Every company needs to grow. Otherwise, what’s the point of existing? Critical for driving that growth is market research. With data on what’s happening in the industry, firms can strategize and develop products that actually fit their customers’ needs and wants.
When companies operate globally or intend to, they must approach market research strategically. After all, a customer in the same locale doesn’t have the same requirements and circumstances as another on the other side of the world. Challenges will arise in the search for critical market data.
Global Market Research and Its Importance
When a company collects and analyzes information related to markets outside of their country, that’s market research. They need to design a study, conduct the fieldwork, analyze the data, and report the corresponding results. From this process, they’ll learn about potential customers and what products to develop. Understanding that cultures differ is vital for success.
Firms that don’t grasp the differences between peoples of different countries often fail to go far. They may spend big budgets developing and launching a product only to see it fail miserably. That wasted cost is a recipe for failure.
Aside from the gained understanding that what works well at home may not work abroad, companies need to perform global market research to improve operations and save costs. Without a clear picture of the competition, firms will be jumping in blindly. Popular local brands would eclipse them, lowering chances for success.
How Proxies Overcome the Challenges of Global Market Research
The challenges of global market research stem from differences in cultures, languages, logistics, and laws. Some of this information on these factors may be readily available on the internet. However, certain websites holding particulars may only be accessible to web users from the researched country.
Add proxies to a toolbox, and global market research becomes a lot easier. When checking out trends in Indonesia, for example, one just has to pick an IP from Jakarta or Jogjakarta to access geo-restricted content. This simple tool provides a wider range of insights into local tendencies.
Do you know that problem you get when you flood a website with requests? This activity creates suspicion, resulting in an IP block. How do you overcome that? Proxies are essential here. When you rotate IPs, you can make it seem as if multiple users are looking at the same information. There’s nothing suspicious about that! Moreover, rotating proxies can prevent the appearance of CAPTCHAs, which are annoying and just slow down the whole data-gathering process.
The great thing about proxies is that they come with country, state, and city targeting options. With the right settings, you can get incredibly localized data, increasing the accuracy of your market research.
Tips to Guarantee Global Market Research Success
There’s a right and wrong way to do everything, and that includes global market research. Here, we help you avoid the pitfalls.
- Discover as much as you can about your target regions. Learn about the region’s demographics, laws, culture, and languages. Government statistics websites are good places to start.
- Form an approach that fits your comprehension. For example, when you’re trying to figure out what kind of software will sell in Asia, you must consider the fact that the population in this area prioritizes mobile use. Here’s another consideration: a country may look different depending on its situation. People in the north of Vietnam may not like the same things as the southerners.
- Collect all the data you need and analyze it, all the while with cultural understanding in mind. When processing your information, ensure you have a team with a good grasp of the local language. Don’t rely on online translation software.
Do you notice a commonality between the tips listed? Yes, it’s obvious – proxies are essential every step of the way. They’re tools that will give you a local perspective, and that’s crucial if you want accurate information.
Looking to Take Your Company Global?
We love ambition. Without it, we’d all still be living in caves. Entering an international market takes guts. But more than that, it takes resourcefulness. You must be ready to learn about what makes other people work and how they think.
To score with global market research, you need proxies. Therefore, identify a proxy vendor that can supply you with millions of residential, datacenter, and mobile IPs. A provider such as IPRoyal is a rightful partner in your journey. So, what are you waiting for? There are markets to penetrate, so it’s time to get start.
