How do we identify markets suitable for British companies, i.e. is there a data base ranking countries that favour British products.
Is there a data base available which identifies which countries favour British products?
This questions was asked during our webinar on selecting the right market, which you can catch up with here –
Information gathered from UK exports is available here: https://www.uktradeinfo.com
You can browser statistics per country overall to see where British products are most popular and drill down to specific product types per country.
You may also wish to contact UKTI as I believe they would know from their Overseas Trade Advisor’s where British products are well respected.
Hope this helps.
i2i Infinity Ltd
Essentially, you need to identify the countries where Britain has a high market share of imports, both overall and for your product (and also where there are gaps between those two, as a potential indicator of latent demand). Nothing says “favour” more than pounds and pence (or Dollars, or Euros)!
Ian points out UKTradeInfo, and you can also use UN Comtrade and EU data sources too (http://madb.europa.eu/madb/statistical_form.htm). The former will give you the scale of British exports to each country; but the latter two will also give you data on how much other countries are exporting too, enabling you to make assessments about market share. With all of these, though, the data is quite raw and often requires considered analysis to actually answer your questions.
Challenger MI – Market & Competitive Intelligence for Industry Challengers
Further to the above. At the link below is a blog that I wrote on the challenges that SMEs have with export market intelligence, including some examples as to the kinds of things that we can do with the data sources above. Feel free to contact me if you think I can help you further.