How Do Foreign Trade Enterprises Conduct Market Analysis?

tendata blogTrade Data Provider

ten data blog29-03-2024

Export trade is a high-risk, high-return field. Before entering the market, we need to conduct thorough market analysis and research to reasonably control expected investments, reduce risks, increase returns, and ultimately determine our market objectives.

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In the first step of market analysis, we need to understand which industry our products belong to and find the appropriate development track. This involves not only understanding the products we sell but also observing market changes in downstream industries, clarifying the industry's lifecycle, understanding barriers to entry, market capacity, and market trend forecasts. Only by accurately determining the lifecycle of products covered by the enterprise can we better identify future opportunities and determine whether adjustments are needed to the industry track where the enterprise operates.

In the second step of market analysis, we need to analyze the overall scale of single products in the target market. This includes market share, growth trends over the past three years, etc. Additionally, we need to observe changes in the main importers and their downstream application fields, identify product price trends to assist in pricing strategies. Furthermore, it's important to understand the total market customer base and the distribution of competing companies in the target market. Local policies, regulations, and cultural norms should also be considered.

In the third step of market analysis, we need to analyze our competitors and identify the competitive environment. Understanding competitors' market share allows us to determine the market share we can capture and helps in devising marketing strategies. Additionally, finding suitable benchmarking objects allows us to predict enterprise sales profits and SKU quantity based on competitors' upstream costs, thereby helping enterprises reduce costs and improve efficiency.

Through eight steps - market analysis, customer profiling, lead acquisition, customer background checks, customized strategies, establishing connections, business negotiations, and customer management - Tendata provides digital precision marketing solutions to help enterprises accurately position the market and discover new opportunities. In the next installment, we will discuss how the automotive industry selects markets through digital analysis.

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Tendata iTrader allows you to seamlessly search customer information from over 200 countries. It empowers you to actively select and download data from a dynamic database of 130 million global industry buyers, including customer names, phone numbers, emails, and other SNS contact information. Tendata iTrader provides real-time monitoring and intelligent push notifications for instant updates on your buyers, suppliers, customers, and industry peers.

The 100 billion dynamic database of Tendata iTrader serves as a robust foundation for your market analysis.

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Now, Tendata iTrader introduces the visualization report feature, allowing you to clearly visualize market trends, price fluctuations, supplier changes, and more through charts. This enables precise market positioning. (>>>Click to Get Free Access to Customs Data for 90+ Countries)

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