What to Find in Market Research Data & Report for Business Growth?

27 June 2018

Market research is an integral part of import-export business and related strategic plans. It consists of fact findings, statistical information, data analysis and forecasts. All these are crucial in having a wider & clear picture of what kinds of new products and services may bring a profit. These are also important for knowing and understanding needs of customers, how to best market of products and configure the potential growth of business. For international trade company, getting business intelligence information about their product, competitors, market, etc. from a leading market research agency is important to reach new level of success.

>> Check Buyers & Suppliers List, Global Trade Data and Market Trends

What kind of information does a market research agency provides? Let’s list down them below:

          1.    Identify Target Market

Promotion helps you to reach your target market, but first you must know who they are. Gather statistical information regarding target markets, market segments, demand-supply chain of a product, etc. from import export data provider. For example, if you want to export crude oil from Saudi Arabia to India, you must know who will be your potential crude oil buyers in India. You can get this information from shipment records that are provided by market research agency.

            2.    Understand the Level of Competition

Market research data sources collect data of various companies around the globe with their shipment details. So, if you want to know who all are your competitors and what is the level of competition in the market, you must get this market research data as it gives you complete customs-based details. It covers both importer and exporter details, HS Code, product description, value, quantity, foreign country, etc.

           3.    Develop a Pricing Strategy Grounded in Market Research

Market research reports also give deep analysis of pricing of a product in countries. This will help you in developing a pricing strategy and profit margin. Many industries have profit margin standards, which are easily available with market research companies as profit margin is a very helpful measure when looking at other companies in your industry.

           4.    Research Similar Products

Business intelligence information of a market also gives you details of products that are mostly demanded in a country, in which you are already trading into. For example, if you are supplying rice from India into China, you can think of to export another product, which is mostly demanded in China and similar to the industry. It is cotton that you can supply from India into China. As market research reports provide industry-wise data as well, so you can get into other potential industry as well for business growth and profit.

           5.    Locate the Best Country to Import or Export Product

Reliable market research data collection companies provide country-wise import export data. For example, if you want to export diamonds from India, you must know that this country supplies diamonds mostly to Hong Kong, China and the United States of America. So, from USA import data of diamonds, you can analyse its market and find potential buyers of diamonds in the US.

Which Market Research Option is Suitable for Import-Export Business?

There are many online data sources in market research, but Export Genius is the best and a reliable market research agency that provides 100% authentic import export data with actual shipment records. It gives customs-based details of 60+ countries and market research & data analytics reports of 20+ countries as per product specifications like brand, model, type, category, variety, etc. Check the sample below to know how this company provides import-export global trade data.

 

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