How To Decide on a Market
How To Decide on a Market
- You already have useful connections in that marketplace.
- You are familiar with the culture and perceive a niche for your product.
- You know your product has a unique appeal for that market.
- Your product will be competitive in that market against local products.
Finding a Partner
- You will need to have someone to sell the product for you - a wholesaler, distributor or independent retailer. Investigate any potential partner carefully; there are a variety of resources that can help you find a reputable company - check the Small Business Administration and Import-Export Bank websites.
Will You Make Any Profit?
- How much will it cost to get your product into that market? What are the tariffs and fees that will apply?
- Can you find facts and figures about the demographics of the marketplace? Previous sales of similar products might give you some insight into local demand for yours
Product Labeling & Packaging
- Will the product have to be repackaged or renamed for that market? Product names and the images and labels associated with them can make a big difference!
- Research the local language, including slang terms, before you export your product. Many products have failed in foreign markets because the product name translated into something rude or embarrassing in a local language or dialect
- Are the colors used on labels and packages offensive or attractive to the foreign buyer? In some countries certain colors are associated with death or have other associations that might limit your market.
- Are the pictures, logos or other images appealing to that market? If your product comes in a package that uses unfamiliar imagery or unfamiliar faces, consider adjusting it to appeal to the local audience
- Does the product label meet all required local standards?
- Does the packaging material meet required local standards?
