Exporting is an everyday challenge whatever sector you are in. It is especially tricky for new exporters as every market is different and comes with its own challenges. Therefore, you need to be prepared as much as you can to avoid having to deal with too many difficulties.
- Create a digital platform.
- Use Google Analytics.
- Focus on a few markets at first.
When you are new to export it might be too overwhelming for you if you focus on too many markets at once. You should start with only one market or just a few. By doing so you will avoid being lost between all those markets and you will be able to truly commit to the market you picked and make it profitable. Use the data from Google Analytics to see what market triggers to most interest, and do research on your own too. If you’re unsure which market to choose, researching the markets is a good idea. You want to know if your product already exists there, what the competition can be, what is the average price of existing products, and if your product is unique, see if the market can be interested by conducting surveys or interviews for example. An efficient way of doing so is to actually go to the market and see by yourself what is out there. Bolst Global can support you with this. Check out our new programme here to see if it can be of any help to you.
- Exhibit at trade shows.
- Due diligence is key.
When you want to access a new market research is key. You have to understand how you can sell your product in that specific market: will it by the means of a distributor or an agency? Or will you be selling directly to the retailers? This will depend on the market. For example in Switzerland there are only two retailers so you can directly work with them. Whereas in the Middle East, you might want to prefer working with an agency who knows the market very well and will be able to handle to whole sales process. These agencies can reach many markets and therefore will potentially bring a lot of opportunities for your products. In other markets you might prefer working with distributors. In this case do research on them to see if they target the right consumers, which brands they are already selling, if they have the right level of coverage and ask yourself: “Is it where I want my product to be?” Prefer a distributor who is truly passionate about your products, someone who will become a true extension of your company. Another important aspect is to make sure that the contract you sign with the distributors of your choice is in your favour. You want to be able to walk out of the contract if the distributor isn’t doing well enough for your brand.
- Make sure you can keep up with demand.
It might seem obvious to many for you have to make sure you can keep up with demand. When you have just started your business it might be difficult to produce large quantities in a short amount of time. Therefore don’t accept orders you can’t physically produce as it might damage and compromise your export business. You want to prefer taking several smaller orders instead so you can actually meet those demands and don’t
loose your credibility. Get on to larger orders when you are ready for it and your business has grown enough and you have the means for it. If you need more advice or need some help developing your export business, please feel free to contact us and we’ll get in touch with you to see how we can help you.
Thanks for reading!