What do you do next when you feel like your business has given everything to the domestic market it operated in? Of course, this is the time that you start turning to export. When you look at exporting, you get the opportunity to open up whole new marketplaces, audiences, and countries. The potential of exporting could be limitless, especially if you have a product that is indemand. These practical tips will help you get started on your journey, and help it run as smoothly as possible.
Know, and Research Your Market
To begin with, you are going to need to start conducting research. Both primary and secondary research of your target markets will prove valuable. The more you can learn and understand who your target markets are, and their purchasing and decision-making behavior, the stronger the position you will be in. When you are getting to know your markets, you need to understand what drives their behavior and actions. Different cultures and local traditions can also impact your target market, so be sure to consider this.
Understand Customers Needs, Wants, and Requirements
While you are conducting your research, it is essential to understand who your customers are. Their needs and wants may vary (even in a target group), so start discovering their requirements. When you understand your customers and you start to build a customer profile, you are then in a position to better target (and reach) them. When you are exporting your product, you may have to make slight changes or alterations to the name or even the packaging based on what your research tells you.
Understand the Local Language
No matter where you are exporting to, you will find that you will face a language barrier. Overcoming this language barrier is important, and speaking in the target markets’ local language is essential. You will find it beneficial to utilize translators for all of your efforts – from marketing to customer profiling. Chinese translations or translations into one or several other languages can help you accurately target (and reach) your customers/audience. If you try to do translations by yourself or do not invest adequate resources, you may find that your message or product information does not get across how you want it to.
Think About Marketing
How you market your exports, when and where is critical to your launch (and success). The marketing methods and channels that you utilize in your home or domestic market, may not be successful in new markets. Conducting market research to build a marketing plan is important. Through research, you will see what your market and audience are the most responsive to. You will also see what has not been successful and why. Utilizing previous competitor information and analysis, and having targeted research undertaken will save you a lot of time and money in the long run.
Utilize the Knowledge of Other Businesses
Other businesses have successfully exported their products and their ideas before you. Utilizing their knowledge and getting insider information about what worked and what did not can save you valuable energy, time, and monetary resources. Those businesses that are not in direct competition with you and your product offering will be most likely to assist you and answer any questions you have. You can often find these connections ( and build them) through local networking events and exporting groups.
Create an Export Strategy
To make exporting work for you and your business, you must have a strategy to apply and follow. What will you launch into your new markets, when, and why? An export strategy will lay the foundations for the coming months and years and help you see where you need to invest and why. In your strategy, you will have a business plan that you can apply and follow in your new market. You will also have information about how you will distribute your product. For example, what distribution channels and networks will you utilize – will any of them have sole exclusivity or different rights to your products?
Focus Your Efforts
There will be a lot of areas for concern that you will be focusing on when you are exporting. Sometimes, it can all feel too overwhelming, and you may feel that you are spread too thin. To get the most out of exporting, and to make it work for you, then you must focus your efforts. Remain targeted within your approach and within your efforts to ensure you achieve success.
