Many SMEs are looking to grow by expanding into foreign markets. Export Portal has come up with a few tips to help SMEs navigate their way into global commerce. Read More!
Learn as much as you can
Before going global, gather as much information as you can about where you want to sell. Also, keep in mind the resources at your disposal both locally and globally, and the persona of the customer you will be selling to. Every country has rules that govern trade, international agreements that offer certain advantages towards particular destinations, and trade agencies with the resources to facilitate exchange. Visiting your local chamber of commerce, poring through trade data on sites like the Worldbank and UN Comtrade Database will help you make more informed decisions. The political stability of your target market is also crucial. Joining trade associations like our partner, EXIMA, can also be very helpful to starting trade in a new country. Simply ask your question and trade professionals will respond with valuable information.
Build an export strategy
Building an export strategy involves picking a market that offers the best conditions with minimal risk. For a small business, this means going into a market where you can start small and build up to sustainable rates of growth. Trading with countries that have similar language or culture makes it so you can quickly learn and adapt, and tailor your messages more easily. This will also simplify your packaging and online marketing efforts if your team is small. Proper research about your competitors will help you decide qualities about your product you can highlight to gain an edge. SMEs have to establish a good feedback loop in their current markets and pick up the opportunity to diversify when that makes sense.
Distribution is probably the single biggest challenge SMEs will encounter. Finding a safe place to store your goods, a responsible partner to ship them, and a partner in the foreign country to receive them are all things that should be investigated and arranged before signing a contract. If your partners abroad have to accept the goods when they arrive, they must agree upon well before time. Export Portal makes this process easier for SMEs by making it easy to communicate and arrange everything you need for safe and secure international trade.
Meet your partners
Phone calls, emails, and Skype calls give you invaluable feedback from someone who meets the consumers of your product. Attending trade expos, both virtual and in-person, will also provide you with learning opportunities and new partners. Export Portal’s EPV will be a host to events like this in the future, making it a true one-stop-shop for everything SMEs need to trade successfully.
For the latest technology and unmatched features made specifically for SMEs, join Export Portal today. There’s no safer, easier, and more secure way to trade internationally.