Finding Your Target Market and Qualified Customers

Understanding who your ideal customers are can lead to increased aboard sales. In this, you will learn practical strategies for identifying your export target, how to analyze their requirments, and effective ways to connect with them. 

1. Define Your Market:

  • A market represents a group of people or organizations that need a product and are willing and able to pay for it. This group could comprise individual consumers or businesses.
  • You must determine which market segment aligns with your product. Are you targeting consumers purchasing for personal use or businesses using your product for their operations? For example, if you’re importing pewter giftware from Bolivia, your target market could be gift wholesalers or large retailers selling giftware.

2. Conduct Thorough Market Research:

  • Market research helps you understand your potential customers, their needs, and the competitive landscape.
  • Secondary research, like analyzing trade statistics, can offer insights into product demand and competitor activity. The U.S. Census Bureau provides valuable data on U.S. imports and exports.
  • Primary research involves gathering information directly from the market through interviews, surveys, or focus groups. While more time-consuming and expensive, it provides tailored insights into your target market.

3. Segment Your Market:

  • Market segmentation helps you divide a broad market into smaller, more manageable groups with shared characteristics. This focused approach enables more effective targeting.
  • You can segment the consumer market geographically, demographically, psychographically, or behaviorally. For example, a company selling disposable razors might use demographic segmentation, offering razors with pink handles for women and yellow handles for men.
  • You can segment the business-to-business market based on customer location, type, size, or buying situation.

4. Understand Buyer Behavior:

  • Buyer behavior involves analyzing the factors influencing a customer’s decision to purchase a product.
  • Consumer buyer behavior is influenced by personal, social, psychological, and cultural factors. Understanding these factors allows you to tailor your marketing messages and strategies accordingly.
  • Business-to-business buyer behavior is driven by rational factors like price, quality, and reliability. You need to understand the decision-making process within a business, identifying key influencers and decision-makers.

5. Utilize Available Resources:

  • The U.S. Department of Commerce offers several programs to help you find qualified customers overseas, including Customized Market Research, the International Partner Search, and the Trade Opportunities Program (TOP).
  • Trade shows and merchandise marts provide excellent opportunities to connect with potential buyers and distributors. Resources like Trade Shows Worldwide and The Directory of Business Information Resources can help you identify relevant events.
  • Industry directories, such as the Candy Buyers’ Directory, and resources like the Salesman’s Guides and Chain Store Guides can help you identify and target potential buyers for your imports.
  • Manufacturers’ representatives can act as intermediaries, connecting you with potential buyers in your target market.

By following these steps and utilizing available resources, you can effectively identify your target market, understand their needs, and connect with qualified customers to drive success in the import/export market.