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How do you find new markets for your products?

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If you are in the import/export business, you know how important it is to find new markets for your products. Expanding your customer base can help you increase your sales, diversify your risks, and gain a competitive edge. But how do you find new markets that are suitable for your products, and how do you enter them successfully? In this article, we will share some tips and strategies to help you find new markets for your products.

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Samer Nour

Business development & public relations Professional specialty instructor
Rafeeque Kavanur

Technical Director of FTRIC | Startup Mentor | Food Consultant | Food Business Coach | Food Technologist | Trainer |…
Mohammad Z.

Network Cargo | Management Studies from Oxford Brookes University, England and Cargo Marketing from IATA, Geneva |…

1 Research your potential markets

Before you start looking for new markets, you need to do some research to identify the best opportunities for your products. You need to consider factors such as market size, demand, competition, regulations, tariffs, logistics, and culture. You can use various sources of information, such as trade publications, market reports, industry associations, government agencies, and online databases, to gather data and insights about your potential markets. You can also conduct surveys, interviews, or focus groups with your existing or potential customers, suppliers, or partners in those markets to get a deeper understanding of their needs, preferences, and challenges.

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Kay F.

Helping ?? the C-Suite overachieve its ?? goals.
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The useage of data analytics solutions like #Datamyne can help you to analyze market potentials very easy. You will see what your competitors are doing and which market shares they have throughout building trade flow reports.

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OLUSOLA AMUSAN

Global Inventory and warehousing manager Engie Energy Access
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Market Research: Start by conducting thorough market research to identify potential new markets. Look for regions or demographics that match your target customer profiles. Analyze market trends, consumer behavior, and purchasing power in different regions or markets. SWOT Analysis: Perform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to assess your company's readiness to enter new markets. This will help you identify potential challenges and advantages.

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2 Evaluate your market entry options

Once you have narrowed down your list of potential markets, you need to evaluate your options for entering them. There are different ways to enter a new market, such as exporting directly, using intermediaries, forming partnerships, licensing, franchising, or setting up a subsidiary. Each option has its own advantages and disadvantages, depending on your product, budget, goals, and risks. You need to weigh the costs and benefits of each option, and choose the one that best suits your situation. You also need to consider the legal, financial, and operational implications of each option, and seek professional advice if necessary.

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Samer Nour

Business development & public relations Professional specialty instructor
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Your total understanding and full digestion of your products, services or commodities is the main business starter, for example certain (product, service..etc) disadvantages found in one market could be an advantage in another. International trade is the unspoken business solution for yielding at any point of your business growth process.

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3 Develop your market entry plan

After you have decided on your market entry option, you need to develop a detailed plan for implementing it. Your plan should include your objectives, target market segments, value proposition, marketing mix, distribution channels, pricing strategy, promotion strategy, and evaluation methods. You need to tailor your plan to the specific characteristics and requirements of your new market, and align it with your overall business strategy. You also need to set a realistic budget and timeline for your plan, and allocate sufficient resources and personnel to execute it.

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Mohammad Z.

Network Cargo | Management Studies from Oxford Brookes University, England and Cargo Marketing from IATA, Geneva | TheCargoBlog.com
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From a different angle, developing a comprehensive market entry plan is the next critical step. Your plan should serve as a roadmap, outlining your goals, target market segments, value proposition, marketing strategies, distribution channels, pricing, promotions, and methods for evaluating success. It's essential to customize this plan to suit your chosen market's unique characteristics and demands, aligning it with your overall business strategy. To ensure success, set a realistic budget and timeline and allocate the necessary resources and personnel to execute your plan effectively.

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4 Test your product and market fit

Before you launch your product in a new market, you need to test its fit and performance in that market. You need to make sure that your product meets the expectations and standards of your target customers, and that it complies with the regulations and norms of your new market. You can use various methods to test your product and market fit, such as prototyping, sampling, pilot testing, or beta testing. You can also solicit feedback from your potential customers, distributors, or partners, and use it to improve your product or adjust your strategy.

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Mohammad Z.

Network Cargo | Management Studies from Oxford Brookes University, England and Cargo Marketing from IATA, Geneva | TheCargoBlog.com
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With that in mind, testing your product and market fit is crucial in entering new markets. I would like to point out that your product aligns with the expectations and standards of your target customers and meets local regulations. Prototyping, sampling, pilot testing, and beta testing are effective methods to gauge how well your product resonates with the new audience. Additionally, seeking feedback from potential customers, distributors, and partners can provide valuable insights, helping you refine your product and adapt your strategy accordingly.

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5 Launch and promote your product

Once you are confident that your product and market fit is satisfactory, you can launch and promote your product in your new market. You need to communicate your value proposition clearly and effectively to your target audience, and use the appropriate channels and tools to reach them. You can use various promotional strategies, such as advertising, public relations, social media, events, or referrals, to create awareness, interest, and action for your product. You also need to monitor and measure the results of your launch and promotion, and use the data and feedback to optimize your performance.

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6 Maintain and grow your market presence

After you have launched and promoted your product in your new market, you need to maintain and grow your market presence. You need to provide consistent and reliable service and support to your customers, and build long-term relationships with them. You also need to keep an eye on the market trends, customer preferences, and competitive activities, and adapt your product or strategy accordingly. You can also look for opportunities to expand your product range, customer segments, or distribution channels, or to enter new markets with similar characteristics or potential.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rafeeque Kavanur

Technical Director of FTRIC | Startup Mentor | Food Consultant | Food Business Coach | Food Technologist | Trainer | Food Innovator | Research & Development | Plant Based Meat & Dairy | E-learning
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Using market analysis tools for getting the insights of available market is the best way to mitigate the chance of risks. For import export business there are many data driven web applications such as The Dollar Business, Mintel, etc…

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How do you find new markets for your products?

1

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3

4

5

6

7

1 Research your potential markets

2 Evaluate your market entry options

3 Develop your market entry plan

4 Test your product and market fit

5 Launch and promote your product

6 Maintain and grow your market presence

7 Here’s what else to consider

Import/Export Operations

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How do you find new markets for your products?

1

2

3

4

5

6

7

1 Research your potential markets

2 Evaluate your market entry options

3 Develop your market entry plan

4 Test your product and market fit

5 Launch and promote your product

6 Maintain and grow your market presence

7 Here’s what else to consider

Import/Export Operations

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