4 Steps To Successful Business Exporting
This is a guest post by Mario Cummings.
Being able to sell products on a global scale is considered an achievement by many businesses. It’s a clear indication of a business’s growth and success, as not every business is given such opportunity. However, just because your business is able to conquer the international market doesn’t mean that you should be complacent with your operations, especially with your export processes. On the contrary, you should be keen on how you export your products to guarantee continuous progress and success.
There are a many ways of how you can export products. For one, you can make use of Amazon’s FBA services while using fbabee official as a resource to learn the ropes. But aside from making use of other businesses’ services, you need to work on your internal processes so you’ll end up being a successful international business.
You can start by following the tips below:
1. Decide where to sell
When you’re running a business, a lot is at stake with every decision you make. One false move can bring adverse effects to your business which can lead to the wastage of resources. When you’re exporting for the first time, decide where to sell first. Do your own homework and choose a location that you think best fits your business niche and product offerings.
While you’re at it, don’t forget to consider the following:
- Invest in research and planning. Research is vital when you’re still new in exporting. List down all of the potential locations you’re eyeing to expand to and assess the factors that can affect your business. For starters, you might want to look at a location’s economic growth, customer demands, and competition.
- Be sensitive. The cultural and religious practices of the locals should also be considered. You want to start off with the right foot when you’re expanding your business, and going against the norms isn’t the best way to do it.
2. Formulate a solid plan
Every decision is crucial, as it can make or break the success of your business. This is the reason why before exporting products to new locations, you should have a written plan in place. This document will help you determine if your plans of exporting are feasible in a particular location and if there are any risks involved. When you’re equipped with this information, it’ll be easier for you to formulate solutions for any possible problems along the way.
Your plan should also cover these things:
- Talent or employee management. Since you’ll be selling products to a new location and target audience, assess if you have the right people to handle the job. If not, you might consider hiring new employees.
- Study your product and customize according to target market preferences. Your business might be doing well in your local market, but this doesn’t guarantee that you’ll be able to perform the same way once you expand internationally. Are your products enough to meet the demand of the market or do you need to come up with better offerings? If you’re leaning towards doing the latter, what factors will you consider?
- Update your packaging and text. The same packaging might get different reactions from different target audiences. Packaging is an essential factor in customer’s buying decision, so make sure that you come up with something that’s appealing to your new target audience. Also, check if there are any legal requirements in the labels observed in the country you’re planning to expand to.
3. Determine what route you will use for the export
One of the most important decisions you’re going to make once you cover the international market is how you’re going to route your products. Today, there are several options to choose from, such as selling directly, using a contributor, hiring sales agents, or creating a joint venture. Each of these mediums has their own pros and cons, so take time to assess all of these.
For you to end up choosing the best route for your business, be keen on the following factors:
- Have a budget. Money is an important resource for any business. If you’re exporting for the first time, make sure that you choose a route that fits your budget. You don’t want to use one route which works well in the beginning but will require you to compromise other facets of your business just so you can sustain it long-term.
- Be smart on your approach. Regardless of the route you choose, everyone in your business should understand their responsibilities. If you’re planning to outsource to other businesses for delivery and payment, they should know what they should and shouldn’t do. And most importantly, you should know how to protect your business’s intellectual property once you start to expand internationally.
4. Start marketing your business and products
You don’t need to be a rocket scientist to know how important marketing is in a business’s success. Marketing can become your edge against household brands that are operating in the same niche as your business. Since you will be offering products to a new target audience, marketing your products should be on top of your to-do list. How else can the locals know of your existence?
Here are some things to keep in mind when marketing your products internationally:
- Capitalize on marketing and outsource when necessary. Because of the importance of marketing, you might want to consider hiring companies that can provide you with marketing services. For example, if you’re eyeing to expand, keeping track of your new target audience, marketing expenses, and return on investment might be too overwhelming, forcing you to leave behind other responsibilities in the business. Outsourcing companies that can do marketing on your behalf can be a cost-effective solution.
- Take advantage of free promotional platforms. Using social media to provide exposure to your products should also be part of your marketing campaign. These online platforms don’t require any payment but can provide a wider audience reach. Social media marketing is free, but it’ll require time and effort to have these updated regularly.
Expanding your audience reach can be risky and exciting at the same time. Offering new products to new customers might end up losing time and resources, but once done successfully, exporting can also open doors for your business to boost profit and market share. If you want to achieve the latter, be careful on the steps you take when exporting.
This was a guest post by Mario Cummings.
About the Author
Mario Cummings considers himself a techie because he is always on his toes in knowing and using the latest innovations today. Mario has been contributing articles for FBA Bee, with topics focused on digital marketing, online selling, and technologies for startup businesses. Mario understands how vital technology is, which is why he uses his articles as a platform to help businesses thrive and succeed. During his leisure, Mario loves to play golf and read books.