Every entrepreneur dreams of spreading the wings of their enterprise and expanding the reach to new and exciting regions of the world at some point in their business journey. However, the dynamics and factors affecting the international marketplace are a lot different from those affecting the local market and as a businessman, you must adapt to these conditions as fast as possible to ensure your business’s continuation in the international arena.
Identifying the Right Markets
The levels of supply and demand for the product category that you offer might vary greatly in different regions of the world. Entering an overseas marketplace without conducting proper research regarding all aspects pertaining to it will prove to be a grave mistake, which might even lead to losses. Gather information from reliable sources about the level of consumption, economic growth and the products with which you might have to compete in the potential marketplace and pay attention to the demographic, religious and cultural dimensions that might have an impact on your future venture so that you can make an informed decision.
Once you determine where you are going to export your products, the next step is to come up with a smart plan on how you are going to go about it. Start by selecting a suitable and efficient individual or a group to handle the overseas operations while you take care of the operations at home. Moving into a whole new marketplace will increase the demand levels considerably and if your entity’s capacity (labour and machine) is not enough to cater to this demand, you may have to invest in up scaling the current operations. You will also have to include an industrial crating & packing services provider to make sure the packaging activities are carried out at an international standard.
Market Your Product
Although marketing is considered as a peripheral function by most businessmen, it is a core business activity that must be performed prior to even entering a market to give what you offer an adequate level of exposure. While marketing via big screens, television adverts and billboards can cost way more than what you can afford, there are cheaper yet effective methods that will be more suitable for your enterprise. Start by creating an official website that includes appropriate content, translated for the convenience of the target audience.
Social media is another extremely effective, yet, virtually inexpensive marketing platform that is used by growing entities around the world. Create pages in popular social media platforms such as Facebook, Twitter, Instagram and others to give your potential customers a taste of what is about to come, so that they will feel linked to the products once they actually get to the supermarkets and stalls.
The legal environments of the countries where you wish to sell what you manufacture are probably different from your home country and it is important to understand these rules and regulations before actually shipping things over. The compliance certificate for your products must be valid in the destination country along with the liability cover, and as an entrepreneur you must do the needful to check your trademarks and intellectual property rights in the marketplace.