On your way to new export markets: 5 mistakes to avoid

By Kateryna Levkovska

www.exportmarketresearch.com

1. Exporting without having done your “homework” Before starting to export to a new unknown market do your “homework” to identify possible obstacles & red flags to avoid any regulatory and other issues.

2. Assuming that the new market will be the same…

Don’t expect that your new market will be the same as your home market or the neighboring country’s market. Knowing local market specifics (customer segments, distribution value chain etc.) will help to make a decision regarding the right way to enter the market and to be efficient.

3. Not taking into account possible product perception differencesLocal consumer’s product perception can vary from country to country due to different product preferences in each country. The right product positioning is important, if you want your product to sell well. Positioning can also differ from market to market as the target customers can vary.

4. Limiting your options with potential partners & clients

When considering potential business partners / clients in a new market do not limit your options choosing only the main players – medium & small companies can also present an opportunity.

5. Ignoring possible cultural differencesBusiness culture can vary from country to country. Ignoring these differences can be an obstacle in your efficient communication with local business partners / clients and can reflect negatively on your product performance in a new market.