Exporting 101: Entering New Markets

ASK YOURSELF: WHAT IS THE COMPANY’S MOTIVE FOR EXPORTING?

Is it growth, risk diversification, or maximizing certain resources?

The answer will guide how and with which products you should enter a new market. Also consider what your export plan should ultimately look like — where do you want to be in three years?

Take the time to conduct thorough market research (select a maximum of three target countries). Only then should you move on to building your export plans.

IDENTIFY THE VALUE — THE COMPANY AS A WHOLE

What are the company’s strengths and weaknesses? What value does your offering bring to the foreign market? How can you address customer needs better than your competitors? Is the product ready for the target market? Is the company ready to export, or is additional preparation needed?

Which customer segment do you want to reach, and what are the most important sales channels?

MAP THE PLAYING FIELD

What opportunities exist for your company?

For example, who can support you in the preparation phase?

Make use of your existing network and online research. Identify the most important partners and advisors for your business and actively seek their support.

DON’T RUSH

Make well-considered decisions. Based on your prior analysis, you are now ready to select the right market, target group, product portfolio, and sales channels. This allows you to position your company effectively in relation to competitors, internal capabilities, and core competencies.

APPROACH NEW MARKETS STRATEGICALLY

Define your key export activities, including your communication and relationship-building strategy — while remaining flexible to adjust plans when needed. Attend trade fairs as a visitor, map out the most important networking events, actively use LinkedIn to build new contacts, and stay informed about market developments through your existing network.