free small business advice & information
Main Menu
Hot Links
Page 6 of 9
Research Your Export Markets
5. Doing Market Research
5.1 There are two main strands to market research - desk and field research.
- Desk research involves gathering information from sources that already exist, such as libraries and market reports. Much of this can be done in-house if you have the time and know what to look for.
- Field research can be done by visiting the potential market or by employing a market research agency (see 6).
5.2 There are plenty of specific sources of help for export research.
- UK Trade & Investment (020 7215 8000) offers information on marketing, statistical and contact details for more than 200 countries and markets. Many reports are also online.
- Trade associations (www.taforum.org, 020 7395 8283/38) and government departments may also be able to help.
- Your bank may also be able to provide useful information.
5.3 Check for published commercial market research on exporting similar products or services. You often pay for this information but it may save you repeating some work.
- You can search reports from more than 700 market research companies at www.marketsearch-dir.com.
- Other useful websites include Euromonitor, MarketResearch.com and Mintel.
5.4 A course in export market research may also help before you start gathering information.
- Business Link runs low-cost courses on a regular basis. For any courses in your area, call 0845 600 9 006.
- The British Chambers of Commerce and the Institute of Export also run courses.
How to Brief an Agency
Market research agencies are usually asked to compete for work by responding to a brief.
The brief should:
- ask for a response by a given time
- describe your company and what you want to export
- give the geographical scope
- state the reason for the research and the information you need
- provide a deadline for the research
- describe how you want the report formatted and presented.
Proposals should:
- show understanding of the project and your requirements
- cover how the research will be done and why
- include background and qualifications of the researchers involved
- give costings, including a breakdown of foreseeable expenses and fees
- explain how the agency will charge
- give clear timescales, including the time allocated to each stage of the research
- include a confidentiality agreement.
Labels: Exporting/Importing
Related Articles
Monthly Prize Draw!
Win £375 worth of advertising for your business.
Enter our competition by either:
- Signing up to the is4profit Small Business Newsletter or
- Entering your firm's details into the Small Business Directory