What Does OMIS Entail?
The Overseas Market Introduction Service (OMIS) provides support for businesses pursuing export activities overseas. The information provided often includes competitor analysis, market reviews, bespoke events, and assistance with adjusting to local business etiquette and culture. Essentially, OMIS gives businesses an instant link to invaluable insights and set them on the right track. This service is tailored to each individual businessperson and assistance depending on the needs of the client.
OMIS activities and support can include market information, advice and practical support, such as:
- Understanding how to do business in the market
- Having the confidence to explore or expand in a new market
- Market analysis and feasibility studies
- Identifying business opportunities and prospects
- Understanding the competition
- Identification, assessment and contacting of potential distributors, partners and contacts
- Promoting business and products through events such as receptions and product launches
- Meeting arrangements with business contacts
- Deciding on the best market entry strategy
- Understanding local regulations and standards
- Overcoming barriers to entry or expansion
- Raising profile and credibility in the market
Why is an OMIS Report Helpful?
Any business aiming to expand in the overseas market may face barriers in accessing the right international contacts or partners. Additionally, it can be equally challenging to find the best ways to operate in a specific overseas market and to successful market entry strategy in an entirely new sphere (both economically and culturally). Businesses seeking to increase profits by employing an effective overseas promotion may find OMIS to be particularly helpful.
There is no doubt about it: internationalisation is a difficult task. Differences in time zones, languages, and cultures are inescapable obstacles that must be faced. OMIS provides a wealth of practical support, advice and key market information, supporting business owners through each stage of their international expansion.
Each expansion starts with the process of market research. However, international research can be particularly challenging without contacts ‘on the ground’. The socio-economic environment is often quite specific, something not many business owners are used to or even aware of. Even when the necessary research information is in another language, OMIS teams can prove invaluable in finding the information needed. Unsurprisingly, these reports can open doors that would otherwise remain closed.
When it comes to actually visiting an international market in person, OMIS can be handy too. Booking meetings for a market visit and sending marketing material abroad can be time-consuming and frustrating. Using OMIS’ market specialists removes considerable stress and hassle both during the organisation of your visit and once you’ve actually landed in the country.
Thus, OMIS puts you in touch directly with overseas markets. It is beneficial for business, as it helps with the following:
- Access the right international contacts or partners
- Provide insight of the overseas market
- Find the best way to do business in a market
- Achieve a successful market entry strategy
- Increase profits by using effective overseas promotion
What are the Characteristics of a Good OMIS Report?
It’s likely that the closer a business is to entering a chosen market, the more practical the services will need to be. Key tips here are the followings:
- Mix and match OMIS services to select those that best meet your needs and requirements
- Use OMIS for ‘value added’ services (i.e. activities that you are unable to easily do yourself)
For market research, one needs to choose between depth and breadth depending the current level of understanding. It is necessary to dive deeper into the market if there is already an understanding of the broad brush strokes.
To obtain a comprehensive OMIS report businesses need to:
- Provide a fully comprehensive brief of their request
- Specify their objectives
- Maintain personal involvement throughout the OMIS process
- Set up milestones and due dates
- Ensure that they obtain sight of draft/initial research so that they can be involved in final revisions/tweaks
- Once the research has been completed, business owners need to make sure that they sign off on the brief and they you’re happy it has been met
- Prior to sign off, businesses should ensure that they obtain any final amendments that they feel are needed.
A typical content of OMIS market report includes:
- Identification of market size, market potential and key trends within a marketplace
- Provision of localised industry and sector advice
- Analysis of possible routes to market
- In-country competitor analysis
- Assessment of the potential level of demand for your products or services
- Identification of opportunities and prospects.