How to Improve your Export Business
Taking your business to new heights by exporting your products and services to new international markets. However, to become a successful exporter there are certain steps that need to be taken. Below are some steps that can be taken to improve your export business.
1) Market Research
Market research is vital in import and export business, it can be difficult to identify which market offers most opportunities. Your success ratio also depends on the selection of product to export. Find out the consumption/ import of products similar to yours including demographics, pricing with your potential competitors.
2) Create an Export Plan
Once your research about the market and your product. Create a plan on how you are going to enter a foreign market and how you are going to sell your products in that market. If you are new to this market and just beginning your exporting business, you can also get associated with distributors and sales agents. Whichever option you choose make sure your there is clarity of responsibility in terms of delivery and payments.
3) Finding Opportunities
How you are going to promote your products internationally, identify different ways to promote your product and choose whichever is the most suitable for purchasers. Social media can play an active role to connect with buyers internationally. Keep your website and company information updated. Trade fairs are also a great platform to find and meet new buyers and expand the business.
4) Prepare your Offer
Once you find a potential client, prepare your offer and documents. A well-drafted sales offer shows your seriousness and knowledge of the sector. For a beginner, it would be a great idea to consider consulting with a lawyer for a legal agreement and documentation for the client. Without documentation and paperwork, there is no contract and payments.
5) Legal Considerations
Understanding legal regulations in all countries are important when you consider exporting your product. Make sure all export regulations are being followed. Companies must be aware of their responsibilities as an exporter.
For delivery of goods, the buyers and sellers must agree on common terms to prevent confusion. Effective transportation must be chosen for timely delivery and it should be ensured that the goods are insured during transportation either from the buyer or seller.
Now you need to increase your chances of getting repeated business and become a reliable international exporter. Well-timed delivery and regular contact with clients goes a long way in the import-export business. Keep an eye on other potential customers so that you can increase your chances to grow sales.