PM’s Market Visit Checklist!

Market Visit Checklist

Before you leave, find out:

• Hours of business and public holidays.
• Any difficulties getting from one place to the next.
• Need for an interpreter for business meetings.
• Type of accommodation available.
• Communication material required for meetings.
• Length of time required to accomplish all tasks.
• Appropriate appearance and dress for your meetings.
• Business and social etiquette, including polite forms of address and appropriate dress for meetings and functions.

During your visit, research the market:

• Confirm suitability of distribution channels selected.
• Check the competitors’ pricing, product/service characteristics, perceived strengths and weaknesses, buyer behaviour, customer service/support packages of competitors, etc.
• Conduct initial reverse pricing analysis based on market prices for similar products/services.
• Analyse competitors’ promotional activities, including packaging, advertising and other communications.
• Review industry standards and other regulations and determine the cost of any applications, testing and approvals which impact on your product/service.
• Collect any industry statistics available which provide further information on your market.
• Hold brief meetings with prospective distributors.
• Dispatch by air freight product samples, where appropriate, or service promotional literature to those companies which have advanced to a formal stage of product/service review.

During your visit:

• Conduct demonstrations with key sales personnel in these companies.
• Develop more in-depth relationships with prospective distributors and confirm the marketing strategy options.
• Discuss your proposed marketing plan with each company you are visiting.
• Set out a proposed draft agreement to selected distributors.
• Obtain letters of intent from a number of potential partners.
• Obtain any recommendations from your prospective agent/partner relating to packaging, product/service features, pricing, etc which would help refine and develop your marketing plan and thinking.
• Dispatch trial orders to one or a number of potential agents/partners for test marketing the product.
• Agree on financial and distribution arrangements for the trial market.
• Meet the prospective distributors and evaluate the shipment, review the order dispatch and shipping cycle, develop control systems for forecasting any future orders.
• Attend sales meetings as the product release program commences.
• Finalise an agreement with a preferred distributor for signature.
• Obtain a second order during this visit to support the first stage sales program.

#Source:  Winning Exports Workbook, Pitman Publishing.