KNOW YOUR MARKET
DO YOUR HOMEWORK
Before even considering entering a new market, make sure you research it thoroughly. Benchmarking and looking into main competitors are crucial when starting off in a new market. Which segment does your brand or product fit? How does pricing structures/financing, as well as legal frameworks for exporting, look like?
KNOW YOUR TARGET CUSTOMERS
Make sure you spend some time researching who your target customer on the new market will be. If you know who your main target customer is, what they prefer, and how you meet their needs in comparison to the competition, you are off to a great start. Take time to really understand your customers. This will pay off considerably.
CHECK YOUR BUSINESS MODEL
If your export were to take off tomorrow – are you ready to handle the demand? Is the supply chain in order? Are partners in place?