The next step for many small to medium businesses for growth and diversifying is to export, writes Michael Carter, Head of CCIWA’s International Trade and Investment Centre (ITIC).
The recipe for export success requires commitment, planning and research. But as the whole has begun to recover from the effects of COVID-19, there is new government stimulus, grants, free trade agreements and changing international markets, which have created new opportunities for exporters.
1. Understand your value proposition
What makes your product or service unique? What benefits do you offer that your competitors don't? Once you know your value proposition, you can start to market your products or services to potential buyers in other countries.
2. Do your research
Before you start exporting, it's important to research the markets you are interested in. This includes understanding the local culture, regulations, potential roadblocks and competition.
CCIWA can assist you through our international network, the Australian Trade Commission and through the WA Government trade offices.
3. Develop a marketing plan
Once you know your target markets, you need to develop a marketing plan. This will help you reach potential buyers and generate interest in your products or services. Your marketing plan should include a budget, timeline and goals.
4. Build relationships
One of the most important things you can do when exporting is to build relationships with potential buyers and partners. This can be done through trade shows, networking events and online forums. Building relationships will help you get your foot in the door and make a good impression, and is essential to long-term international business success.
5. Be patient
Exporting takes time and effort. Don't expect to see results overnight. It may take several months or even years to achieve success, depending on the product or service and the market. But if you are patient and persistent, you can achieve your export goals.
Some additional tips to help you increase your chances of export success:
- Use a freight forwarder – A freight forwarder can help you with the logistics of shipping your products or services overseas. They can also help you with customs clearance and other paperwork.
- Get insurance – Exporting can be risky. It's important to get insurance to protect your products and business from damage or loss.
CCIWA’s International Trade and Investment Centre (ITIC) helps businesses reduce the time, cost and risk of going global. Contact the team for a free consultation on (08) 9365 7620 or via [email protected].
