The first step is to gather basic market information ranging from import regulations to exchange rates. This is available from a multitude of free online sources.
The next step is to narrow the focus to your product or service and here the process becomes much more specific. You may think ‘but my product or service is different’ and this is where commissioned research is so valuable. This is when you start to present your product and service to overseas buyers and get their reaction.
At this stage of the market research process you should pay particular attention to how your competitors operate. You can gain responses by sending product data or samples to overseas buyers – but their reaction to ‘cold mail’ will usually be passive unless your product really excites them.
You will gain more by having an Austrade representative in the market showing samples for you, or by meeting overseas buyers during their visits to Australia.
