Expanding your business to sell to customers in other countries opens a world of opportunities for you and your company. However, long before the first piece of merchandise is boxed up and shipped across the pond, you need to gain a clear understanding of where and to whom you will be selling. 

This guide to multi-currency payment processing and international market research can get you started.

Why do you need to conduct global market research?

Expanding into global markets requires thorough research to understand cultural differences, customer needs, and local regulations, ensuring your products and strategies align with each market's unique demands. 

This preparation helps uncover opportunities, refine operations, and ensure compliance, ultimately reducing risks and increasing the likelihood of success.

You and your domestic customers are passionate about the exciting products you are selling, which might lead you to believe that the same enthusiasm will effortlessly cross over to your potential new buyers. 

In short, think again. Working hard to take stock of the foreign environments you want to serve has many advantages.

Entering a new marketplace poses its share of risks, making it essential to do your homework. Engaging in this process will help to familiarize you with new cultures, each of which has its own set of customs and preferences. 

Furthermore, you can learn where the particular needs lie in each jurisdiction, including the locations where your products are in demand and which customers have yet to know about your unique offerings. As a result, you can detect new business opportunities and be uniquely positioned to understand your competitors.

Additionally, undertaking this project will let you know where you will need to tweak your strategies and spending. That’s because each market has its own distribution channels, selling costs, and production possibilities. 

Armed with this knowledge, you can then assemble your team of manufacturers, suppliers, and customer service specialists who will operate on the ground once you launch.

Finally, gaining information in advance will help to ensure that you are in compliance with the local laws, rules, and tax structures. You will then know what standards you should meet and which certifications must be obtained before you start selling.

1. Consult with local experts.

Now that we have established the importance of advanced research in the areas you want to serve, it’s time to identify the specific strategies that will help you attain your goals. 

While you may have a robust set of quantitative data that you have gleaned from your online forays, you now need to have direct conversations with people on the ground who understand the quirks, conditions, and priorities of the place.

Bring the data to life by gathering with business experts, manufacturers, and even potential customers. 

They can transform columns of figures and grids of statistics into qualitative insights that you can transfer into your specialized sales and marketing strategies.

2. Don’t overlook secondary market research.

To provide additional bolstering to the direct information you have gathered, consult governmental sources. 

They can furnish you with economic statistics and trade data to back what your primary investigations have revealed.

3. Use the power of the internet to survey potential consumers.

Before you begin to accept foreign payments from your international customers, you should find ways to get their unique opinions. 

To that end, sending online surveys to a segmented target group gives you an economical, highly effective, and customizable way to ask questions and get answers from actual people that you can use.

After you have cultivated a group of consumers online, consider meeting with them in person. Because flying to the new location and staying there for days or weeks can be time-intensive and expensive, make the most of your trip by meeting in person with this group. 

Of course, be sure to have translators available so that you capture the nuances of their feedback.

4. Employ attitude scales.

Measurement tools such as the Likert scale can be invaluable tools as you dive deeper into the opinions of your international customers. 

They allow respondents to provide a score related to how they feel about a question, generally ranging from “strongly disagree” to “strongly agree.” Scales like this can be easily understood and translated into other languages.

Key considerations.

Regardless of the methods you deploy to learn about your new commercial ecosystem, there are several universal elements that apply. For starters, never lose sight of the nuances of language and culture. 

To that end, ensure that translations and other communications are in line with the customs and culture of the customers you want to serve.

Additionally, it is vital that you keep an eye on the quality and reliability of the data you are using as the backbone of your initiatives. Before you employ it, validate the sources from which the information came to make certain that it is consistent and accurate. 

Focus in particular on the privacy and security of sensitive data, ensuring that it is in compliance with all of the local protection regulations of the jurisdiction.

Once you have gone through a careful and comprehensive market research process, it’s time to look into the best way to accept international payments. The current payment processing company with whom you partner for your domestic operations may be perfectly well-equipped to walk with you on your cross-border commercial journey, but you should not assume that they will be the best fit without some investigation.

You will want to work with a company that has demonstrated a familiarity with the particular country or region on which you are focusing. This will help to ensure that you remain in compliance with all security and tax regulations. 

The vendor may also have already established strong relationships with financial institutions in that area that can be helpful as you expand your offerings.

Finally, make it a priority to collaborate with a company that offers multiple payment options. They should allow you to accept payments in the currencies your customers use and provide transparent transaction and international processing fees. 

As a result, you will be better able to quantify the true costs of doing business in the new area.

Diving into the foreign arena can be exciting and highly profitable. This is especially true when you have laid a strong foundation of knowledge based on thorough market research. Devoting the time now can lead to immense rewards for years to come.