Develop a model to identify favorable export markets
NBDC often works with small businesses that recognize the opportunity to go global. Yet the majority of small businesses export to no more than two markets, mostly to Canada.
But it’s a big world out there.
Small business owners often need help figuring out where to dedicate time and resources. Market research can help them identify consumers in other countries that might need exactly what they are selling. The process can be broken into four steps:
- Identify indicators
- Gather and normalize relevant data
- Weight normalized values with a demand function that produces a score
- Scrutinize the markets that scored highest