One of the essential parts of your research is finding out about your competition. While researching, you must include all local, regional, national, and international markets, irrespective of where you plan to sell. If your product succeeds locally, its presence in other market areas could grow.
- Local / Regional Market – Find out what beverages are being produced and sold in your local market. Many entrepreneurs will be willing to discuss some aspects of their business with you unless you plan to be their direct competitor. You can even ask to shadow them for a day or two, which will help you better understand what the business requires. If your product is new and unique, it’s an advantage; however, you will need to spend more resources on marketing and introducing the product in the market, in contrast to the already well-known products.
- National / International Market – One of the best ways to know more about the national and international markets, the newest trends, and other essential information is to read and study various industry-specific websites and magazines. Most of the information is accessible for free on the internet, or you can also pay a small amount to companies who offer to collect the required data. This valuable information is crucial to understand how the market works and reacts.
We would like to highlight the importance of starting small. Too often, industry newbies make the mistake of chasing big, international markets from the get-go. The first step is to gain a significant market share in your home country, where you launched your product! Your export chances will increase if you first acquire your share from your local segment.
The best way is to slowly and steadily expand your business into new markets. The next chapter will discuss how to get international exposure for your business.
