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Export Market Entry; What Key Market Research Do You Need?
So you want to grow your business and you want to identify export opportunities for your goods…… Great! But what next?
Export Market Entry; What Key Market Research Do You Need?
Entering a new export market can be a daunting one for many businesses. However, the correct diligent planning can be the difference between export failure or success. An overseas market entry can provide huge rewards to businesses wanting to grow their sales but it’s not without its challenges. Understanding the market will help you do two things:
- Understand the feasibility for your products in the first place.
- Identify any challenges that you will have to overcome.
Key areas of market research:
Market size and growth – This will identify whether the size and growth of your industry and help you better analyse the longer term opportunity. Is the population of end users large enough to generate substantial sales?
Competitors, prices & selling features – This will help you discover who you’ll be contending with. Can you be competitive on price? If not why not? In some cases price isn’t everything though. Providing you can demonstrate your product adds more value, then you can charge higher prices.
Trade partners – Find out who the distributors and agents are that already handle products in your industry. There’s a strong chance one of them will be your key distribution channel into the Marketplace.
Shipping & duty costs – One of the biggest factors in export, is understanding the cost per unit price on your products. Although many goods are sold overseas on CIF terms, You should go one step further as well. Understanding the costs that a potential distributor will pay, will help you develop a pricing structure later and allow you to be more knowledgeable when going into negotiations.
Intellectual property – Is your product protected in this country? Find out more about the system and patent filing process. If you’ve got an innovative product, the last thing you want is someone stealing your idea and taking your market share.
Restrictions – Do you need a special licence or certificate for you goods in this country? What about any import quotas? There are various road bumps that can crop up when planning a new market entry, but again, careful planning will help provide a clearer path and a better understanding.
Using this information, you can then decide if the market is even feasible at all. If it isn’t, keep moving forward to find one that is. If it is, then you can start developing a market entry strategy (more on these in a future post)
Ultimately, a small investment in market research now, could save you fortunes later on!
Article supplied by Reneport Ltd