13 May 2021
Expanding into a new market comes with many difficulties, but chief among them is finding a customer base. If this is a market that your business isn’t familiar with, how can you find buyers for your products and services?
Thankfully, there is a solution, and it lies in big data. Big data analytics give you a snapshot view of international markets, which means that you can make a more informed decision with regards to entering them.
Yet, there is a range of other advantages for customer engagement, B2B lead generation, and more. In this guide, we’re going to take a closer look at how data can empower your business and what kind of services are available to help you on this journey.
Are you ready to learn more? Then read on.
1. Analytics can help you find micro-markets
Budgeting for international expansion can be difficult, especially for small businesses. You are potentially adding a lot of extra expenses to your business, yet does it have to be this way?
Big data analytics allows you to find “micro-markets.” These are small pockets rich in potential customers and could be a specific city, a specific industry or a subset of an industry, or perhaps a particular brand.
Micro markets are perfect for companies that are looking to expand internationally. They offer a targeted way to enter said new markets without overextending your business by trying to cover too much ground.
You may not have the budget to duplicate your business in another market. What’s more, this isn’t going to be efficient. Finding micro markets gives you that foothold in your new international markets for a lower price.
2. Empowering your sales teams
One of the trickiest issues that comes with expanding into international markets is communication. Communicating with people in your new markets can be tricky, either because of a linguistic or cultural issue or because of a lack of data.
Giving your sales teams access to large data sets gives them more ground to build on when it comes to B2B lead generation. For instance, with Kompass’ data, they can access data for 75 countries. The market research and profiling have already been carried out, which means that your sales teams can start making calls without waiting for your market research to finish.
This empowers your sales teams and can lead to more qualified leads and, ultimately, more business.
3. Cultural insights and prospective customer information allow for tailored products and services
If you are an American company, you are not expected to know the Saudi culture’s ins and outs. Similarly, if you are an Irish company, you’re not expected to know all about Japanese culture.
However, understanding your new target market’s culture can help prevent embarrassing faux pas. Having access to a large database of behavioral information gives your company a headstart for crafting an approach that will work well in the target nation or region.
Do you know which colors have positive associations in your target nation and how people relate to brands? Are they focused more on brand loyalty or on finding the best deal?
This kind of cultural data can be conveyed through behavioral information and big data. It allows you to avoid common problems that could scupper your attempts to expand.
Similarly, data on households and businesses’ average income can help with B2C and B2B businesses, respectively. For example, there is a massive and growing middle class in China. Knowing the average income of people in this class or small businesses can tailor your products to make them a lot more appealing to this group of people.
Income, market information, and a whole lot more can allow you to tweak and configure your services in a way that you could never do before without having people on the ground.
4. Greater ability to predict future growth and decline
Expanding into an international market just before a sharp economic decline is one of the worst possible business moves. Yet, it can be tough to know what is happening in a country’s economy without some key data.
Having access to forecasts, predictive models, and other analytical tools allows you to predict which way a country’s economy is heading. You can narrow this down further and look at a specific sector within this country. As we all know, economic shrinkage at a macro level doesn’t always mean shrinkage at the micro-level, with the inverse also being true.
This ability to predict where a market is heading allows you to make better and better-informed decisions about expansion, which could protect your business from the worst ravages of economic uncertainty.
5. Working with a trusted data source ensures accuracy
How can you be certain that the data you’re working with is accurate? When you’re expanding into new markets, the data needs to be accurate. It’s what you’re basing your costly decisions on, after all.
This is why working with a trusted source that keeps their data current is of the utmost importance. Big data analytics from a source like Kompass give you a reliable view of what’s happening in your target market.
Big data makes expanding into international markets easier.
Big data analytics allows you to explore and research your target market far more thoroughly and also allows you to find customers faster. If you’re planning on expanding into international markets, using up-to-date data is necessary.
Our services can offer you data on a huge range of countries worldwide. Take a look around our site to learn more about what we can offer you and get in touch if you’d like to work with us or have any questions.