We’re all busy, so I’m going to keep these posts more like snippets, and if you have a question, feel free to ask me to expand on something. I’m starting making the notes, and I’ll write as the ideas and points come to me. Feel free to contact me if you don’t see a post about the information you’re looking for.
So, where to go?
From your list of possible markets to enter(which you established based on population, PPP, and growth (for example)) now you have to establish which market could be interested in your products/services.
Start with “is an equivelant already there?”. If it is in the market (“Made in USA”, imported beverages, or apple sauce) it means that there is an existing market for your product. This means that the market is aware of your product, or its equivalent. It also means that there is a price range at which people are buying your products, perhaps a packaging that is accepted, or necessary, and a flavor that the consumer is used to. Now you will have decide whether your product can meet or exceed these facts.
“Meeting” means falling within existing parameters: price; packaging; or product. “Exceeding” means going beyond in some way, i.e. cheaper, more expensive, sweeter or sourer, or a revolutionary packaging…clear aluminum can?
“Meeting” is positive because if your product is in the same grouping, it will make it easier for the customer to understand it…it also means you’re going to have to have something to make them want to choose your offer over the existng offer (you need to be ready to explain this to the buyer, i.e. imported, but at a similar price). If you “exceed” in some way, you will have different opportunities. For example, maybe you’re the only one who has purple apples, or your production method is so advanced that your cost is half the price of the competition. You might also be more expensive, but if the existing offers are too cheap, the consumers will be reassurred by the higher price as it matches their perceived value of the product, the category, or the region.
What if your product is not present in the market? Identify why – geographical, religious, political, etc., and then establish if these “barriers” are surmountable, and if it is worth it. You could have the coolest product, but to get it to the market, and support it, would completely wipe-out the return, and hence, no interest (unless you’re in it for the glory, and have the funds to use…). Assuming the barriers are jumpable, then you have to convince the prospect why they want to try something they have never seen or tried before. Maybe the market is not that big for “robotic erasers”, but that is your job to explain why your product will solve their pain…
For an excellent on-line source of export related information, including export planning, take a look at the export.gov website. Are you interested in entering the export market for business, learn more about what we do for companies considering the export market. Contact us today, or visit our website (landing page for the moment) Goldstream Export Management