Hi, Thanks for your question and our apologies for the delayed response. Let me answer this question for you. Market research can be time-consuming but in the long term, it can reduce exporting risks and help you to avoid costly mistakes. If you don’t research the culture, regulations, customer habits and payment methods that are typical to the market you’re selling to, among other things, you will struggle to sell your product or service there. This what market research is and why it’s important to do it. Information can be sought from many different places and the cost of information varies depending on the sources. You might like to try:
- National organizations providing support to exporters like Federation of Indian Export Organisations (FIEO).
- Specialized industry organizations or associations.
- International company information providers such as Dun and Bradstreet. However, before purchasing such information understanding the collection and updating process of the information will determine the value of the data and the usability for your sales and marketing
- Attending seminars, workshops, and international trade shows.
- Hiring an international trade and marketing consultant.
- Other private sources such as banks, consultancy firms, and specialized press.
Unless you know what you’re doing it’s important not to go it alone, however, and conduct research either jointly with an agent or distributor, or appoint an external agency.