Why You Need Both Local and International Market Research Specialists

An expanding marketing approach needs both local and international market research. The former helps in understanding the local market, while the latter keeps everything within the company’s overall vision.

As a company grows in size, it starts looking for additional markets. With the world markets opening up, there are newer and greener pastures to be found everywhere. However, before one takes the plunge it is important to know the market.

This is where local and international market research comes in. Each works together in creating a comprehensive marketing plan that addresses local concerns, while keeping in mind the firm’s international aims and scope. So, how do these work in tandem?

Avoiding regional clubbing: One of the common mistakes committed by many marketing teams is their tendency to believe in regional blocks, such as ‘Asian’, ‘African’ or ‘European’.  They fail to realise that the blocs are made of individualistic nations that are distinct in their local culture, likes and preferences. International marketing must work with local research to avoid such pitfalls.

Product adaptation: Local marketing also lays emphasis in adapting the product according to local preferences. This could be limited to packaging or added features. In some cases, research can even avoid legal issues that come from ignoring customisation. For instance, electrical products often have to be adapted according to local specifications.

Correct pricing: A global corporation cannot stick the same price to its product across the world. Pricing has to be worked out through local and international market research. It has to be tailored according to the local demand and supply patterns, competitor’s prices and taxes applicable. At the same time, it must also fit into the company’s overall sales targets.

Understanding local data: Marketing campaigns that ignore local and international market research often do not understand the nuances of the local market. They fail to grasp the importance of local data, such as market movement, consumer trends, average sales cycle, local demand etc. Data crunching can be achieved only through a comprehensive research approach.

Ref:- http://www.coralresearch.in/blog/2015/11/20/why-you-need-both-local-and-international-market-research-specialists/