Liberalization and globalization have boosted international export & import to a great extent all across the world. If you are planning to extend your business beyond national boundaries and serve products in International or foreign markets, its not a big deal in today’s world of fast transport & technology. Though, selling products in overseas market may require proper planning and systematic observation of various elements.
There are various challenges including language barriers, cultural differences, difference in economical standards that you have to cope with, while selling products in other countries. As a business man you have to do several tasks and activities for acquiring the trust of potential Internationals buyers and for gaining profit in the foreign markets.
Some of the major and most crucial steps that an entrepreneur or manufacturer should take to launch or sell his products in foreign markets are:
1: Decide your foreign markets : The first and foremost thing that a business man needs to do is to decide the countries or markets where he wishes to venture with his product range or services. In order to choose the target markets keep the following things in mind:
- Tariffs applicable on your products or industry in different countries
- Language and cultural differences
- Study the economical and political situation of the country
- Analyze the countries from where you get maximum international order or inquiries on your website.
2: Market research: Before landing into a new market sphere, you need to do proper market research in order to ensure better sales and earn high profits as well as customer satisfaction. Study about the competitors who are already present in the market which you are targeting at, know the nature of the market (monopoly, oligopoly, etc.) and wisely decide the price of the product keeping other factors in mind. Do the SWOT analyzes which means study of the strengths, weaknesses, opportunities and threats. This results in proper analyzes of all the conditions and factors involved in the selling of products in foreign countries.
3: Export plan or strategy: Like business plans, develop an export plan or strategy for targeting foreign markets. Decide your goals and objectives well in advance and then work accordingly to achieve them. Divide the work into small tasks, then complete these one by one.
4: Develop International team: For extending a business or sales of your products in a foreign country, you require a proficient sales or business team which would promote and sell your products to the target audience in the particular country. This team can be developed through partnership, alliances or through direct hiring done by the business owner. You can do this by browsing the search engines, or getting linked with corporate or professional groups. It is best, if you can visit the targeted countries and select people through face to face interviews. A team consisting of adept professionals, who have in-depth & complete domain knowledge with high experience can propel the sales percentage of your products by many times.
5: Online or internet sales: Another way of approaching international buyers is through online mediums. You can also sell your products through various trustworthy e-commerce sites and other online mediums. E-commerce sites are gradually becoming very popular amongst clients across the global markets due to their wide variety of products and services as well as easy payment modes. Through these portals, foreign customers can now buy international products online with utmost ease. Develop a good e-commerce site to get access to international markets through internet and do the sales online.
European Union, United States, China, Germany and UK are the top importing countries, according to the World trade data of 2013. So, these countries are largely open for foreign products. If you are planning to sell your products in these foreign markets, then the chances of getting good responses and profits are quite high. For selling products in international market , the seller have to make different approaches for different foreign countries according to the need and nature of the market. For example, for doing online sales or sales through e-commerce site in USA, international online sellers have to follow certain guidelines developed by US Federal Trade Commission. So,You have to prepare yourself according to the need or requirements of your targeted market.