Pushing the Boundaries
Developing global networks for business is most definitely not a new concept.
Despite the fact most fledgling businesses don’t have the pulling power of a McDonald’s, Apple, Google or Wal-Mart, nowadays it’s perfectly feasible to suggest a tiny start-up can explode worldwide overnight with the right ingredients.
But that doesn’t mean the road ahead is clear; indeed, expansion can be one of the trickiest hurdles a business has to overcome. Granted, the Internet has practically blown apart the idea of international borders when it comes to communication, providing instant connection with target audiences. But something it can’t change is the nature of cultural difference. Yes, your product has potential in Japan, but how do you communicate your perfectly thought-out key messages to consumers who are a world apart both socially and economically?
The perfect recipe for good market research involves addressing the right balance of qualitative and quantitative data and ensuring you’re asking the right questions. This much you already know. But where next in terms of translating this to multiple countries?
It’s integral to any emerging or established company to be able to understand where your vision lines up with potential customers on a global scale and this can be a daunting task – regardless of your size; one employee or hundreds of thousands.
Tried and Failed
There are numerous high-profile examples of large businesses trying and failing to move into foreign markets; HSBC’s name and shame of overseas blunders makes for some interesting reading in this regard. Tesco’s venture into the Chinese and American grocery territories only managed to grab a 3% share of the market, which resulted in them selling their 131 mainland stores to China Resources Enterprise (CRE) which operate 3,000 smaller stores.
The company’s struggle in China, like many before them, was reportedly down to a failure to localise their brand and make it feel more familiar to their new consumers – something the likes of KFC and Proctor and Gamble have been so successful with. Particularly, it highlights the importance of attention to detail.
That Little Bit Extra
Tiny nuances make all the difference when it comes to doing good business in a foreign country. Traditional ideas of not upsetting a potential business partner or a new crowd of consumers remain the same and even with the tiniest tweak to the structure of your research questions, that little bit extra is what will set you apart from everyone else.
The Office of National Statistics’ latest figures show a steady increase for British exports for May 2014, so the range and ability for moving across to new countries is as strong as it ever could be. The figures show £24.1 billion worth of exports (up £0.1 billion) with a 0.2% (down to £12.2 billion) decrease to the EU offset by worldwide exports increasing by 1.5% (£11.9 billion). So how can your business make the most of a global economy?
Atomik Research can develop creative market research that underpins your drive to reach an audience you aren’t so familiar with. Having developed over 300 worldwide studies of all sizes, our dedicated team of fully MRS-Accredited researchers can assist your worldwide spread.
Whether you’re looking to assess the spending patterns of consumers over the age of 55 in Northern Europe or testing the waters with a new product that has potential in South-East Asia; Atomik Research has the ability, skills and creative nous to piece together the perfect set of questions and deliver them to the correctly-sized and positioned panel.
Worldwide opportunities are getting closer. Atomik Research can make sure you’re not worlds apart.