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7 top tips for new exporters – Export Strategies

Exporting goods is a trading system that allows a person to make cross-border sales. As a small business owner, you might think “Why would I export to other countries when I can sell my goods and services in the local market?” The answer is that exporting gives your company many benefits, including a wider customer, sales productivity, which a singular market may not be able to provide. A study was conducted and says that the exports activities contribute about 20 percent of a country’s annual gross domestic product, but only 4 percent of enterprises are currently engaged in export in where many of them are experiencing failures due to poor upstream preparation. Therefore, it seems to be relevant to know the different steps involved in processing an exportation.
  • Conduct an Export diagnosis

It can be done through swot analysis which stands for strengths weakness opportunities and threats. SWOT Analysis is a useful method to summarize all the information gathered during the export planning and helps new exporters to isolate the strong and weak areas within an export strategy. SWOT also indicates the future opportunities or threats that may impact the chosen markets. Hence this tool is instrumental in formulating business strategy.

  • Identifying Your Market

To succeed in exports, new exporters must first identify the most profitable international market for your products or services. Defining your target market allows you to contemplate a specific approach against the general one. Set a tentative target to be achieved in a particular time.

  • Developing your marketing plan

The marketing plan is much more difficult because each country has its geographical situation that is characteristically specified. The marketing methodology that could work in India might not work in Brazil due to cultural differences. A marketing plan is a guide to an international business development It consists of identifying the marketing strategy, target segment, the available and required resources to achieve the expected results. This is an essential component to your business plan.

  • Financing your exports

Your export budget will largely be determined by the target markets and the products or services you are going to export. Nowadays, A wide range of financing options exist. However, banks remain the easiest and most affordable method to access financing, while most of them also offer customized services to exporters. Thus, your existing banking management could be your first choice to finance your project.

  • Go International

Create a relationship with your prospective clients. If your business is local, face-to-face contacts are ideal for building relationships with potential customers. Participate in local business groups or social organizations.. One of the most important things in a successful business is understanding sales cycles. Make sure you talk to the real decision maker which is usually surrounded by people who can only say no or recommend your company. There is nothing like a pleasantly surprised customer because you have them more than expected. Small details can help to build customer loyalty. Taking the time to gain confidence is a wise investment in your small business.

  • Delivering your goods

How do you choose the right options for shipping your exports? And how do you evaluate and select the right service providers? First of all, do not be hooked on the price. Instead, look for the optimal way to move your product in term of your customer’s preference. Your customer’s relationships are hard to earn and you expect it to be everlasting So, it is very important to choose the best way to ship the products to your customers.

  • Online sales and export management

No matter where you are, you must keep in mind that your international e-commerce efforts must be prioritized because you compete against the best in the world. To succeed, you will need to bring out the best customer experience along with maintaining relevant return policies. Otherwise, people will simply choose one of your competitors. Be strategic in choosing the best markets for your products and your company’s resources. Target a country or region where you will have the best chance to succeed in terms of shipping products at an affordable costs. Familiarize yourself with the regulatory requirements for sales abroad.