Well, in a layman’s language, we can say it is simply selling the products in overseas markets. But, this option of expanding the business is not as simple as it seems. It demands time, money, efforts and an intensive research. Rather, research is the most important and basic sought after aspect for entering into a new market.
Now, you must be thinking what kind of research is required when you are already in the business and you just want to sell your product in a foreign market. Think again. You will find that the foreign customers have different tastes and preference, different lifestyles and altogether a different culture. And due to all such and many other reasons, a wide as well as rigorous research is required.
If you are planning to export your goods at the international level, the research should answer questions like:
- Who are the potential consumers and what are their preferences?
- Who are the competitors and what kind of products and services they provide?
- What is the political and economic system of the country in which you want to explore new market for your product?
- What kind of rules and regulations you may have to face?
- What is going to be the cost structure?
Now when you are through with your research and you have found strong prospects of surviving in overseas market, you have to undergo a lot of groundwork. Here, you need to think about the required resources, delivery and payment modes, your present production capacity and the marketing techniques. You also need to add a local flavor in your products when you are deciding to export them.
Also, there are number of ways to sell the product in the new markets, like selling the product to local distributor or using a sales agent who can sell product on your behalf. You can also enter into a joint venture with a local business or you can set up a local office in there.
You should choose the methods that suit your business status. You can also get financial aids from governmental organizations like UK Trade & Investment. Not only this, it also provides managerial expertise and knowledge for solving the related problems. You can also take help of marketing advisors.
Remember, it is not difficult to explore the foreign markets. It is just an extension of simple marketing. All you need is to be little more careful about the country’s laws and cultural values where you are planning to do business.