How to Conduct Market Research for International Expansion?
Effective market research is crucial for successful international expansion. Entrepreneurs should begin by analyzing macroeconomic indicators, such as GDP growth and market size, to identify attractive markets. Understanding local consumer behavior, preferences, and purchasing power is essential. Competitive analysis to assess the strengths and weaknesses of local and international competitors is also critical. Entrepreneurs can utilize resources such as trade databases, government reports, and local market experts to gather actionable insights.