10 Top Tips for Exporting Success
1 Sept 2018 - Author: Sonia Kisbee | B2B data, Data, digital marketing, better SEO, improve your online ranking, sales & marketing lists, how to export, global ready, export strategy, distribution strategy, find new markets, top tips for exporting, research your target markets
Want to export? Here are 10 top tips to help you aim for exporting success
Research your target markets
A vital part of a successful exporting plan is to research and establish whether there is a demand for your products or services, the likely competition and the potential profitability. You can use online business data tools such as Kompass EasyBusiness to research your target markets as well as identify key contacts.
Plan your export strategy
Have a clear vision and plan your export sales strategy, making sure you establish exactly how you will enter the market. Is your company global ready? Consider your distribution channels. A focused plan of action will help to ensure your company is ready to trade internationally.
Engage your company team
Make sure your team are well briefed and understand your exporting plans and are prepared for changes within your business. Consider an export training program perhaps with your local chamber of commerce, to make sure they are ready to process and deal with orders as they come in.
Build business relationships
Understanding your target markets and being considerate of the language and cultural differences will go a long way in helping to forge positive business relationships when trading overseas and organisations like the Department for International Trade can provide invaluable guidance and advice.
Exporting abroad may not to be a quick win for your business. Building a global presence can take time and understanding that other countries may handle deals differently, means that achieving successful sales can take longer to secure.
Consider the costs
It is vital to know what the cost of exporting will be to your business – from start-up costs, exchange rates and the cost of shipping to devising a realistic pricing strategy. These factors will all impact on both your budget allocation and possible profit margins.
Paperwork needs diligence and attention to detail
You should ensure that you and your team are familiar with the relevant documentation and establish the processes that will need to be in place to facilitate exporting abroad. This includes understanding customs, taxation and export licencing, as well as protecting your intellectual property rights abroad.
Keep track of your cash flow
It is important that you protect your company from the risks of non-payment, by doing your homework, credit checking potential customers and agreeing to clear payment terms. You can also safeguard your cash flow by taking out trade credit insurance.
Consider logistics carefully
It is vital to use both a quick and dependable international carrier, because a poor delivery service will not reflect well on your business. Consider their capabilities, the customer service they offer, their safety record, company stability and reputation as well as the cost of course!
Get advice from the experts!
Perhaps our most important piece of advice - make sure you ask for help as this will prove invaluable at all stages of the export process. Try to speak to organisations or businesses who have experience in successful global trading, who can give you a realistic perspective about what is achievable and how best to approach doing business overseas.
Guidance as well as online information about exporting is widespread, so it is vital that you make the most of the knowledge that is available from experts. This will be especially important in the light of Brexit and the impact this will have on both European and global trading markets for UK exporters.
– Use Kompass Business Data to research and find contacts in your target markets.
– Department for International Trade Advisers should be considered key contacts for help and advice.
– COBCOE helps businesses by promoting international trade across Europe.
– Your Local Chamber of Commerce can help with export documentation and finance.
– UK Export Finance provides trade finance and insurance for exporting.
– AFEX market leading foreign exchange and international payment services.
– The Institute of Export gives advice, guidance, offers courses and qualifications.
– Build your brand & global online presence with Kompass Digital Marketing solutions.
At Kompass we have more than 60 years experience, helping businesses grow – providing our customers with business data to help improve the results of their sales and marketing activity and driving relevant enquiries through globally optimised company profiles from more than 7.5M Kompass users. Contact us to find out more about how we can help you as you plan your export strategy.
Our Kompass Export Zone builds on our business information expertise, by giving access to straightforward guidance on some of the key factors to consider when exporting, research advice and country specific market information. For more advice on getting started on your export journey, see our guide to planning your export strategy.
Disclaimer: Please note that this blog only contains general information and insights about legal matters. The information is not advice, and should not be treated as such. Kompass.com