The import/export domain is one that has seen great growth over the years, as more businesses are now exporting their products to foreign markets. Research from The Confederation of British Industry (CBI) found businesses are 11% more likely to survive if they export. Here are the necessary steps to follow to become a successful exporter.
Before indulging in any business venture, you must have a full grasp of what it entails. In this case, you need to find out who your target market is, and if your foreign markets need what you are selling. Find out who your competitors are, their strengths and weaknesses, and what you offer that they don’t. what makes you different?
CONSTRUCT A PLAN, IMPLEMENT A STRATEGY
Every successful business starts with a plan. Draft a plan on how you will enter the market, come up with a marketing strategy and allocate your budget respectively.
It is important to be proactive in the exporting field. Search for opportunities; attend trade shows, and go for meet and buyers events. sell yourself and your trade, and organize meetings with potential distributors.
GET YOUR PRODUCTS ON THE MARKET
Establish if you will be needing an agent, a direct sales operator, or a distributor. Ensure that the person you are working with understands their responsibility and is as passionate about the business as you are. Establish how you will manage your overseas presence.
Come up with a good marketing approach. Adverts are good for exposure but can be expensive. Keep the target audience as well as expense vs return on investment in mind. Establish a strong digital marketing presence as it is crucial in the world today where everything can now be done online. Create a website and other social media handles with your company’s contact details on them. Sell your brand.
UNDERSTAND THE ADMIN
It is important to ensure that your export documentation is completed correctly so that sales can be finalized. documentation is the core of exportation so be sure to have it all completed, as it may cost you financially, cause delays, and in turn affect your relationship with your customers.
START GETTING PAID
How are you going to get paid? Once the orders start coming in, you are going to need to establish how you want to get paid.
Be sure to have a full understanding of the legal issues and regulations of all the countries you intend to export to. check your intellectual property rights and registered trademarks.
Once you have made the sale and agreed on the terms, you now start thinking of how to get your goods to your customer. You have to decide on the mode of transportation and how you would be getting the goods across, incoterms, duties, customs brokers, and if you will be needing freight forwarders or not.
Now you have successfully become an international shipper. You now have to maintain a good relationship with your customers to ensure a chance of repeat business and become a reliable international exporter. you can maintain a good working relationship with your customers by keeping in contact regularly, delivering on time, and keeping an eye out for potential customers. the real thing just started!