Exploring a New Market:
5 (Impexaid) proven methods to be successful with your introduction as an exporter
“No matter how competitive your offer might be, no matter how hard working you are, what matters most is the number of deals you can close” This is what my former boss told me when I just started my carrier as an export manager. In other words, your offer is valuable only if it attracts deals.
-1- Get yourself an introduction “a proper introduction”
Your introduction into the market will define your future footprint, so there’s no room for errors on this step, your company must be perceived as professional and performant.
To help promote your abilities you need to get introduced successfully into your new market, we suggest the hiring of specialised firms who have the right connections and thorough knowledge of the ins and outs of your market. These firms are compared to the experienced Taxi cabs who have a mastery of the traffic (connections) and the road (knowledge) to drive you safely from the starting point of your strategy till your final target.
Through their knowledge, these firms are capable of uncovering the insights of your industry and help you step into your new market with the confidence that you might need to achieve higher market penetration.
-2- Focus on what matters: Your first deal.
As a matter of fact, closing a first deal is the best way to learn and earn from your new international market, and here’s why:
First, you will start to notice the initial pay-off from your market at the early stages of the rally. Second, you will receive the right insights of the industry directly from your clients, like competitor prices and the market trends. Your first order is also a golden opportunity to practice your new market’s import standard, to discover the real customs tariffs and barriers related to your product, and on top of that you are allowed to make mistakes since a small first order is not a big deal neither for your budget nor for your customer perception.
-3- The last-mile before your first deal(s)
The trade shows for instance, your participation should be an occasion to complement your previous efforts and move forward with all your peers. Instead of waiting for your visitors to show up randomly to your booth, we suggest that you realize a pre-trade show contacts through a series of video-conferences, with potential buyers, a few weeks or days before the trade show, these virtual “face to face” meetings could be an opportunity to discuss the main headlines of a future collaboration and yet a persuasive reason to invite them to the trade show. In this case, you will gain more control on the quantity and the quality of your visitors and ensure a successful trade show participation.
This method is applicable also during the business trips, where visiting your prospects in their offices should be the final step to improve the full spectrum of your product introduction and to end up with the signature of several partnerships and agreements.
-4- The First-Mile after your first deal(s)
After materializing your first deal(s) you will be able to fill in your market-dashboard with relevant metrics such as, your final consumer behaviour patterns, the real obstacles of your product development and then apply the right measures for limiting or eliminating the setbacks. Your first deal will exactly indicate the field of play and what it takes to achieve your new objectives. For example, which type of partnership you will probably focus on and in which specific region you will set up the larger part of your logistics.
-5- Take control of your market
As an exporter, your biggest challenge is to maintain a continuous performance and yet take strategic decisions on a market located far away from your company.
Business trips and trade shows participations are important to consolidate your interaction with your foreign clients, but it’s not sufficient.
One of the most recommended formula to overcome this challenge is to hire a specialized firm located in the targeted market, operating on your behalf at your same clients ‘time shifting. These firms will act as your first responders, they will manage on a daily basis all what is related to your everyday market’s requirements, from answering your clients’ requests with an appropriate language, to ensuring a high reactivity to their logistic needs like resolving customs and warehousing issues. These firms are also high skilled and introduced to keep you updated with all what you need in terms of information, allowing you to take the strategical decisions accurately.