Mark Delaney answers your queries on international markets and the global economy
How can I find out if entering a particular market is viable?
Some sort of market research is necessary. This can take the form of a professional research programme carried out by a consultancy on your behalf, or it can be more informal - such as gathering information yourself through site visits, trade journals, and speaking to local experts. For example when researching the field of consumer electronics it is often valuable to talk to shop staff.
While they cannot usually supply specific quantitative data, they can give a very good indication as to what local customers are buying and their reasons for purchase. Contacting professional bodies such as the British Chamber of Commerce, and the Department of Trade and industry can give valuable insight into a particular market, and often help with specific local contacts within your product area.
How can I find out what the competition is in a particular market?
There are a number of agencies such as Growth for Knowledge that will supply official sales data for a wide range of products. These figures are expensive to buy, but are accurate and give a good indication of the current state of the market.
A review of the trade magazines or specialist trade shows in the export market you are targeting will allow you to identify your competitors and understand a little about their marketing strategy. And speaking to local experts, especially in the retail trade will give a good insight into the current state of the market and the customer's motivation for choosing one product over another at point of sale.
How can the web help in improving exports?
The web is a powerful tool that allows you to both research potential markets and competitors as well as market your product worldwide. The dos and don'ts of successful website design are too complex to cover here and are explored in depth in many other resources. However, these are some basic points for websites aimed primarily as a tool for export:
- If you are targeting a specific market make sure your website includes an option that allows your customer to browse in their own language.
- Always provide a contact address and telephone number. This provides a link to the real world and encourages your customer to trust you.
- Don't make the site too complex or clever - simple, clear and intuitive navigation is essential. Think what the customer needs when they visit your site, and remember that they might not have a fast modem connection.
- Update your site often and review its design and navigation. In many cases the site will be the customer's first contact with your business - make sure that you give the right impression.
- Give the customer feedback - if orders are placed then follow up with a confirmation email; if the order is delayed, then let the customer know. Doing business on the web often feels insecure - do everything within your power to make your customer feel at ease.
Who do I contact first if I want to start exporting?
Contacting UK Trade & Investment (previously known as Trade Partners UK) is a good starting point, this Government-funded body is set up to offer support and services to British companies seeking to do business overseas.