyword over time and show which searches are rising in popularity. This is useful to businesses as they can search the tool for keywords relating to their products or services and segment this data by country or City to discover which locations are showing the most growth potential.
Written by Richard Megaw. For more information visit NI Parcels. As part of ‘Use Small Business Can as a Channel’, NI Parcels provide an exclusive discount code for Small Business Can users that will provide them with a 10% discount on their first order. For discount contact Richard via firstname.lastname@example.org.