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The Internet is a rich resource for best-market identification. The "best" markets offer a combination of high comfort for the company and high potential for the products. High-comfort markets (language and cultural affinity) are easier to relate to, but are rarely the most promising (large, emerging, fast-growing, receptive, open, limited competition, etc.). You can find high potential markets with a little research and screening. The US Government offers extensive resources for best-market identification, including trade statistics and in-depth market research on specific industry sectors and countries
Here are 5 questions/answers to help identify your high potential markets:
1. Where are comparable products mostly exported?Look for the largest and fastest growing export destinations for the product over the past several years. Source: For U.S. exporters, and foreign exporters to the US, see USITC DataWeb for official US export/import statistics by commodity and country.
2. Which countries are mostly importing comparable products? Look for countries with the largest and fastest growing imports of the product over the past several years. Sources: International Trade Centre – Aggregated Trade Statistics; and Industry Subsector Analyses.
3. Where would comparable products be most competitive? Look for high market share countries with limited competition from local producers. Source: Industry Subsector Analyses.
4. Where are comparable products most welcome and easiest to sell? Look for countries with high receptivity to the product and no significant market barriers. Source; Industry Subsector Analyses.
5. Which markets do the experts consider most promising? Look for countries recommended as "Best-Prospect" markets for comparable products. Source: Industry Subsector Analyses.
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