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INTERNATIONAL TRADE A guide to market research
By Blue O’Connor International Trade Research Adviser
In a world of big data, statistics, insights, reports and other information, the thought of conducting market research for your own business can seem overwhelming. Do not fear! This article is here to guide you through the process of conducting some basic market research.
1. Create a market research brief First things first, you will need to create a market research brief. This document will stop you from going off tangent and will form the structure of your eventual market research report. Your brief should answer the following questions: a) What is the purpose of your market research? b) What is the geographical and industry scope of your research? c) What questions will your research answer?
Here is an example for a fictitious start-up business who want to start selling premium, organic dog food in the UK. a) What is the purpose of your market research?
To determine whether or not we should start our business. b) What is the geographical and industry scope of your research?
Limited to the UK only and the dog food market. c) What questions will your research answer?
‘Be sure to
write up a formal report and use your original market research brief ’
• What is the value of the pet food market in the UK?
• What is the current growth of the pet food market in the UK?
• What is the forecasted value and growth of the UK pet market?
• Where do our potential customers buy dog food?
• What retailers sell dog food? • Who distributes dog food to retailers? • Who are the main competitors and what is their Unique Selling Point (USP)? The above is just an example, as your personal brief should elicit the answers your business needs answering right now.
2. Conduct your market research There are two types of market research; primary research and secondary research. Primary research involves gathering new data
directly from the consumer or potential customer. Activities such as questionnaires, interviews, focus groups and surveys fall under the remit of primary research.
18 insight MARCH/APRIL 2018
Secondary research uses data that already exists. There are two types. Firstly, you can buy ready made reports from companies such as Euromonitor International. Secondly, you can conduct desk-based research, which involves gathering existing data that has already been produced. What type of research you
conduct is entirely your choice. If your resources are limited then you will
most likely go down the path of desk-based (secondary) research. However, online surveys can be created using
sites such as Survey Monkey and they allow you to gather your own primary research data in a simple manner. In terms of reference for this article, we will focus on desk-based (secondary) research.
3. Surf the web without drowning Once you begin your secondary research, you will notice that it is rather easy to digress from the question you are trying to answer. Google’s search engine is a great place to
start but consider local search engines like ‘Baidu’ if you are conducting research on the Chinese market. Surfing the internet can lead you down many
rabbit holes so utilising the Pareto law (80:20) will save you wasting time trying to find that last 20% of information. The Pareto law (also known as the 80/20 rule) states that, for many events, roughly 80% of the effects come from 20% of
the causes. In terms of internet research, 20% of the resources will provide 80% of your content.
4. Resources and websites The internet provides us with a wealth of information and at times, misinformation. It is best practice to use material from credible sources. Here are the Business West Research Team’s top 10 sites: • Euromonitor International • Statista • Knoema • CIA World Factbook • Trading Economics • Trade Map • The World Bank • HelgiLibrary • World Economic Forum • Worldometers
5. Conclusions and action Once your research is complete, you should be able to answer your original questions, form conclusions and set the actions you need to take next. Be sure to write up a formal report and use
your original market research brief to form the structure of your document. Business West offer international market research as part of the Department for International Trade’s Export for Growth and Extend your Global Reach programmes. For further information, please contact Business West on 01275 373 373 and/or sign up to our newsletter.
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