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In 2016, it’s fair to say that the world is well-connected and international business is now an integral part of many company’s business strategy. The growth and adoption of the Internet means it’s easier to do business abroad, in different time zones, and in different languages. But as more businesses look to trade outside of their domestic market, we ask – do they really know their global audience?
Market Research group, Ipsos Mori, released a study titled “Perils of Perception”, based on survey results from 33 different countries. Their aim was to show that perceptions are not reality and the findings are broken down by country, highlighting the misconceptions of key issues, such as health, religion, politics and the economy.
Ipsos Mori has also calculated an “Index of Ignorance” for each country. Mexico, India and Brazil take the top spots, meaning that the perceptions of the populations here are quite far from reality. Interestingly, these three are part of the BRICS and MINT grouping, which are countries that were previously considered as poor, but in recent years have shown the potential to match the traditional, established markets of the West.
It can be tempting for businesses to jump into these unsaturated markets, attracted by the spending potential, but it just goes to show the importance of knowing and researching your market, as well as professional localisation.
