Three Ways to Export into New Markets as a Small Exporter | Read More

As an SME, there are various ways that you could export your goods and services. In the past, it has been difficult for smaller businesses to break into markets usually dominated by large companies; that is no longer the case. SMEs now have the ability to export into new markets without jeopardizing their financial stability.

Physically visit new markets

One of the most common ways of exporting into new markets is to visit them yourself. It will afford you the chance to experience the latest markets yourself and have a better judgment of the opportunities available to you. It's always better to do this with a plan and not just haphazardly. Before you set out to the new market you could;

• Gather as much information on the market as possible. You can use trade magazines, embassy information desks, or publications from professional bodies to gain insight into how the target market works.
• Trade shows, exhibitions, seminars, business forums, etc. are a great way to network with your target market's professionals. Not only can you gain contacts, but you could get professional insights on your target market.

Get an agent

Having an agent in your target market is a low-risk way to export into the market. As an SME, you can find an individual or business in your target market that can represent you and sell your goods on your behalf. Provided you have the right agent, this relationship can be less strenuous over the long run. You share the risk with the agent and have a partner with a vested interest in your success. Although setting up the relationship can be a meticulous task, it can be very profitable in the long run.

Go there digitally

Something that few entrepreneurs use is new technology to gain access to new markets. Technology has reduced the cost of gathering information, finding new customers, and gaining access to markets.

Export Portal is an excellent example of how technology can be leveraged to gain access to new markets. From this single portal;

• You can find customers looking for goods that you supply 
• Access a knowledge base of country-specific trading news, insights and information
• Access export services like insurance and shipping 

Expanding into new markets is beneficial to the sustainability of most businesses. You are encouraged to take the bold leap into unchartered territories but do it in a smart, well thought out manner.