Expanding your business into a new market can be exciting, but it requires careful planning and thorough research to maximise your chances of success.

While online research can provide a solid foundation, nothing beats first-hand experience. A well-planned market visit can yield invaluable insights into consumer behaviour and how potential competitors are operating, as well as helping you create valuable, long-lasting partnerships.

But how do you actually research a market? What do you do when you get there? If you’re planning a research trip, here are some key considerations and actions to take – categorised into before, during and after the visit – to help ensure you get the most out of it.

It doesn’t matter where you’re going or how far, planning is everything and will help you to get the most out of your trip.¹ Here are three ways you can feel more prepared.

You want to spend maximum time on soaking up knowledge, and minimal time managing travel admin, so get all your important documents together – such as passport, a visa and SIM card if necessary, travel documents, business cards, and any pitch documents – and store them in a secure folder.² You could also use a free tool like Booking.com for Business that includes free travel resources designed for small businesses, support with trip management, and expense monitoring.

Are you planning on giving out product samples? If so, make sure they’re safely packed and comply with any entry requirements for the country you’re visiting, sending them ahead of the trip if you can’t carry them with you.³ This can help ensure they have cleared customs for when you need them.

Outline the specific goals you want to achieve during your trip – for instance, you might be hoping to make some useful contacts or uncover insights about consumer preferences.⁴

Have a clear idea of what you want to get out of any conversations with local business owners or potential partners, and formulate your key questions in advance (for example, with a logistics partner, you might want to know about their delivery options, or what sort of costs you should expect).⁵

Although you’re visiting in person, you can still do some research online in advance – for example on things like the best routes to market, competitors, consumer insights and any barriers to entry – to help give you a solid base of knowledge to work from while you are there.⁶ You may also want to look up any cultural differences and have a few essential phrases in the native language ready to make communication smoother.⁷

If you’ve already got contacts in the market, why not drop them a message in advance to let them know you’re coming? This could be a great opportunity to socialise while you glean valuable insights – in which case, be sure to include the best food spots in your research too.

You’ll want to maximise every moment in your new potential market, particularly if you’ve got a tight turnaround. Key to this is striking the right balance between immersing yourself in the culture and getting a feel of what it’s about, and critical on-the-ground research that will help inform your expansion strategy. Here are three suggestions for how to approach your time there.

Build strong relationships with market peers by attending a trade show or conference (ideally, you’d book your trip to coincide with such an event) and joining any follow-up networking sessions.⁸

Use these interactions with potential partners and distributors to discuss ways to collaborate, exchange ideas, and share knowledge and experiences. It’s not about simply swapping business cards – it’s about forging relationships with people who could help transform the future of your business, so be open and interested in any solutions or insights they may have.⁹

Treat everything you do while you’re there as a learning exercise – this will help you to ask more strategic, pointed questions and engage with the market on a deeper level.¹⁰

This is your chance to visit competitors’ stores in person – or locations where competitor products are being sold. You might find it useful to categorise these as follows: ¹¹

• Direct competitors – offering similar products to the same consumers at similar prices.
• Secondary (or indirect) competitors – offering more expensive or cheaper versions of your products, to a different group of consumers. These could become direct competitors if they changed their model.
• Tertiary competitors – offering related products or services to your audience.

While you’re visiting, look at aspects such as pricing and any discounts being offered, and gather any marketing materials such as brochures or flyers. Document absolutely everything, taking notes, photos, videos and voice notes to capture your most important findings.¹²

Time is money during an in-person market visit. We’ve put together the following example itinerary – your own will be different and reflect your individual business and circumstances, but this could act as a rough guide to help you make every second count.

• Arrive the day before a trade event to settle in and get to know the local area.
• Visit a few local competitors to observe customer behaviour, product displays, piercing strategies, and promotional tactics. Analyse how these elements compare to your own approach.
• Have dinner booked with an existing contact or potential partner to gain insights into local market dynamics, cultural nuances, and potential challenges.

• Head to your industry event, ready to make the most of any networking opportunities with industry peers.
• Attend pre-scheduled meetings with any potential distributors, retailers, or suppliers.
• Schedule an evening meeting or drink with a new contact from the industry event to strengthen your relationship and explore potential opportunities.

• Grab a coffee with a local business owner for informal insights into selling strategies and market challenges.
• Get out and about for some more research, this time focusing on the consumer experience. Conduct short interviews to understand people’s buying habits, preferences, and pain points.
• End the day by reflecting and organising your notes, ready to write up into a report to share with your team before putting your market expansion into action.

Once you’re back on home soil, it’ll be time to reflect on your experiences and put your new knowledge to good use. Here are three ways you could do so

Organise and analyse your notes and review any images or voice recordings. Map out the benefits and the drawbacks so you feel fully clued-up on what to expect.

It’s a good idea to discuss your findings with your wider team or trusted colleagues, sharing your assessments and hearing their thoughts on how to proceed. This can help you to build a strategy that everybody understands and is on-board with.

It’s also a good idea to get back in touch with any new contacts you made during your trip, ideally within 24 hours of meeting.¹³ They could be really helpful when you begin selling in your new market – from lending you their insider knowledge on trends and regulations, to speeding up your time to market by facilitating introductions with suppliers and partners. So, keep the relationships alive with regular communication.

Disclaimer: The information provided on this page does not constitute legal, tax, finance, accounting, or trade advice, but is designed to provide general information relating to business and commerce. The FedEx Small Business Hub content, information, and services are not a substitute for obtaining the advice of a competent professional, for example (but not limited to) a licensed attorney, law firm, accountant, or financial adviser.