Last week, our webinar was focused on deciding if your business was prepared to export. During the webinar, and in the follow-up, we learned that some businesses were not exactly ready to export. Some businesses were actually afraid of exporting.
One thing companies should know is that they do not necessarily need to export to grow their business. Instead, companies can expand their business to different regions within their own country. It could be to a different state or province, or to a different area of a state or province.
And if a company does believe that they are ready to export, but they do not want to go into many different markets, or want to start out slow, try exporting to a country that is close to yours or borders yours. There may be similar languages and customs, and the transport costs would not be very high. Additionally, there may be free trade agreements in place between the countries. A good example of this would be the US and Canada, and even the US and Mexico.
If you want to expand your business, but you don't want to work on breaking into new markets, work on making the customers come to you. 21st century businesses compete regionally, nationally, and internationally, but also virtually. The Internet is a new market that many businesses are not focusing on as much as they should be. With the Internet, and with proper marketing and positioning of your company and its products, you can access many more markets than you previously would have been able to. Plus, because the technology tools are so inexpensive, you can possibly save money while reaching more people.
So, what are you doing to expand your business?
If you are interested in expanding into the virtual market, contact IntellaCore, or keep watching this blog for more information and details on future webinars.
Showing posts with label export. Show all posts
Showing posts with label export. Show all posts
Friday, August 14, 2009
Monday, August 10, 2009
What Should You Look for When Gathering Initial Market Intelligence?
You are going to need Market Intelligence if you plan to expand your business in any way, especially if you plan to export. But how should you start? And what should you look for when gathering the Market Intelligence?
Start the process by selecting a few markets you are interested in. The markets can be domestic or international -- wherever you think your company and your products and services can do best. First, think of 8-12 markets that you think would be easy for your company to enter. Look for markets where you or someone from your organization have contacts or know the language, and markets where there is a demand for products like yours, where there are no significant barriers to entry, and where foreign competition is limited. As you gather Market Intelligence you will be able to cut those markets down to a more manageable 5-7 target markets. You can continue to cut the markets until you have the number you think you can enter.
Once you have a list of markets you are considering entering, you can start your research based on some of the below factors:
That is a lot of specific information to start out with. But what should you do if you do not have the resources to find that information, or if your company is not ready to start a marketing research campaign?
You can start by paying attention to the news. Watch CNN, read a newspaper, or read RSS feeds. Use whatever method would keep you best informed. Keep an eye on world events that influence your business, your current markets, and any future markets. You may find that a certain market has a problem that your products can fix, or you could learn that a new political agreement opened a new market for your company's products.
You can also consult with experts. The "experts" can be a speaker at a seminar you attend, someone at the U.S. Department of Commerce, someone in an industry association you belong to, an importer in one of your target markets, or someone who has exported a similar product. Ask to have lunch or coffee with any of these people. The worst case scenario is that they will say they are busy. In the best case scenario, they may help you enter a new market.
This blog post contained a lot of information. If you have any questions or comments, or would like to learn more about any particular topic described above, feel free to contact IntellaCore or leave a comment.
Start the process by selecting a few markets you are interested in. The markets can be domestic or international -- wherever you think your company and your products and services can do best. First, think of 8-12 markets that you think would be easy for your company to enter. Look for markets where you or someone from your organization have contacts or know the language, and markets where there is a demand for products like yours, where there are no significant barriers to entry, and where foreign competition is limited. As you gather Market Intelligence you will be able to cut those markets down to a more manageable 5-7 target markets. You can continue to cut the markets until you have the number you think you can enter.
Once you have a list of markets you are considering entering, you can start your research based on some of the below factors:
- Information on customers in the market - Research things like demographics, buying habits, etc.
- Culture - How does the culture vary? Will you have to change your product because of it?
- Market trends - What is the outlook for the markets?
- Market conditions and practices
- Key differences between current markets and new markets
- Competition - Are your competitors in any of the markets?
- Economic Initiatives - Are there any funds that may help you in your efforts?
- Industry associations in the markets - Do you belong to any industry associations that have contacts in the markets you are interested in?
- Trade statistics for a market or product - Search for markets with largest and fastest growing imports of products like your company's. Also, look for the largest and fastest growing export destinations for your product - this means that there is a market for your product.
- Fastest growing markets - Look for markets that are growing the fastest - there may be a demand for your products in them.
- Market barriers - Research tariffs, non-tariff barriers, and import restrictions.
That is a lot of specific information to start out with. But what should you do if you do not have the resources to find that information, or if your company is not ready to start a marketing research campaign?
You can start by paying attention to the news. Watch CNN, read a newspaper, or read RSS feeds. Use whatever method would keep you best informed. Keep an eye on world events that influence your business, your current markets, and any future markets. You may find that a certain market has a problem that your products can fix, or you could learn that a new political agreement opened a new market for your company's products.
You can also consult with experts. The "experts" can be a speaker at a seminar you attend, someone at the U.S. Department of Commerce, someone in an industry association you belong to, an importer in one of your target markets, or someone who has exported a similar product. Ask to have lunch or coffee with any of these people. The worst case scenario is that they will say they are busy. In the best case scenario, they may help you enter a new market.
This blog post contained a lot of information. If you have any questions or comments, or would like to learn more about any particular topic described above, feel free to contact IntellaCore or leave a comment.
Tuesday, August 4, 2009
How Do You Know Your Business is Ready to Export?
There are many reasons why businesses decide to begin doing business internationally. Some include increasing your company's sales and profit, making your company more competitive, reducing reliance on domestic market. It can also include reasons like expanding the business, gaining credibility for the business, or just because you desire a change for your business.
Every business is going to select at least one of these motivations. But before you make any commitments, you want to make sure that exporting fits into your business. Once you have made the decision that exporting does indeed fit into your business' mission and vision, there are several other areas of your business that you should consider. These areas include:
Management Commitment - Motivating your company's management is one of the keys to success. If your management is receptive to the idea, the whole process will be much easier for everyone involved.
Export Resources - There will be a greater demand when you are exporting. Can your company keep up with the demand and be able to produce, distribute, and sell? The benefits of exporting are substantial, but the costs and investment into exporting can be significant. Are you prepared to wait up to a year before you see any profits from your exporting activities?
Product Aspects - Could your products be competitive or be in demand internationally? If so, will you have to modify them in any way to make them more competitive?
International Market Intelligence - You will need some amount of market intelligence before you enter a market. Research health, electrical, and technical standards and cultural preferences for ideas on how you may have to adapt your products. Do any of your employees have international experience? Talk with them to see if there might be a demand in their market of expertise.
These topics above are just a brief summary of the topics we will cover in tomorrow's Top 10 Tips webinar. Click here to learn more about the webinar and to sign up for it.
Every business is going to select at least one of these motivations. But before you make any commitments, you want to make sure that exporting fits into your business. Once you have made the decision that exporting does indeed fit into your business' mission and vision, there are several other areas of your business that you should consider. These areas include:
Management Commitment - Motivating your company's management is one of the keys to success. If your management is receptive to the idea, the whole process will be much easier for everyone involved.
Export Resources - There will be a greater demand when you are exporting. Can your company keep up with the demand and be able to produce, distribute, and sell? The benefits of exporting are substantial, but the costs and investment into exporting can be significant. Are you prepared to wait up to a year before you see any profits from your exporting activities?
Product Aspects - Could your products be competitive or be in demand internationally? If so, will you have to modify them in any way to make them more competitive?
International Market Intelligence - You will need some amount of market intelligence before you enter a market. Research health, electrical, and technical standards and cultural preferences for ideas on how you may have to adapt your products. Do any of your employees have international experience? Talk with them to see if there might be a demand in their market of expertise.
These topics above are just a brief summary of the topics we will cover in tomorrow's Top 10 Tips webinar. Click here to learn more about the webinar and to sign up for it.
Thursday, July 30, 2009
Webinar: Top 10 Tips to Decide if Your Business is Ready to Export
IntellaCore has launched a webinar series to help small and mid-sized businesses. Top 10 Tips will be a twice a month series of 30 minute webinars with specific tips on how to compete and to win in today’s marketplace. Participants can download a whitepaper after the webinar dedicated to the topic of the day.
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics ranging from international business to Internet Communications Technology (ICT) that will fall into the following categories: Increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and to creating a sustainable business in today’s market environment.
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics that will fall into the following categories: increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and creating a sustainable business in today’s market environment.
Top Ten Tips series is a short, high-impact webinar series that offers specific recommendations and Q&A in 30 minutes.
The first Top Ten Tips webinar will be held on Tuesday, August 4th at 2:00 PM EDT. The topic will be Top 10 Tips for Deciding if Your Business is Ready to Export. Click here to register.
We all hear a lot about exporting. Today it is just not that hard, and the use of the Internet makes it easier than ever. Even thought the US economy is in shambles, other economies are growing and have a need for a variety of products and services. With 95% of world economic growth occurring outside of the USA every business most determine if it can diversify its distribution and sales efforts. Can your business benefit from exporting? Attend this webinar and you will gain valuable insight into your business, and how you can make your company sustainable, no matter what industry you are in.
The Top 10 Tips you will learn more about in the webinar are:
1. Determine why your company should export
2. Review your company's finances
3. Determine your company's scope for expansion
4. Make sure you have the staff, premises, and equipment to handle the increase in demand
5. Assemble a team to develop the exporting process
6. Set goals for the export project
7. Select the product that would sell best in an international marketplace
8. Make sure your management has expressed long-term commitment to the new business plan
9. Use your website to explore international opportunities
10. Gather initial market intelligence
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics ranging from international business to Internet Communications Technology (ICT) that will fall into the following categories: Increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and to creating a sustainable business in today’s market environment.
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics that will fall into the following categories: increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and creating a sustainable business in today’s market environment.
Top Ten Tips series is a short, high-impact webinar series that offers specific recommendations and Q&A in 30 minutes.
The first Top Ten Tips webinar will be held on Tuesday, August 4th at 2:00 PM EDT. The topic will be Top 10 Tips for Deciding if Your Business is Ready to Export. Click here to register.
We all hear a lot about exporting. Today it is just not that hard, and the use of the Internet makes it easier than ever. Even thought the US economy is in shambles, other economies are growing and have a need for a variety of products and services. With 95% of world economic growth occurring outside of the USA every business most determine if it can diversify its distribution and sales efforts. Can your business benefit from exporting? Attend this webinar and you will gain valuable insight into your business, and how you can make your company sustainable, no matter what industry you are in.
The Top 10 Tips you will learn more about in the webinar are:
1. Determine why your company should export
2. Review your company's finances
3. Determine your company's scope for expansion
4. Make sure you have the staff, premises, and equipment to handle the increase in demand
5. Assemble a team to develop the exporting process
6. Set goals for the export project
7. Select the product that would sell best in an international marketplace
8. Make sure your management has expressed long-term commitment to the new business plan
9. Use your website to explore international opportunities
10. Gather initial market intelligence
Thursday, July 16, 2009
Top 10 Tips Webinar Series
IntellaCore has launched a webinar series to help small and mid-sized businesses. Top 10 Tips will be a twice a month series of 30 minute webinars with specific tips on how to compete and to win in today’s marketplace. Participants can download a whitepaper after the webinar dedicated to the topic of the day.
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics ranging from international business to Internet Communications Technology (ICT) that will fall into the following categories: Increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and to creating a sustainable business in today’s market environment.
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics that will fall into the following categories: increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and creating a sustainable business in today’s market environment.
Top Ten Tips series is a short, high-impact webinar series that offers specific recommendations and Q&A in 30 minutes.
The first Top Ten Tips webinar will be held on Tuesday, July 21st at 2:00 PM EST. The topic will be Top 10 Tips for Deciding if Your Business is Ready to Export. Click here to register.
We all hear a lot about exporting. Today it is just not that hard, and the use of the Internet makes it easier than ever. Even thought the US economy is in shambles, other economies are growing and have a need for a variety of products and services. With 95% of world economic growth occurring outside of the USA every business most determine if it can diversify its distribution and sales efforts. Can your business benefit from exporting? Attend this webinar and you will gain valuable insight into your business, and how you can make your company sustainable, no matter what industry you are in.
The Top 10 Tips you will learn more about in the webinar are:
1. Determine why your company should export
2. Review your company's finances
3. Determine your company's scope for expansion
4. Make sure you have the staff, premises, and equipment to handle the increase in demand
5. Assemble a team to develop the exporting process
6. Set goals for the export project
7. Select the product that would sell best in an international marketplace
8. Make sure your management has expressed long-term commitment to the new business plan
9. Use your website to explore international opportunities
10. Gather initial market intelligence
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics ranging from international business to Internet Communications Technology (ICT) that will fall into the following categories: Increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and to creating a sustainable business in today’s market environment.
For each webinar IntellaCore will provide 10 Top Tips relating to a wide range of specific topics that will fall into the following categories: increasing sales and distribution, strengthening the supply chain and reducing costs, aligning technology and Internet activity to the business plan, and creating a sustainable business in today’s market environment.
Top Ten Tips series is a short, high-impact webinar series that offers specific recommendations and Q&A in 30 minutes.
The first Top Ten Tips webinar will be held on Tuesday, July 21st at 2:00 PM EST. The topic will be Top 10 Tips for Deciding if Your Business is Ready to Export. Click here to register.
We all hear a lot about exporting. Today it is just not that hard, and the use of the Internet makes it easier than ever. Even thought the US economy is in shambles, other economies are growing and have a need for a variety of products and services. With 95% of world economic growth occurring outside of the USA every business most determine if it can diversify its distribution and sales efforts. Can your business benefit from exporting? Attend this webinar and you will gain valuable insight into your business, and how you can make your company sustainable, no matter what industry you are in.
The Top 10 Tips you will learn more about in the webinar are:
1. Determine why your company should export
2. Review your company's finances
3. Determine your company's scope for expansion
4. Make sure you have the staff, premises, and equipment to handle the increase in demand
5. Assemble a team to develop the exporting process
6. Set goals for the export project
7. Select the product that would sell best in an international marketplace
8. Make sure your management has expressed long-term commitment to the new business plan
9. Use your website to explore international opportunities
10. Gather initial market intelligence
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