Tips for Success in Export Business

Exporting your firm’s products or services can provide you a valuable opportunity for growth. It takes a special approach, however, to successfully access foreign markets. Let’s look at several of the basic steps in becoming an export business success:

•  Research your market. Learn about your competitors, their products, and prices.
•  Know the customers. How can you customize your products to meet foreign customers’
  needs?
• Understand the concept of many markets. Every market has different demands.
•  Know the market’s style requirements. Some customers don’t mind premium prices, as long as
  the quality is also superior.
• Learn the sales system and master the distribution network. Find the right sales and
  distribution channels. Be careful about requests for exclusive rights.
•  Don’t expect your foreign customers to understand English. Be ready to translate your
  packages, instructions, and manuals.
•  Learn to write clear communications. Make messages, letters, faxes, and emails clear, concise
  , and accurate.
•  Visit the market. Learn first hand! See your products in use. Collect competitor’s samples.
•  Visit prospects. Urge your distributor or representative to set up three or four appointments
  each day for you with prospective customers.
• Be responsive and responsible. Answer questions promptly. Offer prices and delivery terms
  you can meet.
•  Provide for local service. Fix or replace products. Foreign customers don't want a cash credit.
• Arrange for export financing. You`ll have new needs for working capital, letters of credit, wire
  transfers, and currency exchange.
•  Discuss the business with a reputable freight forwarder. You`ll need assistance with shipping.
•  Don’t try too much at the beginning! Start with a bit of your product line, in a well-defined
  geographic territory.