How To Know Product’s Export Potential
To find out the product’s export potential is challenging, although the thrill coming from exporting your product is certainly tempting. A lot of factors and considerations to consider, paper works that needs to be completed, before you start to see your product is being used by customers on the other side of the ocean.
*for simplicity sake, this article deals with exporting physical products.
Read: the benefits of exporting to your company
How To Know Product’s Export Potential?
Evaluate the potential of your product by answering these key questions, based on their categories.
- Are your products have been used by the country(s) you’re exporting, and is the product can be used in generally by all types of poeple, or limited to certain groups? You might need to build a customer profile for each product you’re exporting.
- Are there any external factors (environment, demographic, culture) that can influence the use of your product?
- Does your product need further modification to serve foresign customers? If yes then to what extend?
- Does your product have long shelf life?
- Does your product meets the technical/chemical requirements fits with the country regulations
- Is the price of your product competitive enough? And can they be represented to the locals efficiently?
- Does your company have the capacity to cater the needs of both foreign and your own local markets, should the demand from both countries increase?
With these questions answered, you’ll be able to know if your product have the potential, as well as developing an export plan for the particular product. And generally speaking, companies that intend to export indirectly may require simpler export plan.
Conclusion
These considerations served as benchmark to evaluate if your product have true value and able to serve your foreign customers’ needs. And in today’s world where everything is going global and connected, there’s bound to be an untapped market that your product can be a big break, for your business.
For further reading, click here to read all of the articles related with exporting.
