7 Fundamentals to Exporting
Entering the overseas market with your product or service provides you with the opportunity to make additional profits, increase your market size and expand your customer network. Entering the overseas market can also help to expand the growth of your business and improve your ROI.
Steps to successful exporting:
There are 7 fundamental steps to successfully exporting your product or service overseas. These steps include items such as legal requirements, identifying marketing opportunities and required export documentation. CCIQ can assist your business in ensuring that the fundamental steps are correct so that your business is in the best possible position for success in the overseas market.
Step 1: Product & Company export capability assessment
Prior to entering the overseas market, you will need to understand if your product or service is exportable, and if your company is capable of exporting this overseas. Looking at why your existing customers within Australia buy your product is a great way to identify key purchase trends within your target market that may be transferable overseas. Ensure that your company has sufficient funds required for you to export overseas, as well as identifying any weaknesses within your current organisational structure that may cause issues and prevent the successful exporting of your product. Contact CCIQ partner OFX to determine your forex capability, and identify your risk requirements.
Step 2: Organising for exports and identifying opportunities
Extensive research is crucial to the success of exporting your product or service to ensure that your company is in the best possible position to launch into the overseas market. Understanding the relevant laws and regulations of the country that you are exporting to and the current state of the economic and political climate will help you to identify any potential issues that may affect your exporting capabilities. Identify which markets you want to focus on and prepare all relevant collateral and product samples.
Step 3: Market Entry Strategy Options evaluation
Prior to exporting your product, you will need to determine the appropriate market entry strategy. Considering factors such as barriers that you have identified within the market, whether you will be franchising your services and any local distribution issues that may arise will help to ensure a smooth transition overseas.
Step 4: Marketing & Planning Considerations
Market research and planning is a crucial and essential step to ensure that your business is in the best possible position to enter the overseas market. Thoroughly researching your target market and creating an export marketing plan and export strategy will help to avoid any common issues that may arise including cultural boundaries, misunderstanding of local regulations, distribution problems and identifying incorrect target markets. Mistakes can vastly affect the success of the product or service that you are exporting.
Step 5: Regulatory & Legal Aspects to consider
Exporting a product or service overseas involves many regulatory and legal aspects. It is essential that you seek professional legal advice to avoid any potential issues arising down the track that. By seeking legal advice, you will have peace of mind that aspects such as export licences, import licences, trademark registrations, financing and insurance of your product and service are covered and adhere to local regulations.
Step 6: Export Logistics & Export Documentation
To successfully export overseas, it is essential that you ensure all relevant processes are followed, and that your business has obtained the correct export documentation. CCIQ can assist with ensuring that your business has the required documentation prior to entering the overseas market.
Step 7: Export Support & Resources
There are many resources available for you to find helpful information, advice and support when you’re looking to export your product or service overseas. Asking for assistance from reliable sources allows you to further understand the requirements involved with exporting and ensures that your business is in the best possible position prior to entering the overseas market.