Market Research Firms in Europe
One of the ways a company can expand into international markets is by exporting products. The company maintains production in its own country, but forms an agreement with foreign companies to distribute products to consumers. Before exporting takes place, a company’s management needs to research the foreign market. Some choose to outsource marketing research to organizations that specialize in this task. For example, a company considering exporting goods to a European country for the first time would probably want to hire a market research consultant in Europe.
Export Market Research Ltd, for example, conducts marketing research for clients in many industries, including food retail, auto parts, computer software and vitamins. The firm focuses on market research for business to business and business to consumer markets. Export Market Research Ltd market research consultant in Europe conducts interviews, surveys, mystery shops and secondary research as part of the firm’s services. A market research analysis report will reveal consumer preferences, habits, lifestyles and demographics. The report will also help identify whether the product is likely to sell well given the market’s conditions.
Market research is a crucial aspect of business planning. Exporting a product that will not appeal to local consumers or packaging the product in a way that might be offensive can result in financial loss. If you’re planning on expanding your business to a European country, a market research consultant in Europe is beneficial because he or she has first-hand knowledge of the culture. Language and cultural differences are often one of the barriers to successful exporting. Other barriers include tariffs, fees, licensing regulations and local trade laws. These barriers can be understood and overcome with a consultant who is aware of how the laws and fee structures work.
Exporting is not as risky as other methods of global expansion, such as joint ventures or establishing new foreign locations. This is not to say that a product that sells extremely well in one country will do so in another. By knowing what market conditions exist and what the locals prefer beforehand, a company can minimize most of the risks associated with exporting. Although market research does not guarantee good sales, it can help identify where potential problems and opportunities exist in various markets.