With roughly 200 markets in the world (with sub-markets in many of those markets!) choosing your best first forays may seem daunting.
Fortunately, Market Finder is a new, free tool from Google that can help you identify promising potential markets specific to your business, gleaned from in-depth country-level data and consumer insights. You can also use Market Finder to drill down into knowledge and insights that enable you to prepare and adapt your business to local markets, from providing their preferred payment methods to customer care services.
This tool supports the efforts at EDC to help Canadian innovators connect with markets presenting the best opportunities for them. By seeing how the tool works (check out the online video demo), you can instantly understand what it can do for your company.
First, enter your company’s URL and you’re on your way. Market Finder identifies the product categories your business offers, providing up to five categories that best reflect what your company does. You can change these categories or add new ones if you wish.
The tool then recommends your top three markets, based on a weighted ranking of metrics including monthly average search demands for your product categories, macroeconomic factors such as disposable income and ease of doing business, and competition, which are key to develop your international market entry. You can change your markets at any time.
You can sign into your Google Account (or create a new account) to get your final report. In addition to the recommended top three markets, there’s also 40 metrics across seven different categories you can dive into, to better understand country profiles, economic profiles, consumer and purchase behaviour, and much more.
Next, you can plan your operations, with insights into localization requirements, payment preferences, logistics, taxation, and more for your potential markets.
As well, there’s a section where you can connect to Google tools that help you market your e-commerce or international business, and even insights on how to navigate your business during COVID-19.