9 Key Factors to Start Successful Export Business in Global Market.Today I am going to discuss the key factors of success in export business in multinational media.
1.Start with online:-
Build A Corporate International Image,Your credibility is a key to your global success. Even if you run a small company,you should present yourself internationally as a solid and reliable potential partner.Some little changes and touches will add considerably to your global appearance.Adapt corporate stationery to your export activities.Investigate if there is any government programs or other assistance available.Successful people are usually willing to share their knowledge and experience. Exporting is complex.It is essential that your staff know the difference between domestic and international sales and understand the rules and ethics of International Trade and most importantly terms of trade.Now this days having a corporate web site is a must in International Trade.Get an online product catalogue and indicate your general terms of trade to the web site.Provide visitors with direct contact details.Introduce a facility to receive export inquiries.The Internet is a great source of information.Go online and browse the Internet. You wont find the exact answer,but I'm sure you'll get some good ideas.
2.Evaluate & understand Market:-
A good indication of the export opportunity is the number of inquiries from a particular market.Asian markets are much more attractive in terms of transportation costs and time.Asian customers are familiar with Australian products and quite often it is easier to negotiate better deals with Asian buyers.Rapidly growing markets,such as China and India,are usually better targets for commencing export than developed countries.Know the market's requirements such as Assess your target customers,Examine your competitors,Be prepared to compete against lower-cost,lower-price local companies etc.Go to a target market personally and get a feel for local conditions.
3.Positioning and Modifying Products:-
Visit a few stores selling products similar to yours products and Review competitor's prices and analyse their pricing policy,Know current affairs and a little history and geography
Learn a little language.Understand that every market has different demands and changes every every month to year.So applicable changes should be made if necessary.
4.Right plan with strong network:-
Your products may be highly demanded in one market and be absolutely unsaleable in another. The packaging you've introduced in US,most likely would be unattractive for Indonesians. Without an understanding of market trends and demands,its uniqueness,business traditions and people's mentality it is mission impossible to successfully develop the market.You also should understand that every market changes every few years.Technology,globalisation,privatisation, lifting of the trade barriers and softness in import/export regulations are the major factors,which affect International Trade.You should adjust your marketing and export strategies according to the current situation.
5.Handling Rules & Negotiation:-
Every marketing plan should contain such factors like Market analysis,Marketing objectives and goals,Marketing strategy, Marketing action plan,Marketing controls etc. A detailed problem-solving plan is a vital part of business planning. Learn to recognize genuine inquiries and beware of the dream orders.As a rule,a genuine inquiry has a brief introduction,is fairly specific and must have company name,contact name and contact details.Never stop building your network.The more reliable business partners you get,the less troubles you will have.It will help Negotiation of big deal.Before any serious negotiations you should try to check your potential buyer.
6.Focus customers interests:-
Build a strong business relationship
This is a cliché.Everyone says that,because you cannot avoid it in your business operations.I just want to add a suggestion of not ignoring small issues in building business relationships .Believe me that if you send a postcard or even an e-mail on major national holydays and on key personnel birthdays,that adds considerably to the relationship.Win buyers through better service.Remember that the key attributes of every service are Speed,Cordiality,Knowledge and Problem solving.Win buyers through exceeding expectations.You should decide where to draw the line between exceeding the expectation and making profit.
7.Meet demand time & money:-
Most likely your products will be successful internationally and the demand for them will be increasing.Be ready to increase production or to outsource similar products elsewhere.It is seen that investments in international markets are greater than domestic investments.Exploring foreign markets can take longer and cost more than expected.
8.Be Professional Decisions maker:-
Making decisions on a commercial ground does not necessarily mean that your profit has to be the only element to consider.You should clearly understand what benefits you get by reducing your profit margin or spending all profit on offshore marketing.
9.Wait for reach targeted goal:-
Don't Try Too Much At The Beginning And Don't Grow Too Fast.Concentrate on one market at a time,moving on to the next only after succeeding in the last.Wait until cash flow is good enough to justify your expansion.
Conclusion & Disclaimer:-
This tutorial has been developed for information purposes only and shall not be construed,implicitly or explicitly,as containing any commercial or financial solutions to risks associated with international payments.Under no circumstances shall the author be liable for any direct, indirect,incidental,special or consequential damages.
Data & Photo Credit:-
1.Joseph Zaritski
2.Main Uddin
3.Pinkirani Islam
Build A Corporate International Image,Your credibility is a key to your global success. Even if you run a small company,you should present yourself internationally as a solid and reliable potential partner.Some little changes and touches will add considerably to your global appearance.Adapt corporate stationery to your export activities.Investigate if there is any government programs or other assistance available.Successful people are usually willing to share their knowledge and experience. Exporting is complex.It is essential that your staff know the difference between domestic and international sales and understand the rules and ethics of International Trade and most importantly terms of trade.Now this days having a corporate web site is a must in International Trade.Get an online product catalogue and indicate your general terms of trade to the web site.Provide visitors with direct contact details.Introduce a facility to receive export inquiries.The Internet is a great source of information.Go online and browse the Internet. You wont find the exact answer,but I'm sure you'll get some good ideas.
2.Evaluate & understand Market:-
A good indication of the export opportunity is the number of inquiries from a particular market.Asian markets are much more attractive in terms of transportation costs and time.Asian customers are familiar with Australian products and quite often it is easier to negotiate better deals with Asian buyers.Rapidly growing markets,such as China and India,are usually better targets for commencing export than developed countries.Know the market's requirements such as Assess your target customers,Examine your competitors,Be prepared to compete against lower-cost,lower-price local companies etc.Go to a target market personally and get a feel for local conditions.
3.Positioning and Modifying Products:-
Visit a few stores selling products similar to yours products and Review competitor's prices and analyse their pricing policy,Know current affairs and a little history and geography
Learn a little language.Understand that every market has different demands and changes every every month to year.So applicable changes should be made if necessary.
4.Right plan with strong network:-
Your products may be highly demanded in one market and be absolutely unsaleable in another. The packaging you've introduced in US,most likely would be unattractive for Indonesians. Without an understanding of market trends and demands,its uniqueness,business traditions and people's mentality it is mission impossible to successfully develop the market.You also should understand that every market changes every few years.Technology,globalisation,privatisation, lifting of the trade barriers and softness in import/export regulations are the major factors,which affect International Trade.You should adjust your marketing and export strategies according to the current situation.
5.Handling Rules & Negotiation:-
Every marketing plan should contain such factors like Market analysis,Marketing objectives and goals,Marketing strategy, Marketing action plan,Marketing controls etc. A detailed problem-solving plan is a vital part of business planning. Learn to recognize genuine inquiries and beware of the dream orders.As a rule,a genuine inquiry has a brief introduction,is fairly specific and must have company name,contact name and contact details.Never stop building your network.The more reliable business partners you get,the less troubles you will have.It will help Negotiation of big deal.Before any serious negotiations you should try to check your potential buyer.
6.Focus customers interests:-
Build a strong business relationship
This is a cliché.Everyone says that,because you cannot avoid it in your business operations.I just want to add a suggestion of not ignoring small issues in building business relationships .Believe me that if you send a postcard or even an e-mail on major national holydays and on key personnel birthdays,that adds considerably to the relationship.Win buyers through better service.Remember that the key attributes of every service are Speed,Cordiality,Knowledge and Problem solving.Win buyers through exceeding expectations.You should decide where to draw the line between exceeding the expectation and making profit.
7.Meet demand time & money:-
Most likely your products will be successful internationally and the demand for them will be increasing.Be ready to increase production or to outsource similar products elsewhere.It is seen that investments in international markets are greater than domestic investments.Exploring foreign markets can take longer and cost more than expected.
8.Be Professional Decisions maker:-
Making decisions on a commercial ground does not necessarily mean that your profit has to be the only element to consider.You should clearly understand what benefits you get by reducing your profit margin or spending all profit on offshore marketing.
9.Wait for reach targeted goal:-
Don't Try Too Much At The Beginning And Don't Grow Too Fast.Concentrate on one market at a time,moving on to the next only after succeeding in the last.Wait until cash flow is good enough to justify your expansion.
Conclusion & Disclaimer:-
This tutorial has been developed for information purposes only and shall not be construed,implicitly or explicitly,as containing any commercial or financial solutions to risks associated with international payments.Under no circumstances shall the author be liable for any direct, indirect,incidental,special or consequential damages.
Data & Photo Credit:-
1.Joseph Zaritski
2.Main Uddin
3.Pinkirani Islam
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