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.
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