How do you collaborate with local partners and experts for global market research and insights?

The importance of this step cannot be emphasized enough! One of the most common mistakes that I see is poor selection of distributors, agents, consultants, etc. Invest the time to make good long-term choices by checking their accomplishments, their reach within their specific country or region, etc. Don't take them at face value, do your research. It will pay great dividends!

Clarify your market research goals and how you'll apply the findings. Develop a focused research question to guide collaboration with local partners. Consider aspects like product adaptation, pricing strategies, and customer segmentation. Define the project's scope, timeline, and budget clearly for effective communication with partners.

Defining clear research objectives is crucial for conducting effective market research that yields actionable insights and supports informed decision-making. By adhering to these best practices and actively involving your local partners in the research process, you can establish clear research objectives that support the successful execution of your market research project, leading to valuable insights and informed strategies that resonate with the local market's needs and preferences.

#medicaldevices need a mandatory registration, and therefore a ?new‘ product or different configuration involves a longer process of documentation and auditing (sometimes even for every single market). Subsequently - within the #medtech industry - we have to see how the existing range of products meet market needs. Investigating into a market means to identify the fit of the offering, and how to adapt variables (price, marketing campaign, end user training, educational material) to the specific market.

Establish relationships with local experts through networking events, industry conferences, or professional associations. Building trust and rapport is crucial for successful collaboration.

Attend industry conferences, trade shows, and networking events in the target market to meet potential local partners and experts.

Remember that markets vary widely, much like levels in a video game. Grassroots markets are smaller and less complex, requiring more firsthand, qualitative methods like interviews or focus groups. Larger markets have more available data, so you'll lean on secondary sources and quantitative methods, like reports and statistics. It's crucial to adapt your strategy to each market's unique traits, just like you'd adjust your game strategy to each new level. This doesn't mean you can't use a blend of methods. Effective market research often comes from a combination of qualitative and quantitative methods, primary and secondary sources. But always keep in mind that one size does not fit all. This adaptability is key in effective market research.

As an "outsider" it can be sometimes difficult to carry out a proper market opportunity assessment and also obtain trusted data regarding the local players - competitors, potential business partners such as importer-distributors or suppliers. Having a trusted local Market Entry Consultant that has extensive professional network and a good reputation in the market is often the key to a successful business collaboration with the local partners. The Market Entry Consultant usually has good contacts at the Decision Maker level in the local market and this is important for strategic business introductions.

Clearly define your research objectives and communicate them to your local partners. Ensure that both parties have a shared understanding of the goals and expectations.

Collaborate with local branches of government trade agencies, chambers of commerce, or economic development organizations. They can provide valuable insights and connect you with local experts.

Larger markets have more data readily available - for example the #dentalindustry report for Europe from atlas-dental. This gives you an excellent overview of the covered markets and due to the size of these economies it also works as a benchmark. No market is exactly the same like another, nevertheless there are similarities and while starting with secondary information it will equip you with a basic understanding and help you to ask the right questions/ focus on the right KPI‘s when investigating in a country not covered.

Reviewing and validating the results of your market research is essential for ensuring the accuracy, reliability, and relevance of the insights generated. By following these best practices and fostering a collaborative approach with your local partners, you can ensure a thorough and reliable review and validation of the market research results, enabling you to leverage accurate and actionable insights that align with the local market dynamics and support your strategic business objectives.

Don't assume that because you paid for a study from a reputable market research agency that all of their results will be 100% accurate. They are probably an expert in market research rather than a specialist in your industry You have to validate against your own experience and knowledge of the market & cross check with other sources of information. For international business this might be to cross reference with retail or official import statistics to see if the information can be correct. It's really important to understand the details of the data as this is what will make it comparable (or not) with other sources

Entering new markets can mean having to do so with less than perfect information. Do not rely on only a single source of information. Collect data from various avenues - syndicated data (if it exists), information from your partners, etc., and combine it with data from other markets to catch any outliers or gaps. And of course, always, always validate with your own visits to the market. In the CPG business, the value of in-depth store checks cannot be overstated.

Work with local partners to tailor research methods to the specific cultural and market nuances of the region. This may involve adapting surveys, interviews, or focus group techniques.

Join professional organizations related to your industry that operate in the target market. These organizations often have local members who can provide insights.

The #dentalindustry is characterized by numerous family-owned, owner-operated Distributors. A manufacturer you should always align the go-to-market strategy with the business partners. Collecting the data should be done in a cooperation, and by that your key contacts in that country will know about the data/ opportunities/ potential volume/ competition and pricing/ etc. The insights mutually gained should then be used to design an approach to each market or market segment. For example compensation of #healthcare expenses vary significantly and even within one market you may have full coverage for one patient group to completely out-of-pocket spending for other customers and a mix of both. So you need to adapt to the different segments.

If you simply collect the data and action any insights from it then you've wasted some of your money and time. Data is expensive so use it to the maximum - squeeze it out like a lemon until you have all the insights

Utilize the local networks of your partners to access key stakeholders, potential customers, and industry insiders. This can provide valuable insights that might be challenging to obtain from a distance.

Consider hiring local consultants who specialize in market research. They can offer tailored insights, understand local nuances, and provide guidance on market entry strategies.

Check if the internal processes of your company, its culture and its production capacity can adapt to that market. Plan how you are going to adapt, and involve the local partners into this process.

Sustaining a collaborative and long-term partnership with local partners and experts is crucial for gaining valuable insights and fostering success in international sales. By implementing these collaborative strategies and fostering a long-term partnership with your local experts and partners, you can cultivate a dynamic and resilient international sales approach that is responsive to market changes, customer preferences, and emerging global opportunities. Prioritize open communication, mutual trust, and continuous learning to foster a sustainable and mutually beneficial collaboration that drives long-term success in the international marketplace.

If you collaborate over a longer period of time with your research partners, chances are that the margins of error in the numbers or assumptions will reduce as they get to better understand your market segment.

Openly cooperate with the main trade associations, your embassy and with the training and learning institutions of the target market. In this way you are seen by all as a altrusitic partner and will gain benefits in the long run. Internships and joint R&D projects are some of the easiest ways to create long term relationships.

If you are using surveys or questionnaires, ensure that they are culturally sensitive and linguistically appropriate. Local partners can help in crafting questions that resonate with the target audience.

Establish and nurture relationships with local professionals and organizations. Regular communication and relationship-building activities are essential for a successful collaboration.

Several times I’ve gotten excellent research done by using somebody from fiverr…. I’ll get somebody who charges 10 bucks an hour or so for errands in a foreign country and I’ll say ‘go into this particular pharmacy and take pictures of all the tooth paste desolate’ or ‘go to a trade show and take pictures of all the booths’ I started this during covid due to travel restrictions and I keep it up. It’s a very cheap way to get boots. On the ground

Once we ran a Distributor-Meeting in person (pre-pandemic) and about twelve Distributors plus the representatives of two our our own country organizations showed up. We prepared a presentation together with our partner from UAE, who was willing to support knowledge transfer. So he reported about his experience with a structured collection of data/ information and how this helped him to take the right decisions in developing his business. This had a great impact as the attending managers have seen from first-hand experience what such an activity delivers and how the insights influence decision making bringing it to the next level.

Acknowledge and value the expertise of your local partners. Recognize their contributions and incorporate their insights into your overall strategy. Remember that successful collaboration is built on mutual respect, clear communication, and a shared commitment to achieving common goals.

Researching for any new potential market is a new opportunity and a risk factor. The below tips can be helpful - Arrange for the industry reports from the best sources and do a PESTEL analysis with your own team to verify. - Also ensure to research local laws and if you can verify them via Global law firms. - Always research the ease of doing business with banks in terms of forex availability, ease of opening LC, credit terms, and political risks associated. Find a trustworthy local partner to help to get this intel. - Don't just rely on the report. Once you have identified the potential of any market, do visit to understand the ground realities. Always consider timing as most critical element and avoid acting too fast or too slow.

Engage with local business networks, such as chambers of commerce, industry associations, and business councils. These networks often have members with valuable knowledge about the local market.