This should go without saying, but your products must fit the socioeconomic demographics of the region you plan on selling to. For example, selling perishable goods to mountainous regions where transport is difficult may mean your products will expire before they are sold. Information such as the weather, land size, environment, ease of mobility (mountains, roads, etc.), and various other factors will all contribute to the success of your international expansion. The relevance of this factor will depend greatly on the product you are selling. This should give you more insight into what country you should sell to. After selecting a continent, do some research on the top 3 locations of your preference. Although every country is different, many cultural differences and buying behaviors can be attributed to continents as a whole. While this is the “simplest” step, it is also the most crucial. The first and most obvious step in building an export marketing plan is selection of a country.
Here is how an export marketing plan should be built. The same type of market research performed for locating an optimal domestic market must be completed on an international scale. The only difference between an export marketing plan and a regular marketing plan is the location in interest. An export marketing plan is created to address a specific strategy that can be utilized to make product both available and enticing to international buyers. All of this can be addressed in an export marketing plan.
You need to know the buying behaviors, interests, and needs of your foreign customers. So why do you need export marketing? Simply put: Google translate is not enough. Cultural differences, shipping costs and transit time, politics, and international trade policies all contribute to a marketing communication barrier between suppliers and foreign buyers. But you can’t assume that foreign markets will be as interested in your product as local customers. Why Do I Need Export Marketing?īusinesses today are often doubling or tripling products by expanding to product sales on an international level. This where the importance of an export marketing plan comes in. But there is a difference between products that are available to foreign countries and products that are specifically marketed to foreign customers. Products are produced or distributed from the company’s home country to buyers in international locations. Definition of Export MarketingĮxport marketing is the practice by which a company sells products or services to a foreign country. What most companies are looking for is a guide for international business, otherwise referred to as export marketing. But many people still don’t understand the benefits of global business in their industry, and even for those who do, they struggle to find where to start. Products and services are often performed internationally at greatly reduced costs, making international expansion and production outsourcing a suitable option for businesses. What used to only be attainable by large-scale businesses is now accessible to small companies and those in the business of resale.
Globalization and e-commerce have all contributed to a recent influx in international trade.
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