Another key topic to consider when venturing into the international markets is product selection for international trade. Look critically at your product portfolio or options, and use the following criteria to select the right product for export or import.
1. Highest Margin. International marketing, sales and trade require flexibility to incur additional costs yet each trade transaction must be profitable for you. Selecting the product with the highest margin will ensure you will get you profit no matter what.
2. Adaptability. You may need to adapt your product not only to meet the standards or legal requirements of the target country (or the county you want to import to) but also to the tastes, likes and habits of the customers in that country.
3. Established Operations. Due to longer shipping timelines in international versus domestic trade, it is critical to ensure that you can manufacture or supply the required amount of product on time. Select the product with the most established production, service and delivery operations. You don’t want costly delays in international shipping.
We will be discussing this and other key questions to build the foundation of your export or import business at the upcoming after hours boot camp. Come in with your ideas, fears and questions and walk away with a solid foundation of your export & import business plan, tailored to your product and markets. Enroll in one-of-a-kind practical and intensive after-hours Export & Import Boot Camp in Toronto on April 24, 2018!
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