IBA Primary Research highlights how B2B businesses across the globe see market opportunities for international business – and identify obstacles on the way
We’re about to release our eye-opening international market research report.
The research, conducted by Cint, a leading global player in the insights data collection technology market on behalf of IBA, was carried out between August and September 2020, asking more than 1,000 B2B respondents from the UK, ANZ and the U.S. if and how they’re adapting to new ways of doing business in a COVID lockdown and post-Brexit market.
A glass half full or half empty?
Despite the decidedly gloomy outlook often reported internationally by the press and other commentators, the research found unequivocally that businesses are taking an optimistic ‘glass half full’ attitude towards the market post-Brexit and COVID. Here’s a sample of comments from respondents that show many are “developing new products and testing new marketing formats” and looking internationally to “venture into new geographies and discovering new marketing tactics to ensure economic growth.”
The numbers speak for themselves. 86% of those surveyed have already altered their product roadmap to account for COVID’s impact on the market in particular, just under 33% are also considering expanding proactively into new geographies or industries. Just 15% of our respondents state they’ve made no changes to their current product solutions.
Opportunity knocks, home and away
Over half of UK businesses surveyed (56%), reported they are actively looking to branch out and would be open to exploring new geographies – one of the key pre-requisites internationally being the agreement of favourable free-trade arrangements. 26% say they would consider exporting to new geographies (outside the EU entirely) if high tariffs were to be introduced on UK goods and services by the EU.
And it works both ways
Looking across other continents, U.S. Australian and New Zealand businesses also responded positively when asked about international expansion plans. Nearly half (46%) stating that favorable trading agreements between the UK and their nation would encourage their export of goods and services to UK shores.
Analysis on International PR and Marketing shows a disconnect…
Further findings in the research centered on how international businesses are approaching their international PR & Marketing campaigns. Respondents again proved to answer ambitiously in this respect, seeking to “[expand] into wider modes, territorial expansion, broader demographic[s]”.
However, despite 70% of businesses surveyed demonstrating such a desire to expand current PR & Marketing campaigns, our research identified factors such as inexperience, budgetary constraints and lack of knowledge are standing in their way.
…so stay tuned, the rest is yet to come
That’s exactly why we’ve split the findings across two white papers, the second of which is launching next week.
In our second report, we build on the findings documented in our first report, examining what marketing agencies must now do to meet the demands of their clients in a post-Brexit and COVID world, placing an emphasis on content vs. contact and PR quality vs. quantity.
Interested? Download the first report here.
Simon Woolley is Senior Market Analyst at IBA International.