Conducting international market research and competitive analysis

Internationalization in mind? How to succeed in market research and competitor analysis

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When your company targets new international markets, it is important to understand the dynamics of the target market and the competitive situation. Carefully conducted market research and competitor analysis will help to make informed decisions and avoid pitfalls. After reading this blog post, you will know how to prepare for international growth effectively and in a timely manner.
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1. Define goals and resources

Before starting your studies, it is important to clarify why you want to expand internationally. Is the goal to increase revenue, reach new customer segments or increase brand awareness? Clarity of objectives helps to correctly target studies.

Also evaluate the available resources: budget, time and competence. Realistic planning ensures that studies produce useful information to support decision-making.
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2. Take advantage of current funding opportunities

Internationalisation requires investment, but fortunately Finland has some forms of support available:

• Business Finland's TEMPO funding: Supports the initial stages of internationalization, such as market surveys and customer feedback collection. The funding covers 75% of the project budget, up to a maximum of 60,000 euros.
• ELY Centre Development Grant: Provides support for SME development and investment projects, especially for companies aiming at internationalisation. The amount of the grant can be up to 50% of the eligible cost.
• Forms of support from the Finnish Food Agency: In particular, support for food businesses, such as the financing of export projects and training.

You should check the current funding search and conditions directly on the website of the funders.
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3. Design and carry out market research

Strategically select your target market and define what information you need to support your decision making. Take advantage of various research methods, such as:

• Research desk: Collection of information available on the web.
• Surveys and interviews: Views of potential customers and stakeholders.
• Field Studies: Observations and discussions on the ground.

Plan your research schedule and budget carefully to make the most of potential funding opportunities.
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4. Implement competitor analysis

Competitor analysis helps to understand the dynamics of the market and find your own competitive advantage. A look at the competitors:

• Product and service offerings
• Pricing strategies
• Marketing channels and messages
• Customer feedback and experiences

Also take advantage of AI-based tools such as Taskade, to get a more in-depth analysis of the competitors' activities.
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5. Take advantage of expert advice

Internationalisation is a multi-stage process in which the support of experts can be invaluable. Wannado offers flexible assistance at different stages of internationalisation:

• Design and implementation of market research and competitor analysis
• Preparation and sparring of funding applications
• Development of an internationalisation strategy

Our services are available on an hourly basis without long commitments. Contact us, and we will tell you how we can support the internationalization of your company!

Internationalization is an opportunity for growth and learning new things. Careful preparation and the right companions will make the journey smoother. Let's go!

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