Hello Superstars….the World as we know it has changed when we are talking about the Global landscape. If your exports are mainly to the United States, now is the time to make concrete plans to diversify into Latin America, Asia, European markets or others. Now these markets mentioned are obviously very large as well as very different from the United States based on customer preferences, distance, business culture and expectations, regulations and much more.
The big question here is how do you pick which market is the best to explore?
- Start with your networks
Canvass your Network to see which contacts are already in your markets of interest. Reach out to them to gauge whether they would be interested in your current product and service offerings. Pick their brains on the market and the best industry experts with whom you can engage with. There is nothing comparable to gaining on the ground market intelligence.
- Conduct market research
Market Research…you will hear me talking about this repeatedly because this is where the rubber hits the road. Why? With good data you can make intelligent strategic decisions which will help to de-risk your market entry into new international markets.
- Leverage free resources
There are a variety of free resources available to you to conduct market research including taping into the Trade Commissioner Networks across the Globe as well as some of the local Government resources in your respective Provinces. For example, if you are doing market research on opportunities in the Agri-Food sector to enter the above mentioned market you can tap into the Export Team at the Department of Agriculture as well as the industry specific Trade Commissioners at the Federal Level. Depending on your sector you can find a free resources in the Provincial and Federal Governments to receive relevant, vetted and timely information. Of course, sorting and making sense of the information you receive is of critical importance. Give yourself six months to review the information and to develop a solid export plan detailing your next steps.
- Let the data speak for itself
It is most important to let the data guide your decisions. As mentioned earlier, the market and consumer preferences will be your guiding force as to whether your product or service will thrive or fail in a new international market. The financial health of your Company and your dedicated Staff is the powerhouse who will be able to execute on the Export Plan. Take your time and plan things out, paying special attention to making it specific, measurable, achievable, and relevant (S.M.A.R.T.).
I hope this blog gave you a few golden nuggets you can apply to your business. As I always say preparation meets opportunity.
Please do feel free to comment or send me a message with your suggestions of business topics you would like covered. As usual, I write these articles to share my knowledge and expertise.
Disclaimer: Please note to do your due diligence whenever you are pursuing new business opportunities on the domestic and international level.
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