8 Tips for conducting a foreign market research

Faith Ocampo Published on October 1, 2016

smiling businesswoman in office pointing pen at globe

Armed with the right information, you can maximize the opportunities a foreign market has to offer.

In the fast-changing world of business, information is your most powerful weapon. It gives you an edge as you develop an approach to capturing foreign territories, maximizing advantages, and beating threats.
Expanding your reach beyond your current boundaries can be risky, but this shouldn’t discourage you from doing so. To minimize uncertainties and come up with a brilliant plan, conducting a market research in your target areas is a must. Here are eight tips for surveying the international market and tapping new customer sectors.

1.     Divide the research process into chunks.

businessman with virtual world map

Since business research requires massive amounts of work, it’s advisable to break down the entire process into more manageable chunks to make sure all aspects are being covered. This would also allow you to keep track of your progress.

Typically, the research process can be segmented into the following umbrella stages:

•     Conceptualization. This entails identifying the problem and setting the project’s goals.

•     Determining the research design. The research design is the blueprint of the research project, detailing the methods to be used for data collection, measurement, and analysis.

•     Developing the research instruments. This refers to the materials and resources to be used for the research.

•     Data collection and analysis. Activities involved in data collection and analysis must be organized, well-planned, and delegated to the right teams.

•     Communication of results. This involves creating a visual presentation and sharing the results with business owners, managers, and others.

2.     Know the industry.

businessman looking at world map on clear glass

To make your future expansion sustainable, it’s important to get to know your industry at a broader scale. Doing so will help you identify market and financial factors that could affect your business as you expand to new frontiers.

When researching about your industry, ask yourself these questions:

•     What are the emerging business trends?

•     How vigorous is this industry within the area I’m targeting?

•     How fast is it growing?

•     What challenges might I run into, and how would I overcome them?

•     Do I have the resources required to compete in this industry?

3.     Consult several sources.

businessman looking at reports in presentation with executives watching

Plenty, if not all, of market research specialists would agree that the web isn’t a sufficient source of information. Aside from the web, you should look into other reliable sources, including research agencies and business analysts. You may also directly reach out to prospective customers. This will let you gain firsthand information about their experiences as consumers.

4.     Take a look at your competitors.

businessman looking through binoculars at world map

Entering a foreign market is tricky, mainly because you’ll be going against brands that have already established a presence in that area. This means they have an ongoing relationship with consumers there.

What you need, therefore, is a unique selling point and a catchy marketing strategy. To plan for this, you must research about your competitors. Look at their websites and social media accounts, marketing materials such as video ads and posters, product pricing, and budgets.

However, avoid dishonest tactics in gathering information about your competitor. Instead, you may seek opinions from other industry experts or browse customer reviews online.

5.     Examine people’s cultures.

miniature-tourist-figures-standing-on-map

If you’re planning to market to a foreign location, there’s a big chance that their culture will be different from yours. People’s cultural practices and beliefs influence their purchasing habits, their attitude toward new market players, and their preferences when it comes to customer service. They may even be speaking a different language, and this would require you to translate your ads, web content, and other communication materials into a format they can understand.

Some entrepreneurs team up with multilingual call centers in order to bridge this gap. These outsourcing companies specialize in intercultural communication, enabling you to connect with diverse consumer groups in a meaningful level.

6.     Consult experts.

business team looking at world map

Gathering different insights from experts can help you fortify your expansion plan. Some of the areas you need to familiarize yourself with are:

•     business and employment laws;

•     intercultural communication; and

•     appropriate marketing strategies.

It’s best if the experts you’ll be consulting were born and raised in the area you’re targeting. This ensures that you’ll be getting accurate insights you can use for your strategies.

7.     Plan for the research presentation.

businesswoman reading printed report by computer in office

Communicating the market research results with top-level managers and business owners is crucial. As they’re the ones in a position to make decisions for the organization, the information they receive must be error-free, clear, and comprehensive.

A good research presentation is a product of thorough data analysis, correct interpretations, and great data visualization. As you share the results, make sure to only focus on the most important points. The smaller details, on the other hand, must be included in the full-length report you’ll be producing.

8.     Follow it up with a plan.

company executives in meeting studying reports

When you’re done with the research, the next step is to use the insights you’ve gained to build an all-embracing business strategy. This will ensure that all decisions you’ll be making are aligned with new trends and consumer preferences, securing your success in the international market.

 

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.
Join us on facebook
Open Access BPO 22 hours ago
Open Access BPO is taking a big step towards a healthier workplace with a new program designed to help employees build lasting, healthy habits.

The multilingual call center's initiative focuses on holistic wellness practices that are perfectly suited for the #BPO environment, including physical fitness, nutrition, and stress management.

See how we're revolutionizing employee wellness: https://buff.ly/dXBijx5

——————————
The success of our team is our top priority, and that dedication is reflected in the results we deliver for our clients.
We believe that a happy and healthy workforce is the best foundation for a successful partnership.

Looking for an outsourcing partner that's invested in both its people and your brand? Let's talk: https://buff.ly/n3TzYaF

#WeSpeakYourLanguage
#OneForHealth #oabpoSHIFT
#IdeaHubOABPO #EmployeeWellness
#WellbeingAtWork #EmployeeEngagement
Open Access BPO 2 days ago
𝗢𝗽𝗲𝗻 𝗔𝗰𝗰𝗲𝘀𝘀 𝗕𝗣𝗢 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗲𝘀 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗪𝗲𝗹𝗹𝗻𝗲𝘀𝘀 𝘄𝗶𝘁𝗵 𝗡𝗲𝘄 𝗟𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲 𝗠𝗼𝗱𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲

Multilingual call center 𝐎𝐩𝐞𝐧 𝐀𝐜𝐜𝐞𝐬𝐬 𝐁𝐏𝐎 has launched its largest employee wellness program, 𝗦𝗛𝗜𝗙𝗧: 𝗔𝗻 𝗢𝗔𝗕𝗣𝗢 𝗟𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲 𝗠𝗼𝗱𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗣𝗿𝗼𝗴𝗿𝗮𝗺.

The three-month program was launched July 30 at the company's Robinsons Summit Center HQ in Makati, with a live stream to its Davao and work-from-home teams. According to Senior Director Nate Martinez, SHIFT focuses on a holistic approach to fitness and nutrition to promote lasting lifestyle changes.

The initiative, which stands for 𝐒𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲 𝐇𝗲𝗮𝗹𝘁𝗵 𝗮𝗻𝗱 𝐈𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝐅𝗶𝘁𝗻𝗲𝘀𝘀 𝐓𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻, aims to help employees in the business process outsourcing (BPO) industry build healthier, sustainable habits.

Company Nurse Princess Ann Louisse Pascual provided a detailed overview of the program, emphasizing its goal of long-term wellness rather than just short-term fitness goals. Nurse Supervisor Shania Semper also highlighted the importance of health and wellness within the BPO industry.

The company anticipates this investment in wellness will lead to a more productive, engaged, and healthier workforce.

This initiative is a testament to the company's commitment to building a supportive, people-first culture, with the goal of fostering improved employee well-being, morale, and overall performance.

#WeSpeakYourLanguage
#OneForHealth #WorkLifeBalance
#MentalHealthMatters #IdeaHubOABPO
#EmployeeWellness #WellbeingAtWork
Open Access BPO 2 days ago
Excellent #CustomerService is built on #EmployeeSatisfaction.

And to improve the #CallCenter agent experience, you must give your #CX reps a reason to be proud—
• of their work, and
• of the company that trusts them to do it.

𝗦𝗶𝗺𝗽𝗹𝘆 𝗽𝘂𝘁, 𝗶𝘁'𝘀 𝗮𝗹𝗹 𝗮𝗯𝗼𝘂𝘁 𝘁𝗮𝗸𝗶𝗻𝗴 𝗰𝗮𝗿𝗲 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀.
Here are some reasons why you should improve the #EmployeeExperience:
https://buff.ly/GVukltY

——————————
Great #CustomerSupport starts with a great team.
Learn how our services can help you create an exceptional agent experience, and in turn, a better experience for your customers.

Get access to empowered customer service experts to frontline your programs: https://buff.ly/n3TzYaF

#WeSpeakYourLanguage
#CustomerExperience #CallCenterAgent
#CallCenterAgentExperience #AgentSatisfaction
#EmployeeManagement #EmployeeEngagement
Open Access BPO 12 days ago
Driving excellent #CustomerExperience hinges on the diverse perspectives within your team.

Cultivating a culturally competent environment not only enriches your workforce but directly translates to superior service for a global customer base.

Join us as we discuss how #diversity elevates #CX!
Dive deeper into our insights and share your thoughts: https://buff.ly/fqcGUQK

——————————
Partner with a team that values and leverages diversity for outstanding results.

Contact us today to discuss your outsourcing needs: https://buff.ly/fNfWbTE

#WeSpeakYourLanguage
#CulturalDiversity #EmployeeManagement
#DiversityManagement #CustomerSuccess
Open Access BPO 12 days ago
Getting a bad performance review can be tough, but it doesn't have to be the end of the world.

In fact, it can be an opportunity to learn and grow, and to come back stronger than ever.

𝐆𝐞𝐭𝐭𝐢𝐧𝐠 𝐚 𝐛𝐚𝐝 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐫𝐞𝐯𝐢𝐞𝐰 𝐜𝐚𝐧 𝐛𝐞 𝐭𝐨𝐮𝐠𝐡, 𝐛𝐮𝐭 𝐢𝐭 𝐝𝐨𝐞𝐬𝐧'𝐭 𝐡𝐚𝐯𝐞 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐞 𝐞𝐧𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝.

𝐈𝐧 𝐟𝐚𝐜𝐭, 𝐢𝐭 𝐜𝐚𝐧 𝐛𝐞 𝐚𝐧 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐭𝐨 𝐥𝐞𝐚𝐫𝐧 𝐚𝐧𝐝 𝐠𝐫𝐨𝐰, 𝐚𝐧𝐝 𝐭𝐨 𝐜𝐨𝐦𝐞 𝐛𝐚𝐜𝐤 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐭𝐡𝐚𝐧 𝐞𝐯𝐞𝐫.

Read our blog post right now: https://buff.ly/hiAUi78
And let's explore:
• the importance of recovering from a bad performance review;
• the causes of performance failures; and
• how to determine the best course of action to address these challenges

——————————
Find out how Open Access BPO's 24/7 multichannel services (in 30+ languages) can upgrade your #CX, strengthen brand loyalty, and drive business growth: https://buff.ly/cltoadZ

#WeSpeakYourLanguage
#CustomerSupport #CustomerService
#CustomerExperience #CSat
Open Access BPO 15 days ago
Open Access BPO's recent 𝐏𝐫𝐢𝐝𝐞 𝐖𝐞𝐞𝐤 𝟐𝟎𝟐𝟓 showcased our unwavering commitment to #diversity, #equity, and #inclusion. This inaugural event united our teams in Makati and Davao to celebrate the LGBTQIA+ community and support meaningful causes.

𝘙𝘦𝘢𝘥 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘧𝘶𝘯 𝘢𝘤𝘵𝘪𝘷𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘰𝘶𝘵𝘳𝘦𝘢𝘤𝘩 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘣𝘰𝘳𝘯𝘦 𝘰𝘶𝘵 𝘰𝘧 𝘰𝘶𝘳 𝘪𝘯𝘢𝘶𝘨𝘶𝘳𝘢𝘭 𝘸𝘦𝘦𝘬-𝘭𝘰𝘯𝘨 𝘗𝘳𝘪𝘥𝘦 𝘤𝘦𝘭𝘦𝘣𝘳𝘢𝘵𝘪𝘰𝘯: https://buff.ly/nmRUrVg

#WeSpeakYourLanguage
#PrideMonth #Pride2025 #UnitedByLove
#OneWithDiversity #PrideMonth2025