It’s December already and another year is nearly over. Thoughts turn to the Christmas festivities and the New Year looming. Is 2024 the year you will look to expand your business into international markets? There’s a world of opportunity out there waiting for your product or service. 

But how ready are you for the export journey? Are you prepared? Is your product/service right for your target markets? What’s the best route to market?

Take our short 16-question survey to find out your Export Readiness Score. In just a few simple multiple-choice questions, which will take no more than 3 minutes to complete, we’ll provide you with a percentage score and individual report showing the areas you need to focus on to be export-ready.

It’s been a busy year, so we’ve made it easy for you. Nothing too demanding, but a report at the end which will prove invaluable for your planning for international growth when you come back fresh in the New Year. 

Take the quiz here.

We would like to take this opportunity to thank you for following Go Exporting in the last year and reading our Expert Exporter articles, either on the website or via our newsletter. We hope it has proven interesting, useful, and sometimes amusing! We know you receive a lot of emails, so your time is precious. 

We wish you a wonderful Merry Christmas and a very prosperous, international New Year!

Last weekend I went to see a special immersive planetarium film experience celebrating 50 years since the launch of this iconic album. It was quite an event, with the music and visual effects combining to create a truly wonderful experience. You had the feeling of walking on the moon and pushing the boundaries of the universe!

What has this to do with exporting I hear you ask? Well, it started me thinking about two important points.

Firstly, looking at the earth from the edge of the universe reminded me how small our planet, its continents and countries are in the grand scheme of things. Yet sometimes as business people our worlds can seem small, often restricted to our own borders. 

In reality we are restricted only by our own thinking. There is a world of opportunities within reach, without ever having to leave this planet! We just need to open our minds to the possibilities. 

That is not to say we go blindly off to every country we can find. Being a successful exporter takes careful planning and understanding of our markets in order to concentrate our resources in the most profitable areas. Developing our export growth plan and strategy should not be skimmed over in the rush to make a few quick sales.

Learn more: Export growth planning – how we can help

Secondly, Pink Floyd composed this album in 1973, and 50 years later they are still making £millions from it every year. It’s the gift that just keeps giving. The same can be true of export. 

Devise the right strategy in the right markets, appoint the best fit local partners/distributors and the money will flow for years to come. 

That’s not to say you won’t have to work at it. Pink Floyd made this anniversary film to promote and celebrate the album. I’m sure it brought a boost in income and probably a whole new generation of fans that will keep the money flowing for another 50 years! 

Free download: How to find a distributor

New marketing, new products, upselling options, a fresh approach will be needed along the way. A distributor takes a lot of work. They should be seen as our biggest customer and given the same level of attention and support. 

Get the basics right now and export will bring returns for the next 50 years….and beyond!

Go Exporting specialises in helping you to profitably expand in international markets.  

For further information and a no-obligation discussion, please contact us today.

Ever wondered why some strategies, which thrive at home, fail spectacularly overseas? What are the secrets to international success? This real-life example will help us to identify those secrets.

Once upon a time, IKEA, the global retail giant, faced an interesting dilemma. When they first expanded into Russia, they thought their tried-and-tested format – self-assembled, minimalistic, functional furniture – would work just as well as it had in other countries. The only problem was, it didn’t. Sales floundered, and the Scandinavian giant found itself in a conundrum.

Why? Well, it turns out Russian customers were simply not into the whole “DIY” culture that IKEA had so cleverly packaged and sold worldwide. They viewed assembling furniture as a chore, not an adventure. The very USP that had propelled IKEA to success elsewhere was flopping in Russia.

However, IKEA didn’t pack up and leave. Instead, they did something unexpected: they adapted. They hired a swarm of ‘handymen’ available for hire at checkout. These professionals would assemble the flat-packed furniture for the customers at their homes. And voilà! The sales picked up, and IKEA found its feet in Russia.

The lesson here? IKEA learned (perhaps the hard way) that even though they had a winning formula, it was essential to adapt it to meet local tastes and preferences.

Every international market is different. It’s a simple, straightforward fact, but one that’s surprisingly easy to forget. Whether you’re selling furniture, digital products or a service, it’s easy to assume that what works at home will also work abroad. After all, people are people, right? 

Well, yes, but also a resounding no. People come with cultural baggage, unique expectations, and distinct ways of life. They approach the world, and the market, with lenses shaped by their histories, their languages, their societal norms. It’s not just about speaking their language – it’s about understanding their idiosyncrasies and catering to their unique tastes and preferences.

Don’t let the simplicity of this insight deceive you. It’s as profound as it is practical. Recognising and adapting to these differences is the hallmark of international success. Just ask IKEA!

It’s just like stepping into an Ikea store, you find products designed and crafted to fit various needs, but imagine if you had a personal guide who’d help you navigate through the entire store, pointing out which product would be perfect for you. It’d be so much more convenient and less time-consuming, wouldn’t it? 

It’s the same when you’re planning to expand your business to international markets; you’re stepping into a space that’s packed with opportunities, but it can be a little overwhelming trying to figure out where to start and what to do. 

This is where Go Exporting comes in. Our Export Growth Plan Service is designed specifically for those who are ready to venture into international markets but could use a little bit of guidance. 

Here’s what our Export Growth Plan Service offers:

1. Understand exactly which international markets offer the best opportunity for your business: We do a deep dive to identify where your products or services will make the biggest splash.
2. Evaluate and compare markets: Not all markets are created equal, and we’ll help you rank the opportunities, so you know where to concentrate your efforts.
3. Understand Customs and Compliance Rules: We help demystify the often-complex world of international trade regulations, ensuring your business stays on the right side of the law.
4. Define your best route to market: We lay out a clear, step-by-step path to get your products or services from concept to customer.
5. Identify key distributors, partners, and customers: We help you identify the key players in your new market who will help your business succeed.

Think of our Export Growth Plan Service as your compass, guiding you towards successful international expansion. 

Time to unlock your business’s global potential!? Click here to discover how the Export Growth Plan Service can pave the way for your international success! Let’s conquer the globe together.

Remember, every international market is a unique treasure trove of opportunities waiting to be explored. As you embark on your export journey, keep in mind that understanding cultural nuances and consumer preferences will be your key to unlocking untapped potential. Just like assembling that first piece of IKEA furniture, take it one step at a time, and soon you’ll see your business flourish in uncharted territories.

And here’s a bonus insight: Building relationships is the currency of global success. Cultivate authentic connections with your partners, customers, and distributors in these new markets. Trust, respect, and open communication will be your most valuable assets in this grand global adventure.

Happy exporting, and may your business venture be an exciting and rewarding odyssey!

Welcome back to the September edition of our newsletter. It’s been a very hot summer in the UK with temperatures reaching over 40 degrees for the first time in history! Global warming is here and needs to be tackled sooner rather than later. Despite the heat, hopefully everyone in the Northern Hemisphere is back from their summer breaks suitably refreshed and ready to expand their international business.

The first question to ask is Where? Where are the best opportunities for my business? Throughout the articles in our Expert Exporter resource hub one theme is consistent – the need to focus. It is impossible to export everywhere at once. A scattergun approach simply will not work in the long term. You may have some short-term success by hitting the right customer at the right time, but to profitably expand your exports you need a well thought out and suitably resourced plan. It is counterproductive to try to enter 10 countries all at once if you only have the manpower and resources for one. Better to do one well and then move on to the next when the time is right. 

How do you narrow down and identify your target market? Gut instinct? NO!

You need to take a much more measured and scientific approach than that, really get to know the possibilities for your product or service, decide which will be your target market(s).

Look in-house. 

Research your own data. Where do your enquiries come from? Where do you sell at the moment? Do you understand why? What are the drivers for those customers to buy from you? Is it a one off or is there a real market demand? Ask them for feedback.

Where your competitors sell. 

Where do they have their own sales team, a distributor or agent? Where do they sell directly from head office? Where do they attend conferences and exhibitions? Where do they advertise? Are they a member of any overseas trade bodies? Have they invested in specific country approvals? 

Get to know them better than ever before. They may well save you a lot of time, money and effort by pointing you in the right direction. Don’t worry that they are there first, it just shows there is a market and you already know what your value proposition is in order to sell against them.

Market Size Data 

Competitors and in-house data are helpful, but what if they are misleading? Is there any official data on the size of market in your target country or countries? If not, is there any private research available or could you commission some? Consultants, like Go Exporting, often offer this as a cost-effective service to clients in order to build a longer-term relationship.

Customer Analysis

We’ve already looked at where your and your competition’s existing customers are, but we also need to analyse whether the buyer for your products or service is the same in each market. 

Is there a different supply chain set up? Are there specifiers involved? Does the government or ultimate client purchase directly, or do subcontractors procure as part of an overall package or service? The distinctions may seem slight, but it can make a big difference to the ease of market entry and therefore the market potential.

Barriers to Entry

So, we’ve identified what appears to be a lucrative country for our products. There is a good market size and we have identified who the potential customers are. All seems good, but we are not yet ready to commit. First, we must identify the barriers to entry. 

Are there approvals required before we can sell? Is there any national certification or government registration process? Is there trade body we need to be a member of? Is membership open or closed? 

How strong is the local competition? Are there any well-established foreign competitors? We should not be frightened of competition, after all it is a sign that there is a market, but we should be aware of their strengths and weaknesses, their market position. Market share can be bought, but is it worth it in the long run? 

What are the transport links like? Will freight costs make our product uncompetitive?

Is language going to be a barrier? Is English commonly spoken in business?

Look at all the angles to see where obstacles may lie which could derail or seriously delay market entry.

Currency

How are you going to sell in the target market? Will you demand your home currency? If so how will this affect sales? Is the currency readily available?

If you accept the local currency what are the likely fluctuations in exchange rate? Will you bank accept the currency or will you need a local bank account? Is that feasible without a local entity? Are you prepared to do that?

Currency can make or break market entry, so be clear what you are taking on from the beginning and your acceptable level of risk. If yours is a high margin product or service fluctuations are not such an issue, but for lower margins beware and ensure price fluctuation is built in to contracts of sale.

Country Risk

How politically and economically stable is the target country? Is the regime likely to change? What is the likelihood that international sanctions or tariffs are applied? Is the economy growing or shrinking? Do the banks have any liquidity issues or concerns?

How comfortable do you feel about the risk?

Consolidate & Rate

We have developed a bespoke system for comparing countries, allocating a score and developing a league table of potential targets. We utilise this when we carry out this process on behalf of clients to consolidate all of the above information, weigh up the pros and cons, the potential versus the risk. 

This is used to give a rating for each country, from prime target, to do not touch. It’s a process which can take time and effort, but ultimately can save thousands in helping you make the best-informed decision possible. 

Download our new book

Download our new book The 7 Steps to Export Success on Amazon for full details and examples of our bespoke process.

Or for a no-obligation discussion on how Go Exporting can FastTrack your export growth please call +44 800 689 1423 or email info@goexporting.com.

In this month’s newsletter, we focus on an area of exporting which is often overlooked, or given less importance than in your home market, marketing.

Going global means your marketing also has to go global. You need to create awareness of your product, your brand and generate those all-important leads. What works in your home country, however, may well not be the right approach in another. International marketing needs to be considered carefully.

Even your product name or slogan needs to be considered. A direct translation may be disastrous. Even the big brands get it wrong:

Coca Cola’s brand name in China meant, ‘Bite the Wax Tadpole’

Chevrolet’s Nova, when translated in Spanish, meant ‘Won’t Go’

It is important to really understand your target market, its language and culture and so much more. We have developed a ten-point checklist for international marketing as a guide to the important steps to take to make sure you get it right. 

This is a topic which could take up a whole book on its own, so we have written a detailed Whitepaper on International Marketing which you can download for FREE here. It will help you complete the 10-point checklist to developing your international strategy summarised below:

Consider your international marketing strategy carefully. It does not need to cost a fortune, but it does require careful planning and a targeted approach. Follow our checklist and you won’t go far wrong. 

For help and support with your international marketing give us a call.