One of the export related questions that many companies struggle with is whether their product will actually sell in an international market. How can you know?
There are several clues that you can use to determine the likelihood of your product selling outside of your domestic market.
Your Current Customer Type
All companies getting started with exporting need to review their “perfect customer”, to determine what they look like, and more importantly, why they buy your product or service. Once you have this profile, you can do research to determine if there are these types of customers in any target market and how many there might be. This will at least tell you whether it’s worth moving forward.
Competition
As much as we don’t like dealing with competitors, where they are located shows you quickly which markets make sense. If your competitors are selling similar products in a territory, you can rest assured that your product will most likely sell there as well.
Cultural Appreciation
Does the target market really like products and services from your country? Are these products or is your nation well respected internationally? Then you at least have more of an opportunity than similar products from another market that suffers from a bad reputation. Yes, price and quality will matter, but every little edge helps!
Exportspark can do a quick assessment to determine the best fit markets for your product or service, often in under three hours of consulting time. Contact Exportspark today to set up a discussion!