The most powerful instrument to reach the growth is to analyze the trade statistics. Companies stand to benefit from this because they will be able to buy smarter, predict trends, and therefore buy into opportunities in world trade.
So how do you properly harness free trade data for your trading business for starters, here is a step by step guide. But to make it even simpler, let me drive home my point behind this using examples.
What is Trade Data?
Trade data is in a way transactional evidence of the products traded and transported between the two countries.
Such things as service or product categories, volumes, prices, and counterparts as well as the geography of trading partner countries. For instance, if a country is exporting rice, it will show from trade data which country is the importer, the quantity imported as well as the price.
This kind of information is available through such platforms as Siomex and can provide business with information on trade flows around the world.
Step 1: Define Your Goal
In your analyses of trade data, first determine what you want to accomplish. Are you looking to:
Marketing research for a new product that can create new markets for the product?
Identify reliable suppliers?
Understand your competitors?
For example, you can be selling certified organic coffee beans. If for instance your business venture is seeking to export to a number of other countries, trade data will indicate which countries are the largest consumers of coffee and who the consumers are.
Step 2: Identify Relevant Data
We have to avoid concentration on all the data and focus only the data that can be beneficial to your goal or objective. This will save both your time and energy. For example:
If you want to export mangoes, find information on mango imports on target markets.
When studying competitors, read data on products that are similar to yours.
As you can see with a provider like Siomex, you can immediately exclude information as well. Whereas one would have to manually sift through tens of thousands of accounts, they may select accounts by country, product, or even buyer.
Step 3: Spot Emerging Markets
The trade data brings new markets to light where you may see the possibility of its market growing. For instance, where there is likelihood of increase in imports of bamboo products a country might be perceived to be likely to import more.
Let’s take an example: If you are a textile giant and you discovered that the importation rate of cotton of a particular country has tripled in the last one year, then you should consider exporting your products to such nation.
Step 4: Invest in Identifying the Competitor Strategies
Trade data doesn’t only assists in the identification of the target market, but also shows what the competition is up to. For example:
Who are their suppliers?
Which markets are they operating from?
What is their pricing management strategy?
Suppose you have a business of selling wooden furniture that is homemade. From a trade data you might find out that a competitor is exporting the same good to that country cheaper. You can also use this knowledge to change your prices or enhance your products so they can go well with other services to meet consumers’ needs.
Step 5: Use Historical Trends
One can use previous trade data to come up with trends of the future demands in the market. As an example, you find out that winter clothing is usually demanded highly in a specific region, understanding that the demand sky-high in October, then you can expect to export your goods during this period.
Likewise, if you notice a decrease in the import of a particular product then there must be change in the trend of customer preference or domestic manufacturing in that country.
Step 6: Build Strong Partnerships
Information involved in trade data may refer to prospective buyers and suppliers. If there is a need to find business partners, such data is extremely helpful, in fact, it is almost impossible to overestimate their significance.
For instance, you want to export spices. Therefore when using Siomex one is able to identify the buyers that regularly import such related products. Likely, getting in touch with these companies provides you with a higher likelihood of getting partnership deals.
Step 7: Monitor Pricing Trends
Trade data assists to monitor prices, which enables it to be competitive, which is crucial in cases of pricing. If your business is in electronics you will observe that low prices are being offered by other competitors and you can either offer low prices or look for ways of how to add value.
Step 8: Take Action on Insights
An evaluation can only be done if there will be an action to be made out of it. Based on the results of analyzed trade data, formulate a Receptionist course of action. For example:
When you realize that there is a particular market you have located, make sure to advertise your product in that market.
If competitors are more effective than you are in certain areas, think how you could ‘unbundle’ your contenders.
Basic Example: Expanding a Honey Business
Imagining that you are producing organic honey and you need to expand your business. Here’s how trade data can help:
Goal: There is the need to discover new international customers.
Data: When utilizing Siomex, you discover that many European nations are big importers of honey.
Trends: Over the past year Germany’s imports of honey has recorded a growth of 20%.
Competitors: Here you find that a close competitor is exporting honey to Germany, but they offer it cheaper than what you offer it for.
Action Plan: Take Germany market and loco price conscious strategy for marketing yourself and your product badge of organic certification for sustainability.
Why Trust Siomex in Trade Data?
In particular, Siomex is amongst the most reliable providers of trade data that make this work easier. Instead of having to work with rows of data in the form of different Excel sheets, what you have is the summarized, simplified form. Whether you are one man shop or a large corporation, Siomex can assist you in locating such opportunities and your business development.
Conclusion
That is why trade data is always valuable for the business but only if some specific strategies of its analysis are known. By following these steps, you are able to find opportunities, analyse the market and actually beat your competitors.
With tools like Siomex, it becomes rather easy to get and even make sense of trade data. Thus, no matter you are at the first step of entering into the trade or at the step of wishing to further develop your business, using trade data analysis could be useful in gaining wiser and faster results.
Start exploring trade data today you will see your business grow like never before!
Faq
FAQs: How to Analyse Trade Data to Support Business Development
1. What is trade data?
Trade information is information on products, goods and services that are imported or exported from one country to another. These consist of the name of the product, amount, price, country of origin, country of destination and the trading partners. Business people employ this data to understand customer trends and competencies with a view of either looking for buyers or suppliers.
2. What specific uses does trade data serve that contributes to business development?
Trade data is useful as it enables different companies gather information that assist them in making the right decisions. It allows you to:
Discover new markets.
The other benefit is…
Monitor pricing trends.
Forecast demand with help of the prior data.
In turn, such information helps to determine such opportunities and improve strategies for the further growth.
3. Where can I obtain trade data if I am looking for potential buyers for my products?
Information needed in trade data may concern buyers who regularly import particular goods. By accessing this data through a provider like Siomex, you can:
Find out which of your target nations import products similar to the ones you offer.
Identify with companies that are already buying those products.
The above companies should be contacted with the intention of supplying them your product.
4. Diagnostic 4: How can I use trade data to better understand new markets?
When studying trade statistics, one can identify constantly emerging demand in some parts of the world. For instance, if a certain country have been importing your product more frequently than before it can be an opportunity you can tap.
5. Will it be possible for me to stand my competition with the help of the trade data?
Yes, trade data provides insights into your competitors’ activities, such as:
The markets they operate in.
Their pricing strategies of their products up until now.
The suppliers they use.
Some of this information lets you know that your strategies are out dated and need a major revamp to compete effectively.
6. What method should be used in the analysis of trade data for investment decision making?
To analyze trade data for business growth:
What is the goal you want to set up? (work with buyers, markets, competitors, etc).
Ensure information that is analysed correlates with your goals set.
Get to understand the market and prices of furniture.
Vii Self and competitor analysis: A comparison of your competitors.
Make an actionable plan on the basis of results obtained .
7. Where to find the trade data?
Today, there are resources like Siomex specifically designed to offer great amounts of trade data. That is why Siomex will compile data into more comprehensible forms, so that companies can easily get the information they need.
8. How can trade data assist me in respecting my forecasts of seasonal demand?
When used to study trade patterns, you can use this information to approximate peak usage of your product in certain areas of the globe. For instance, if a country imports more of winter products in October, then you can arrange shipment and promotions at this specific period.
9. So, is the trade data only existent for large business organizations?
No, trading data is useful for all businesses ranging from small scale to large scale businesses. Trade data is of equal value to both a start-up company and a large firm, whereby it assists in the identification of opportunities, buyers and decision making for the growth of companies.
10. In what way does the Trade Facilitation Agreement ease the use of trade data?
Siomex organizes trade data in a user-friendly format, allowing you to:
Sorting can be done on country, product, or buyer.
Use accurate data which are up to date.
Cuts time by offering information based on the specifications of want from the facility.
11. How frequently should I review trade data of the business?
A good trade data should therefore be updated on a regular basis to help one get the new trade trends and new strategies being issued by the competitors. It is best to do quarterly assessment, but if your field is particularly dynamic, weekly likely could work for you.
12. What can trade data do to aid me to develop the right pricing standards?
Of course, trade data enables the understanding of the prices offered by your competitors in various markets. Comparing these prices with our costs and value proposition we can modify the prices that we offer in order to remain competitive and achieve the greatest profit.
13. Beginner here asking: where do I begin in analyzing trade data?
Start small:
Aim at one specific outcome, a buyer for example or competitor tracking.
Other platforms such as Siomex can be used to find the trade data well arranged.
while the same code can lead to a more refined analysis as time goes on and you become more acquainted with the data.
14. Is trade data reliable at all the times?
Data obtained from trade sources; the sources include reputable providers such as Siomex are usually credible. However, it’s very important to corroborate any facts who are are considering crucial when making significant business decisions.
15. In what way does trade data assist me in searching for suppliers?
Trade data reveals which companies are shipping the products being used by your target market. Studying this information you can define which suppliers are more trustworthy and what trading history they have before you contact them.
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