Expanding into the US market represents a major growth opportunity for many European companies. However, the US is not a single homogenous market, and comprehensive research is required to truly understand consumer behaviors, market dynamics, competitive forces, and growth potential across different regions, customer segments and industries. Relying solely on assumptions or European data will not suffice.
When entering the research phase, European firms should leverage key US-focused data sources to gain robust insights, such as:
Euromonitor - Provides highly detailed consumer research and market analysis on industries, demographic segments, consumer trends and more across the US. For example, their 2021 US Pet Food report analyzes market size, growth trends, distribution landscape, pricing, new product activity, and competitive profiles across different pet food segments.
IBISWorld - Offers US industry reports that dive into market size, major companies, SWOT analysis, demand drivers, future outlook and more for 700+ industries. Their 2022 Gym, Health & Fitness Clubs in the US report would inform European fitness brands expanding stateside.
US Census Data - Contains a wealth of information on population demographics, growth projections, household income, and other statistics at national, state, metro area and even zip code geographies. Useful for identifying target regions and consumer segments.
Statista - Features consumer survey data, market forecasts, company and industry metrics across the US. For example, their 2022 data on social media usage by US generation helps focus digital marketing.
Thinknum Alternative Data - Collects hard-to-find data on advertising spend, foot traffic, hiring and other signals to assess consumer demand, store performance, and company growth.
In addition to leveraging data sources, European companies should connect with relevant US industry associations and networks to gain on-the-ground insights into market nuances, competitive dynamics, go-to-market considerations and more.
While time consuming, thorough US market research enables European firms to accurately size the opportunity, identify market gaps, tailor positioning, and make better-informed expansion decisions. Reviewing hard data provides clarity compared to relying on assumptions or imperfect knowledge. A data-driven approach sets up European brands for growth in the dynamic US consumer landscape.
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