Go Global Smart: Your Easy Guide to Researching Foreign Markets!

The podcast explores strategies for small and medium-sized companies to conduct effective market research for international expansion. Olga Gvozdyova, advisor at Ukraine's Entrepreneurship and Expert Promotion Office, shares insights on simplifying market analysis. She emphasizes leveraging existing resources like trade promotion organizations and readily available online data, rather than relying on assumptions, citing an example of a Kiev restaurant chain's failed Warsaw expansion due to neglecting consumer behavior research. Gvozdyova advises focusing on one market at a time, using a model that assesses market attractiveness and barriers, and combining data-driven insights with an evaluation of the company's readiness and capabilities. The discussion covers valuable data sources such as World Bank, TradeMap, Statista, and sector-specific media, as well as the importance of field research and continuous market monitoring.