You still don’t know how to do market analysis? Here are some tips!

With the continuous development of the global economy, more and more companies have begun to turn their attention to the international market. As a very effective way to expand the international market, foreign trade has become the choice of more and more companies.

However, foreign trade cannot be entered blindly. Market analysis must be done in advance before entering the market. This can not only help companies understand the target market and formulate marketing strategies, but also avoid unnecessary business risks. Today, Yige Technology teaches you eight ways to do market analysis .

1.National profile.

Before entering a new market, we need to have a general understanding of the country. We need to understand the basic elements such as land area, population, GDP per capita , currency, official language, major festivals, etc. In addition, we need to understand some basic common sense, such as country code, telephone area code, domain name suffix, company suffix, time difference, driving direction and other basic elements.

2. Internet tools.

In the information age, Internet tools can help us get more results with less effort. You need to understand the main local websites, including portal websites, search engine websites, platform websites, and vertical websites in your industry. You also need to understand local social platform websites and social tools. Of course, you also need to understand some other network tools.

3.Major exhibitions.

To deeply cultivate this market, exhibitions are indispensable. First, we need to understand the exhibitions in the industry we want to explore, then some exhibitions in related industries, and finally some comprehensive exhibitions.

4.Major ports.

Understand the port location, related costs, timeliness, surrounding radiation, etc.

5. Market overview.

Analyze market characteristics, investigate major local retail stores, major wholesale markets, major e-commerce platforms, and major brands (importers).

6. Trade policy.

Import standards, certification, procedures, taxes and other trade policies, laws and regulations must be understood.

7. Composition of goods imported from China.

What are the main products you import? Are these products within your business scope? How big is the incremental space? How big are the opportunities in the existing market?

8. Religion, culture and customs.

The products provided must not conflict with these, otherwise it will cause all kinds of unnecessary troubles.

If you do the above points well, you have basically completed the foreign trade market analysis.