How to Identify the Perfect Market

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Increase your chances of success by thinking carefully about which markets to target. Take the time to do the right research, concentrating on the following questions.

  • What is the market potential of the country? Are potential customers for your exports in good supply and do they have the resources to buy?
  • Who will the competition be and can you match it? Are there gaps in the market?
  • Can you get your goods to the market in good order? Distribution needs to be financially viable as well as practical.
  • Are there specific barriers to trading in this country – regulation that might prove difficult to overcome, for example.
  • Can you communicate in the market in question? Is English widely spoken and if not how will you get your message across?
  • Is it easy to access information on market conditions and factors that may influence demand for your products?
  • How will you enter the market – will you sell online or look for local partners? Are these options available and practical? 
  • Do you have a unique selling point in the market – the Made in Britain tag, for example, is now a premium brand in many countries.
  • Do you need to visit the country in order to sell there – either initially or an ongoing basis? If so, are the time and cost implications acceptable?
  • Do you already have contacts in particular markets that may be able to help?

In practice, most exporters – but by no means all – start close to home, often in the European Union, where common regulation and open markets make life simpler for British businesses.

By: David Prosser

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