How to identify the best export markets
How to identify the best export markets – Background
Identifying the best export markets for your products and services is of course crucial to an effective export marketing strategy.
I would consider seven factors when deciding on which countries to focus your export marketing campaign:
- Per capita income
- Geographical proximity
- Tariffs, trade deals & sanctions
- Local availability of products like yours
- Available local agents
- Marketing channels
- Local demand
So now we will examine each of these in more detail.
How to identify the best exports markets – Will and can the locals buy it?
This section really covers off our initial points regarding local demand and per capita income. Will local people want it and could they afford it.
Some online research here can help to determine these factors without too much time and trouble, information regarding average incomes and income distribution is readily available on websites such as our own. So think through if enough local people will have enough income to make selling your products worthwhile for you in that particular market.
Do some cultural research, consider tradition, religion, climate, etc. Then decide, will the locals want my products (or are there other communities who will want your products).
How to identify the best export markets
How to identify the best export markets – What is currently for sale
Run some search engine searches to find out which products are currently available, are there similar products for sale to yours, what is the price point of the products currently for sale.
Does your product offer something different from similar products currently available? Is it better in some way? Does your product have some unique sales point? Can you offer your product for sale in that country cheaper than current options? Consider these factors and put together realistic projections for sales volumes in the target country.
How to identify the best export markets – Geography and governmental factors
Geography will be primarily a cost and logistics problem and/or opportunity. I think most people would agree that as a general rule it is easier and cheaper to sell into markets that are closer than those that are far away. Certainly think through the logistics of how you would get the products to market if it is going to be your responsibility.
Governmental factors include trade deals, tariffs and sanctions. Obviously if a trade deal is in place for products like yours with a country and there are no tariffs it is going to be both easier and cheaper than if there is not.
Sanctions are very important to consider, don’t risk breaking them both for the long term reputation of your company and the short term costs in fines and loss of business. Companies such as Refinitiv.com produce sanction screening software to help ensure you don’t break any rules.
How to identify the best export markets – Marketing & sales
Think how easy and expensive it will be to bring your products to market or the end consumer. Is it possible to find or source a reputable export sales agent in the country who can deal with building sales for you in return for commission?
blackcat360.com now offers a free service on our website where you can find local sales agents or products to sell if you are an agent. This is free to use. Just use our home page search facility to search the ‘Export sales agents’ category.
You can also choose to market the products yourselves. So then consider which media you will use to build product awareness, research what is available. Also build an online strategy with website, SEO, social media marketing, online PR, etc.
Consider hiring a professional marketing consultant with expertise in exports, again this is an area where blackcat360.com can help you, just email to info@blackcat360.com for information or check out our export marketing page https://blackcat360.com/marketing/
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Export Opportunities – The European Union
