How Top Market Research Companies Help International Businesses

Top market research companies can go a long way in helping international businesses to meet their unique challenges, from collecting relevant data to localising their business.

As businesses grow across borders, they have to change and adapt themselves to new regions and markets. International businesses may have the strength of resources, but in a new market they face the same challenges that a smaller business may face, such as understanding its market, knowing what will work and the scale of profitable entry. 

In today’s much more globalised world, even smaller firms are making this international jump. For instance, for small Singapore and UK firms looking to enter Indian markets, these challenges can be even more daunting because they are limited by their resources. Fortunately, top market researchcompanies are the perfect answer to this situation. 

Big data: Research companies today have unparalleled access to data. Since we are more technologically connected than ever before, the amount of data we leave behind is staggering. This is our digital footprint and it gives research companies valuable data in who we are, what we like and what we are likely to buy. Best of all, this data is collected passively, making it almost impervious to any distortion through researcher bias.

In international business, big data has helped us understand the foreign consumer much more clearly. Now a firm in Singapore can access their Indian users’ behaviour online.

Targeting the mobile market: Mobile has been one of the biggest things to happen to marketing in the recent past. More and more people are using the mobile to access information, shop and relax. Top market research companies use this very platform to gather information on a whole lot of aspects. Research also tells us what will work for your mobile savvy user. How is your app functioning? Is it resulting in direct sales? Can you use a tie-up and a whole host of other issues?

Reaching across the globe: Unlike in the past, research companies today can access markets across the globe. A number of Indian agencies have clients with international markets. There are many ways of carrying out research in such cases. These are conducted through mailers, passive data collection and other such methods. Some innovative methods include web chats. A researcher will also work with other offline sources, like trade reports, research papers, local news and more.

Judging business adequacy: New markets may sometimes need a change in marketing or operational strategies. At times, you may need to introduce entirely new procedure. These could include distribution channels, billing model, branding, Internet communication and even new technology. For an international business, there is also the added challenge of standardisation with their overall procedures.

Localising the product: One of the challenges of expanding to a new market lies in localising one’s approach. New markets often mean entirely different demographic, culture and traditions. Hence, what works in one market may not work in another.

Qualitative research is the only solution in this case. Top market research companies study consumer tastes and preferences in each market. Their data is comprehensive enough to encompass different aspects of the new market, predicting the impact of local customs and traditions.

Ref: - http://www.articlesbase.com/international-marketing-articles/how-top-market-research-companies-help-international-businesses-7405377.html