Global experts know the first step in developing a successful global business strategy is to conduct research. This research should help pinpoint the global buyers that are coming to your area and what is drawing them there. Finding reliable resources to help identify your target demographic is half the battle. Luckily, we have done the legwork and sorted a list of our favorite resources for you. Below is a list of great resources that can help you learn more about the global business happening in your local market:
- U.S. Department of Commerce Census Bureau: Easily search and narrow down the demographics of your market. Helpful information includes languages spoken, generational status, immigration statistics, and more. This data will be especially interesting in 2020, when the next Census will be conducted.
- CIA World Factbook: The World Factbook provides a well-rounded profile for 267 world entities. Profile information includes history, people, government, economy, geography, communications, transportation, military and transnational issues. Using the World Factbook to familiarize yourself with your buyers’ home country can help familiarize yourself with their norms and know what differences you’ll need to point out to them.
- NAR’s 2016 Profile of International Activity in U.S. Residential Real Estate: Each year NAR conducts a survey among REALTORS® to identify the number of sales to international clients, to provide a profile of the origin, destination, and buying preferences of international clients, as well as the challenges and opportunities faced by REALTORS® in serving foreign clients. The data provided is always compared to the year prior to help identify year-over-year trends. A new report is released near the end of the second quarter each year.
- Local Market Assessment Case Studies: Each year NAR Global conducts studies on markets where you wouldn’t normally expect to find global business opportunities. In 2016 we covered Missouri and Nevada, and have covered many others since 2013. You don’t have to live in these states to benefit from this research. The information found in these studies can help you learn identify key indicators or global business matter, and tend to be paralleled in markets across the U.S. New reports are released at the beginning of the fourth quarter each year.
- Realtor.com® International Data: Each month we release reports on the international search traffic on realtor.com®. View the top 10 markets where global buyers are searching, and what countries are searching the most. Use the interactive map to find out who’s searching your area and download a pdf of the report.
These sources will help you collect the information needed to carry out your global business strategy with confidence. Remember to bookmark these resources on your web browser. Once you conduct the proper research you will be ready to address the unique needs of global buyers in your market and devise an effective global marketing strategy.