International Sales - Define Information gaps

Think about a brand in your local supermarket??that comes from outside your country.??What data did that manufacturer rely on??in order to decide whether to expand in your country??and choose to be sold in that supermarket???Do you think they needed more information??on top of what they had in-house,??or through their outside networks??so they could build that expansion plan???

The answer is most certainly, yes.??You might be in this same situation,??wanting to make the most of your opportunities??in a new geography, and starting to assess what's needed.??By assembling a broad range of information??and filling the gaps so you can make choices??about where to expand your brand,??you've completed a fundamental step??in the process of growing across borders.??And that will ensure you make the most of your time??and energy when you get to the stage of building your plan.??

So let's start by identifying the type of information??you're going to need.??You might be familiar with the business strategy expert,?Michael Porter, and his Five Forces tool.??This identifies the information categories??that need to be studied:??your customers or clients,??your suppliers,??existing competitors in that international market,?potential competitors,??and those that solve the customer's problem,??but aren't in your immediate industry,??which we'll call substitutes.??A lot of this data about your foreign customers??and clients is already available inside your company,??and can usually be found in your marketing??or sales or business development departments,??but you need to start with a list??of what you really want to know about these customers??or clients, such as their habits,??how they decide to choose your product or service?over your competitors,??how often they make these purchases,??where they go to buy,??and what levels of customer service they expect.??

Where you don't have the data??about these Five Forces in-house,??you'll want to look outside,??maybe through your LinkedIn networks,??chamber of commerce, or trade association,??especially when it comes to your competitors, suppliers,??and those substitutes.??Don't forget, there's also intelligence you need??that's neither inside or outside your company,??such as the perceptions those international customers??and clients have about your brand??that can only really be found??through doing that market research with them.??

So take a minute now, and write down three to four pieces??of information you'll need,??and whether it's readily available inside??or outside your business.??And if not, then it's one of the information gaps.?