The Overseas Private Investment Corporation (OPIC) is a U.S. government agency founded in 1971 that helps U.S. companies invest abroad and promotes economic development in new and emerging markets. Trade shows are one of the best ways to find opportunities in the UK and abroad. Meet buyers and generate new business. Check with us for available grants to subsidize exhibition costs, or see if you can share the cost of a booth with another company. Understanding the legal and regulatory environment in all the countries you want to export to is crucial. We can help you fill out your paperwork and put you in touch with international lawyers if needed. Any successful marketing plan starts with in-depth market research. Your first market research project is usually the most difficult because it is uncharted territory.
However, once you`ve collected the data you need to predict how a particular type of product will sell in a particular geographic location, you can use the information over and over again as a guideline to export similar products. If you build your database of personal information about global markets and learn how to keep abreast of developments in international trade, it will be less tedious to determine where to take your product. You`ll find that market research is a powerful tool for exploring and taking control of your global territory. A solid export plan is the first step towards international business success. Developing the right marketing tools is critical to the success of your business. Below is a list of tools and tips to help you get started. The U.S. Export-Import Bank (Ex-Im Bank) is the main government agency responsible for supporting the export of U.S. goods and services and thus creating and maintaining the United States. Jobs, through a variety of credit, guarantee and insurance programs. In general, its programs are available to any U.S.
exporting company regardless of its size. When developing an export plan, consider the following questions for each market. This sample export plan can help you organize your work. CIPO`s mission is to “promote economic development in new and emerging markets, support U.S. foreign policy, and create jobs in the U.S. by helping U.S. companies invest abroad.” The agency provides insurance for political risks against the risks of incongruity, political violence or expropriation. CIPO also provides financing through direct loans and loan guarantees.
Whether you`re a small business or a large company, you`ll have access to a wide range of resources to help you increase your overseas sales, increase jobs and opportunities in the U.S., and improve your business profitability. Documentation is at the center of export, without it there is no contract, no transport and no payment. Requirements vary from country to country. The outcome of your advertising strategies can determine the success or failure of your exporting business. You have already reviewed the elements required to create an effective export plan in accordance with section 3.3. You are now ready to tackle the specific marketing components of your export plan. When developing, remember not to confuse marketing with advertising, sales, or promotion. Marketing is a strategy.
The other three are the tools your strategy uses to reach your target audience. Canada Business Network determines the questions you should ask when developing a marketing plan and provides a template for creating your own plan. Examine potential language barriers, legal constraints, logistical challenges, and payment issues that could hinder doing business in a particular market. Include all relevant variables in your assessment. It is best to establish business relationships in foreign markets in person. Faxes, phone calls and emails should be for follow-up only. * Training programs on topics such as export documentation, export controls and export basics. Export.gov brings together resources from across the U.S. government to help U.S. companies plan international sales strategies and succeed in today`s global marketplace. Export.gov was also created to provide better customer service to businesses that interact with the federal government.
The U.S. Department of Commerce`s International Trade Administration manages Export.gov in collaboration with the 19 federal agencies that provide export assistance programs and services. Analyze your strengths and weaknesses in a selected market. Will your product or service offering be in the low, medium or upper price segment? Is there currently a similar range of products or services in the selected market? If so, who does? Where are they based? Can you follow? Why should you do it? How would you do that? The more professionals you have to enter a new market, the better your chances of success. If you can get inspired from the perspective of a local (better yet, a real potential customer) in the country where you are very interested in doing business, then do it. Nothing beats an on-site examination. A written quote should include the details of your product, including the size and format of the packaging, as well as any additional costs associated with providing the export labeling and packaging that you charge the customer. Setting the price and delivery conditions (Incoterms), the expected date of shipment on arrival and the terms of payment is crucial to avoid subsequent disputes. Late or non-payment of bills is a risk and insurance could be a consideration. New customers who apply for some form of trade credit need a credit check. An irrevocable letter of credit could be recommended that guarantees payments according to the terms of the loan and at an agreed rate. Make sure you are insured for your goods during transport.
* Support U.S. exhibitors at select foreign and domestic trade shows to attract qualified business partners. Measure. Participating in or participating in international trade fairs allows you to promote your business, check the competition and conduct market research. Strategic pricing is one of the most important factors in financial success. Part of setting a realistic export price and thus a reasonable profit margin is to look at production, supply and distribution costs, competition and market demand. You also need to understand the variables of your target market and other export-related expenses, such as: Ads can help you gain notoriety, but can be expensive. As in the UK, pay attention to the target group and costs versus return on investment. Another option is to create a website with content that has been translated according to your target market. Global social media sites such as Linkedin, Facebook, and Twitter can also help you promote your message quickly and for free. Although the setup costs nothing, they need time to stay up to date.
Whatever you use, make sure that all your marketing materials include up-to-date contact information for your company as well as the person responsible for export sales. The Ex-Im Bank focuses much of its energy and resources on helping U.S. small businesses export U.S.-made products. There are no dollar transactions that are too small for the former im bank to consider. Programs targeting this sector include export credit insurance and working capital guarantee programs. An export plan helps you understand the facts, limitations, and goals surrounding your international efforts. Use it to create specific goals, set implementation timelines, and mark milestones for your success. It can also motivate your team to achieve their goals.
Personal visits. Many cultures value face-to-face contact as the best way to promote and build business relationships. .
