First Steps to Exporting

2. Research Export Markets

2.1 Identify your target markets.

• Check which markets have demand for your product or service.
• Find out about difficulties you might face in certain countries - your professional or trade association may help with this.
• UK Trade & Investment, the government service which helps exporters, and the Institute of Export, can provide detailed country-specific advice.

2.2 Explore your market. You need to:

• Check levels of demand for your product or service and the strength of the economy in the target market.
• Identify a potential foreign supply-chain.
• Find growth areas in your target market.
• Examine the industry structure so you know whom you're competing against.
• Identify the best way to sell your product - you may sell direct in your home market but the preferred sales channel in your target market may be online or via a catalogue.
• Find out about any modifications required to make your product or service acceptable to different cultures.
• Research foreign laws and any quotas, duties or taxes that may be in place (see 5).

2.3 Choose a research method which suits your business needs.

• Conducting research in house enables you to keep costs down. Be clear about the data you require and set a realistic budget.
• British embassies can provide fee-based information, visit www.fco.gov.uk.
• Use advice available from UK Trade & Investment on specific countries and markets (020 7215 8000).
• Help on technical regulations and standards can be obtained from BSI (020 8996 9001).
• Visits to trade exhibitions in your target market are ideal for building contacts.
• Join a trade mission abroad to meet contacts and gauge competition. Visit www.britishchambers.org.uk.
• To harvest detailed information on a specific market use a research agent. They have access to your customers and can observe competitors' weaknesses.
• Contact the British Market Research Association for advice on 020 7566 3636.