Last updated on Apr 22, 2024
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- International Business Development
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Assess your export readiness
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Select your export strategy
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Find your export partners
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Evaluate your export performance
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Manage your export risks
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Learn from your export experience
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Here’s what else to consider
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If you are looking for new ways to grow your business, exporting your products or services to foreign markets can be a rewarding option. However, exporting also comes with challenges and risks that require careful planning and execution. How do you choose the right export strategy and partners to maximize your chances of success? In this article, we will explore some key factors and steps to consider before you enter the global arena.
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- Ruth Macleod Trade Commissioner, New Zealand Trade and Enterprise | Institute of Directors
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- Patrick Noel Daly (PND) Entrepreneur/Author
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1 Assess your export readiness
Before you decide to export, you need to evaluate your export readiness. This means analyzing your internal capabilities, resources, and goals, as well as the external opportunities, threats, and competition in your target markets. You can use an export readiness assessment checklist to help you identify your strengths and weaknesses, and determine the level of commitment and investment you are willing to make. You also need to research the legal, regulatory, cultural, and logistical aspects of exporting, and comply with the relevant standards and requirements.
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- Patrick Noel Daly (PND) Entrepreneur/Author
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Get a good mentor and advisor from the very beginning! Someone that has wide experience and global networks! When I started exporting 20 years ago, I didn’t have a good advisor/mentor. I learned fast! Now I help businesses to export.
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If you are scaling your software to a new market, consider the following localization issues:1. Be prepared to address issues as soon as they arise on a customer's side. This requires support and interfaces in multiple languages, and consideration of different timezones.2. Understand how your customers will pay for the product and your tax obligations. Research special laws relevant to software companies and tax thresholds that might apply to your business.3. Ensure your target customers are legally able to purchase your software. Additionally, confirm whether vendors, such as those providing digital signatures, KYC, and others, are localized or licensed in the target markets.
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To choose the right export strategy and partners:1. Assess market potential, considering factors like demand, competition, and regulatory environment.2. Determine the most suitable entry mode, such as direct exporting, licensing, franchising, or joint ventures.3. Research potential partners thoroughly, evaluating their reputation, experience, and compatibility with your goals.4. Conduct due diligence to ensure partners have the resources and capabilities to support your export objectives.5. Establish clear communication channels and mutual understanding of expectations and responsibilities.6. Continuously evaluate and adjust strategies based on market dynamics and partner performance.
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2 Select your export strategy
Once you have assessed your export readiness, you need to select your export strategy. This involves choosing the best mode of entry, the scope of your market coverage, and the degree of adaptation or standardization of your products or services. There are different types of export strategies, such as direct, indirect, licensing, franchising, joint venture, or foreign direct investment. Each one has its own advantages and disadvantages, depending on your objectives, resources, and risks. You need to weigh the costs and benefits of each option, and align your strategy with your competitive advantage and value proposition.
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One of the strategies for B2B SaaS companies to enter a market is to find connectors with a strong network in the relevant industry. There are several advantages to this approach:1. You gain their expertise in market entry.2. They can facilitate warm introductions to potential customers.3. You avoid paying a salary, as they typically work for a success fee.At Introdex, we assist such companies in entering new markets by finding the best connectors for them.As soon as you receive initial feedback from customers and perhaps achieve your first sales, you will be ready to invest more resources in setting up a team, allocating budgets for marketing, and other key activities.
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- Alfonso Alejandro Pino Maturana Jefe de Comercio Internacional en Salfa - Magister En Dirección de Operaciones y Logística
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Será importante el mercado donde se exportará, si el destino es para un deeler o cliente final, que recursos logísticos se va a utilizar, el tamaño del mercado, pero sin duda lo más importante cual será mi objetivo, mi estrategia de precios, evaluar los riesgos del mercado objetivo
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- Philip Okito I help Exporters boost sales in Germany. I help Buyers make deals with German suppliers. +500 companies consulted.
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You need to be present in the target market if you want to build a sustainable export business. These are my suggestions:1. Work with a local expert who knows your sector and that has a personal network to key players in the target country2. Instead of founding a company and building a team right away, find a local distribution partner that can do the sales and after sales service.3. Carry out multiple interviews with potential distribution partners, ensuring their competence, network and compatibility with your values.4. Invest in the partnership by supporting and training their staff in sales, commissioning of projects and after sales services.
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3 Find your export partners
Finding the right export partners is crucial for your export success. Export partners are intermediaries or collaborators who can help you access, operate, and grow in your target markets. They can be agents, distributors, brokers, wholesalers, retailers, or strategic allies. You need to find export partners who share your vision, values, and goals, and who have the expertise, network, and reputation to support your business. You also need to establish clear roles, responsibilities, and expectations with your export partners, and maintain regular communication and feedback.
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- Ruth Macleod Trade Commissioner, New Zealand Trade and Enterprise | Institute of Directors
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But first: Answering where in the world does my product/service have the best chance of success is key. Think TAM/SAM/SOM and then test whether your product/service has "product/problem fit" (Thanks Scott Sambucci, https://salesqualia.com/). This helps hone your ideal customer perona (ICP) and align your website/marketing and customer journey to that ICP. At this point, you're buiding out the answer to the "desirabillty" quesion - is anyone prepared to buy what I have to sell and where in the world are a concentration of these customers? There's a lot to unpack! But if you're New Zealand buiness and want support assessing export readiness or how to develop an export strategy check out https://my.nzte.govt.nz/essentials/exportessentials
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One of the reasons why we started Introdex is the challenge of gaining access to such partners. Typically, partnerships are built on trust, but when you lack presence, you need introductions from people they trust, or you must spend time building your reputation, which is both time and resource-consuming.The market offers several ways to acquire such partners – through cold outreach, conference marketing, or recruitment agencies that try to find connectors. In our case, we are building a network tailored to specific locations and industries.
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- Philip Okito I help Exporters boost sales in Germany. I help Buyers make deals with German suppliers. +500 companies consulted.
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It is harder to find potential distribution partner's than manufacturers in your target country. This strategy could be you identify the right one:1. Define your ideal distribution partner (sector of business, size of sales team, product portfolio)2. Use digital platforms like LinkedIn, LinkedIn sales Navigator and Cognism. These tools allow you not only to identify distribution companies but also the right contact person.3. Use trade fairs to develop your network in the market. At first go as a visitor and slowly transfer to becoming an exhibitor.4. Use Export Promotion Programs that heavily subsidize your identification process. 5. Work with a local Market entry expert that has a personal network to your target group.
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4 Evaluate your export performance
Evaluating your export performance is essential for measuring your progress and identifying areas for improvement. You need to set realistic and specific export objectives and indicators, and track them regularly. You also need to monitor the market trends, customer feedback, and competitor actions, and adjust your strategy and actions accordingly. You need to collect and analyze data and information from various sources, such as sales reports, surveys, testimonials, or analytics tools, and use them to inform your decision making and planning.
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- Ivonne Bossio Gestión Económica de la Logística Internacional- Administración Logística- Gestión, Análisis y Mejoramiento de Procesos.
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Dentro de este punto es vital tener un amplio conocimiento de los flujos internos y del personal que hace parte de esos procesos, cómo de los mismos a nivel individual, con ello y con una buena estrategia de comunicación interna, se podrán definir riesgos asociados e indicadores claves. Reuniones pre-operativas para definir objetivos esperados en cada exportación, ya que cada venta puede ser muy diferente, afinar algunos problemas en procesos anteriores y los que se podrían materializar, en estas pre operativas se puede aprovechar para socializar indicadores, sus tendencias y estrategias para mejorarlos. Los flujos internos y el personal que los llevan a cabo son muy importantes porque el proceso nace allí.
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- Alfonso Alejandro Pino Maturana Jefe de Comercio Internacional en Salfa - Magister En Dirección de Operaciones y Logística
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Por lo general se deben identificar KPI que serán importantes en mi gestión de exportación, como volumen de venta, los márgenes, crecimiento, etc. Otro aspecto es mi participación de mercado, es importante medirlo para hacer ajustes, tener indicadores de cumplimiento por ejemplo niveles de entrega a tiempo, satisfacción de clientes, cumplimiento de calidad del producto, de pedidos, garantías y/o devoluciones.
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5 Manage your export risks
Managing your export risks is vital for protecting your business and minimizing potential losses. Exporting involves various types of risks, such as political, economic, legal, financial, operational, or reputational. You need to identify and assess the likelihood and impact of each risk, and develop contingency plans and mitigation strategies. You also need to secure adequate insurance coverage, and comply with the relevant laws and regulations. You need to be prepared for unexpected events or crises, and have the flexibility and resilience to cope with them.
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Explorando desafios no cenário de exportações brasileiras, destaco a complexidade em se proteger contra riscos cambiais, dada a volatilidade da moeda brasileira. Essa instabilidade representa uma ameaça significativa, podendo impactar negativamente os lucros das exportações. Além disso, obstáculos como greves e inspeções aduaneiras surgem como fatores imprevisíveis, potencialmente acarretando custos incalculáveis durante as operações de venda. É crucial abordar estratégias robustas, tentando ao máximo antever esses entraves, para mitigar tais riscos e assegurar o êxito nas atividades exportadoras.
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- Alfonso Alejandro Pino Maturana Jefe de Comercio Internacional en Salfa - Magister En Dirección de Operaciones y Logística
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Es importante evaluar cumplir con las normas aduaneras vigentes de cada país , esto evita multas o detenciones que afecten la destinación aduanera en sí, sin embargo hay otros aspectos como riesgos cambios de divisas, inestabilidad política, cambios en la demanda del mercado, problemas logísticos que son tan a menudo hoy en día, cambios en los aranceles aduaneros que nos dejen en desventaja competitiva y poca adaptabilidad o flexibilidad de los productos debido a las nuevas tendencias de los consumidores o clientes finales.
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6 Learn from your export experience
Learning from your export experience is important for enhancing your skills and knowledge, and increasing your competitiveness and profitability. Exporting is a continuous learning process that requires constant innovation and improvement. You need to seek feedback and advice from your export partners, customers, and mentors, and learn from their best practices and mistakes. You also need to evaluate your own strengths and weaknesses, and identify the gaps and opportunities for development. You need to invest in your professional development, and update your export skills and knowledge regularly.
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7 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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