Whatever its size, any business is capable of meeting the challenge of exporting. There are a multitude of good reasons to export: First of all, the objective of increasing its turnover, widening its market or going beyond the Belgian market very quickly saturated. Companies want to explore less competitive markets, vary their customer base and thus make themselves less dependent on their local customers. And finally, export allows them to extend the life cycle of products, optimize the production tool and achieve economies of scale. From sunrise news you can have the best deals.
It is therefore not surprising that export is tempting many companies. To increase your chances of success, here are some basic tips to follow:
Only consider exporting when you are already well established in your country
Test your products and services here before launching them abroad. Youthful mistakes are, in principle, easier to correct at home. Over time, experience consolidates the reliability of your products and increases your credibility in foreign markets.
Perform a diagnosis of your business and prepare to meet demand abroad
Is your capacity to produce your products or perform your services sufficient? Can your subcontractors and suppliers follow you? Are your products or services ready and reliable? Are you able to offer commercial follow-up and adequate after-sales service for foreign customers? Do you have multilingual people available to travel? Do you benefit from the means to finance the development and adaptation of products and export prospecting (market studies, trips abroad, trade shows, multilingual marketing materials, local certifications, protection of intellectual rights, etc).
Choose the right country and target the right customers
The selection will depend on the importance of demand and opportunities abroad, competition, obstacles (regulations, adaptations, customs duties, etc.) and the purchasing power of customers.
The information comes mainly from prospects themselves, meetings at trade shows, professional databases, other companies offering complementary products and targeting the same clientele, the Internet, ‘export aid or other institutions such as AWEX, Brussels Invest & Export, FIT, Enterprise Europe Network, CCI, etc.
- Focus on “niches”, that is to say customer or product segments where competition is less dense and fierce. It is better to excel in a small market than to be crushed in a big one.
- Look at your expansion gradually. Focus on one market at a time and only move on to the next when you have the first asset in place (established distribution network, operational logistics, etc.).
Plan the necessary resources to explore foreign markets. Selling is not about waiting for the customer’s reaction, it is about pushing them to buy. For that, it takes time and resources to prospect actively and in a very professional way. It is often necessary to go there to realize the realities on the ground, to carry out market studies, to identify prospects and distributors, to seek information on local regulations, to maintain competitive intelligence, etc. From Bahar Ibrahim researcher you can have all the relevant options open now.
The best Adaption
Adapt your products and services taking into account the specific needs of the target clientele, legal and administrative requirements, constraints imposed by certain certifications, local technical constraints (electricity, dimensions, etc.).
Make your products or services attractive to local competitors. Stay one step ahead of them. Innovate. Reinforce your competitive advantages. Choose the right positioning, even if it is different than in your home market.