How to Identify Your Target Export Market

First step of export marketing is to identify target market and market needs where your products/services have good market potential and demand. There are many countries in world and you should pick right one(s) for your product and services. If you know your target market and market needs, you could easily get export orders from those countries.

You can identify target market by conducting International Market research activity that will give you detailed knowledge of opportunities in International market. It can confirm that an opportunity actually exists in a particular market and can help you to understand the market's characteristics. It can give you insight into how a new market can be developed. Most important, it helps you to identify needs of your potential customers and factors influences their buying decisions.

Types of Market Research

There are two main types of market research: secondary and primary.

Secondary research
This can be done by using data and information gathered from periodicals, studies, market reports, books, surveys and statistical analysis available through various sources like chambers of commerce, economic development organizations, industry and trade associations, websites, libraries and government sources.

Primary research
This can be done by using data and information gathered by Interviews, Focus groups, Mystery shopping etc. Primary research almost always demands personal involvement through interviews and consultations. Your foreign or domestic contacts will be able to help you better if you state your company's objectives at the outset and present your questions clearly.
Though Market Research is a complex process but following three simple steps will help you to identify target with secondary research approach.

Step 1: Collecting data

- Collect statistical information of related sector that show export data of your product or service to various countries. You can collect those data from various sources like periodicals, studies, market reports, books, surveys and statistical analyses published by chambers of commerce, economic development organizations, industry and trade associations, Export promotion councils.