Venturing in export marketing is just the natural development of a successful local businessman. It is very obvious that you will not be thinking of spreading your wings abroad if you are not first successful in peddling your wares in your local market.
Export Marketing is A Different Ball Game
Although basic marketing principles are still serviceable in selling a product to other countries, there are certain techniques that you need to learn if you want to be successful abroad as you are now successful in your local area.
For one, you need to consider the language of the country you are targeting. You may need to translate some of the concepts of your products or services in a way that will be applicable and attractive to your target market.
Another thing you must understand is how the market works in your targeted country. You need to know the tariff, the prevailing prices, the business taxes, and so forth. What about their marketing and selling practices? Do they practice the same style and techniques used in your locality?
Enter the Internet to Develop Foreign Markets
The best and the easiest way you can penetrate foreign markets is through the internet. Almost all successful export/import business uses the internet, by having their own b2b trading platforms or using commercial platforms for convenience.
In the initial planning phase, you should take advantage of what the internet can provide:
- You will be able to know which countries have great demand for your products.
- By using the internet, you can identify the countries where your products can be accepted without so many modifications.
- You can also determine which countries and which market sectors will give you the most in profit margins.
- Your internet search will also show you the ratio between domestic production and import related to your products.
- You will also know the main competitors in your target country.
- You will learn how your products compare with theirs in terms of quality and prices.
- You will know if there are any incentives to exporters in your target country.
- You will also know the important commercial aspects of that country such as tariff, business taxes, insurance and so forth that you need to follow.
- You will also learn how they conduct business in your targeted country and their social culture as well.
All these things will impact on the success of your export business in your target country. It is very important to gather all these information before opening your b2b trade platform or subscribing to a commercial trade platform.
Once you have decided on the products that you are going to export, your next step is to choose the method by which you will sell them. This should be the topic of another article on export marketing using the internet.