If you are a local businessman and your business is booming, then congratulations are in order. But if you are searching for new ways to expand and grow your business to new heights, then you need to learn how to export your products or services overseas.
Of course, this isn’t exactly easy.
There are too many unknowns which need to be known. For example, here’s one crucial question: exactly which foreign market do you decide to enter. But you can use export marketing methods to find out the answer to this question.
Participate in trade shows.
Trade shows are a wonderful way to meet new contacts and to introduce your various products to a wide variety of sellers. And they also offer a very convenient way to determine which foreign market has some potential for your products.
For example, if you sell a particular knickknack and an inordinate number of buyers from Vietnam flocked to your booth asking about your knickknack, then you know that your knickknack can generate some sales in that country.
From here, you can then try to figure out what it is in that knickknack that got their interest. Was it because the product you sell isn’t something found in that country? Or perhaps it has one special feature that buyers in that country are especially excited about. It may even be because you are selling that particular product at a price that’s markedly lower than they’re used to. You need to find the answer to this question so that you can get a heads up in your research (and in your future promotional activities).
Do some online research.
The Internet is a place where you can find out just about anything. You may find some websites which have done some research on the topic, or perhaps they publish relevant stats regarding the market you want to enter. You can even do your own surveys as well or perhaps participate in online forums and pose your questions to your potential customers and buyers.
Talk to an international trade expert.
You can set up an appointment with this type of expert and you can have many of your questions answered. In the US, for example, you can even talk to people at Export Assistance Centers spread all over the country. A talk with an expert can be very enlightening, and you’ll learn a lot about market conditions and about proper procedures.
Choosing the right foreign market is integral to your expansion plans, and knowing what you’re getting into so you know what to expect and what to do is one way to ensure that you don’t get burned in the process.