Q: How do I determine if exporting is right for my business? And if it is, how do I know what countries I should focus on?
A: Here are a few characteristics common to a successful exporter:
International market research plays an important role in the identification and development of a company’s export strategy. It’s important to not only find the best markets, but also a manageable number of markets. The “best” markets offer a combination of high comfort and high potential for a product.
High-comfort markets are those you’re personally close to in some way. You may have trusted contacts there, such as relatives or friends; you’re at ease with the language and culture; or you’ve spent time in the country. However, high comfort countries do not always offer the highest potential for your products.
High-potential markets are where you ultimately want to be. They’re the large, emerging or fast-growing markets with high receptivity to products like yours, limited local or foreign competition, and no significant market barriers.
For more information on how representatives at WEDC can help your export strategy, email us or call 855.INWIBIZ (855.469.4249).
Q: What are the most important considerations when planning an export strategy?
A: If you’re looking to expand your existing business, exporting can be a great option for diversifying your customer base and tapping into other markets. Even if your business is just starting out, if you think exporting will be part of your future direction, it’s essential that you develop an export strategy. An export plan is your guideline for the development of your international business. It should consist of the identification of markets, goals, activities, proposed ways of achieving objectives, required resources and expected results. Export plans will vary from company to company, country to country and possibly product to product. Your plan should evolve and be customized as you make progress.
Q: What resources are available for Wisconsin business owners looking to explore other markets?
A: As a critical success factor for companies engaged in export activities, WEDC is focused on assisting and supporting those companies that seek to develop the necessary internal competencies to export, have the necessary management commitment, and incorporate export planning into their overall corporate strategy. In doing so, WEDC provides various tools and resources to new-to-export and new-to-market Wisconsin companies seeking to develop and expand export market opportunities. Programs and resources available include, ExporTech™, the Global Business Development Program and WEDC’s Global Network. Click the links to learn more about each program.
WEDC’s team of Market Development Directors work with other state agencies and trade representatives in 36 countries to provide the in-country insights and contacts needed to develop and execute market-specific business development strategies. Services provided by WEDC’s Global Network include: Industry, Product and Market Assessments; Strategic Partner Searches; Meeting Facilitation; and Custom Projects.