Thanks to all of you for coming to our workshop ‘How to Start Your Export & Import Business from Scratch’ in Toronto on May 08, 2017. It was a really great experience. Hope you enjoyed it as I did.
Today I’d like to attract your attention to the ways how to select a right export market for your business. Here are some tips:
The United Nations (UN) Comtrade database. Select the 10 top markets where your product is exported to using the UN Comtrade database. This database shows you which markets imported most of your products and which imported the least. Every country in the world and every product is there. You can filter the data by market and find out where similar products made in your country were exported. It will give you a good idea which export markets to focus on. Visit https://comtrade.un.org/
Quantity of ideal buyers. Select those markets where you have the most ideal buyers. You’ll need to know the demographic profile of your ideal customer, or the end buyer (user) of your products. Using foreign countries’ census data, you can locate the markets where most of your ideal customers are.
Connections you have. Select those markets where you have connections or can quickly establish them. International trade is all about relationships and connections. So, it is a good idea to focus on those export markets where you have or can quickly establish business relationships, even if they are not the top markets importing your product.
Familiar business culture. Select those markets where the business culture is familiar to you. Especially during international contract negotiations, you should make sure that you and your counterpart understand each other. This understanding includes not only the language but also the local customs, body language and negotiation tactics.
Competitiveness of your product. Select those markets where your product is competitive. The competitiveness is not only about product price. You can compete on quality, longevity, guarantee, the speed of delivery and the level of after-sales service. Start with those markets where you can compete on multiple levels.
If you have any other questions on how to find the right export market, feel free to ask us. By the way, from June 6 to June 8, 2017 (next week) I will be speaking on how to find new export markets in times of Donald Trump and Brexit at the Western Manufacturing Technology show in Edmonton, AB, Canada, so if you are in Edmonton then, I will be happy to meet you there and respond to your inquiries.
Looking forward to seeing you.
Igor Chigrin, CITP
Export & Import Consultant