If an importer wants to import goods, he must first conduct market research, find possible dealers and suppliers, conduct industry prospect investigations, and lock in business opportunities to reduce trade risks.
Market research is to better grasp the pulse of the market and seize business opportunities. Different countries and regions have different economic development levels, cultures, and religious beliefs, and resource distribution conditions are also very different, which affects the industrial technology level and export categories of each country and region, as well as the cost of human resources and price levels. Therefore, before the transaction, importers need to select target markets and suppliers. To this end, relevant information should be collected first, and then investigation and research should be conducted.
Market research process:
Determine the scope and category of the products to be imported → Collect information and information → Research and analysis + comparative selection → List suppliers and competitive product lists → Formulate corporate import strategies
Market research is a research activity centered on collecting market information. The main methods of market research are desk research, field research, and online research. These three methods can be used in combination.
1. Desk research
Desk research usually obtains second-hand information that has been collected and sorted by others and has been made public.
On the one hand, desk research can economically obtain a lot of valuable information, and on the other hand, it can also lay the foundation for field research. The key to successfully conducting desk research is to discover and determine the source of secondary information.
Tips
What are the sources of information for desk research?
The main sources of information for desk research are:
1) Internal corporate information: such as inventory lists, financial reports, sales records, customer feedback, etc.
2) Government agency information: information provided by government agencies and embassies and consulates abroad, international organizations such as the United Nations, the World Bank, the International Monetary Fund, the Organization for Economic Cooperation and Development, etc.
3) Industry organization information: domestic and foreign industry associations, international fairs, exhibitions, domestic and foreign business publications, consumer organizations, etc.
4) Research agency data: materials accumulated by researchers, data from domestic and foreign market research companies, etc.
2. Field research
(1) Questionnaire survey method (or questionnaire survey method)
The items to be investigated are broken down into several small questions, and the questions are asked to potential target customer groups through online questionnaires and paper questionnaires to obtain the required information.
(2) Interview method
The investigators interview the respondents according to the interview format determined in advance, have face-to-face conversations, and obtain the information required by the enterprise, such as the respondents’ views on commodity prices and their focus.
(3) Observation survey method
The investigators observe the customer flow and consumption level of a certain industry, and record and compile detailed statistics on the information required by the enterprise.
(4) Experimental survey method
In a specific environment, the investigators control certain factors of the product (such as price, quality, packaging, etc.), observe market phenomena, and obtain corresponding data. After verification, they decide on promotion and sales.
(5) Statistical analysis method
Use statistical theory to analyze market and sales changes based on existing data inside and outside the company (such as customer flow, consumption level, purchasing power, etc.) to achieve the best sales results.
3. Online research
(1) Site method or App survey
The investigator pushes the questionnaire file or web page to the computer screen or inserts advertisements in the App to conduct the survey. The respondents accept the survey by submitting their answers online.
(2) Email method
The investigator sends the questionnaire to specific online users in the form of email. The users fill in the questionnaire online. The investigator summarizes and organizes the data filled in by the users to obtain the information required by the company.
(3) Live broadcast method
Use the live broadcast platform to obtain data through the host’s questioning.