Why is selecting an export market an important decision? For the simple reason that if you get it right, your results will skyrocket and if not, you will lose years and valuable resources in a country that will not provide the expected returns on your investments 5 steps to.
potential for growth 5 steps to
When assessing the market Türkiye phone number data opportunity and potential for growth, it is important to consider both the current market size and the potential for expansion. Factors to consider include the current market trends, the size and composition of the market and the competitive landscape. Additionally, it is important to analyze the potential for new technologies and innovations that could open up new markets and opportunities.
Market Data
Conduct research or identify relevant industry reports and trends. We recommend looking for industry reports and surveys, such as Euromonitor,, Mintel, Statista, which provide market size data. Industry reports can furthermore provide valuable insights on market trends, such as growth projections and customer spending. For example, if you are a manufacturer of tools for the mining industry, we would recommend searching for data such as the size of the mining industry, the projections of the industry for the next five years, the imports in the countries for tools like yours, expenditure per company etc.
Competition Analysis
Analyze competition in as much detail as possible as they are a good predictor of demand and a good indication of easiness to access the markets you are analyzing. Look at your competitors’ customer data to get an idea of their market share and trends. Remember, the presence of competitors shows the existence of a market. It is also interesting to look at where the subsidiaries of your competitors are located.
Existing customers
Make a list of all your disruptive ideas for strong teams current best customers and investigate if these customers are present in the countries you are analyzing. In addition, look out for the subsidiaries of your customers, these subsidiaries naturally become potential customers, and the approach will be more simplified. We gave you a bit earlier the example for the mining industry and this recommendation applies very well as in the mining sector, the actors are international. Understanding the international presence of your existing customers will help you open doors to global partnerships and strengthen your competitive position in the industry.
Talk to your future markets
Conduct surveys and germany cell number interviews. Ask customers and industry experts about their opinions on market size and trends. This can help you get a better understanding of the market and how it may evolve.