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Research Your Export Markets
1. Identifying Potential Markets
1.1 Start by defining the characteristics and type of customer most likely to buy your product or service.
- Use what you know about the markets you already operate in. It's possible you will attract a similar category of customer in another country.
- Try not to make assumptions. Although some countries may be poorer, it does not mean poverty is evenly distributed. There may still be a market for a 'no frills' or luxury version of your product or service.
1.2 Find out if any of your competitors export and where. This may highlight areas you could be successful in but could also indicate already saturated markets.
- Few competitors may indicate it is an unprofitable or inhospitable market.
1.3 Contact the British Chambers of Commerce, the Government's UK Trade & Investment or the Institute of Export. They all give advice and will help identify possible markets for your product or service.
- Your initial list of potential countries may be partly based on instinct. Further research will weed out weaker candidates.
Labels: Exporting/Importing
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