Exporting and marketing in a different country can yield a mountain of benefits but without a solid plan it can also be very risky. The risks of international trade can, on many occasions, be at fault for a company’s demise or bankruptcy. A good strategy is necessary to make the most of your assets while minimizing your risks.
Here’s a basic breakdown of a great action plan to help you and your company devise an export marketing strategy that works for you:
Step 1: Identifying Your Company’s Position
Make sure you can identify and enumerate the reasons why you are exporting, especially to the country of choice. Are you looking for new markets in the hope of expansion or are you hoping to boost turnovers in order to spread company expenses? Take such reasons into consideration.
Check if your company is even ready to export and get knee-deep into international trade. Are the employees trained for the skills required? Can you get your website translated into the language of the country you will export to? Do you have the resources to work with a marketing team overseas?
Step 2: Developing an Action Plan
You need to decide where the company’s efforts will be focused on in order to establish realistic goals and budget restrictions. At this point you need to draw a step-by-step system of how your products will be exported and managed overseas.
Step 3: Study Foreign Market
Take time to study the export market. Get online and check which areas of the country have a higher demand for your products, where competition is healthy, and where consumers are more likely to spend for your goods. Join an exporting organization to learn the ropes and gain advice from experienced exporters.
If you can, attend as many trade fairs as possible. You want to be able to directly interact with potential partners overseas and gain some time to study the parameters of marketing in their country. You’ll want to see first-hand how their market behaves and what adjustments your company will need to make.
Step 4: Take Time Studying Legal and Tax Agreements
Will you need special licenses for exporting your goods? Companies exporting firearms, chemicals, and computer software may require to jump through legal procedures in order to legally sell their products. You will also need to understand tax agreements to avoid any legal issues concerning profits.
Some countries pose a quota on how much a foreign company can export per year so you will need to take that into consideration because it may affect your pricing strategy and how you approach the competition.
All of these steps will combine into the fifth step which is you reaching out to your potential market. You need to determine how you will export, what adjustments to your product are needed to appeal to the foreign consumers, and by what channel can you reach the most leads.