Successful exporting is often about knowing where and how to tap into demand for your products and services. Choosing the right international market is crucial to your success, whether your company is just starting out in export or already a seasoned exporter.
So where do you start?
Thorough market research is vital before you launch into doing business in a new country. It’s not only about finding a country where demand for your exports will be high – understanding the market will be just as important if you are to get your market entry strategy right.
How to assess overseas market risks
Research into potential export markets should include careful analysis of any:
- Business risk – how will you avoid the pitfalls of a different business and social culture? Knowledge of local custom and practice will help you to avoid causing offence, misunderstandings and delay.
- Legal or regulatory risk – what difficulties might arise from doing business under an unfamiliar legal or regulatory framework and dealing with different regulatory bodies?
- Political risk – how stable is the market politically, economically and socially.
Not only can the cost of such international research mount up, it also requires significant investment in terms of time – a resource which is often in short supply in the SME sector. How many business owners have time to travel to other countries to find out how local business operates? Not to mention the strain such enquiries could place on cash flow. Whilst government assistance may initially be available through UKTI, more detailed knowledge about an overseas market may be harder to come by without some form of partnership with an agent or company with the right knowledge and experience.
This is where specialist companies like Kazopp can be invaluable. We can help by guiding your SME to where the potential demand is and working with you to facilitate your route into exports to Kazakhstan. We’ve already done the leg work in country and have built up knowledge, experience and most importantly, the business contacts and relationships which can give SMEs new to the country a head start.
If you’re interested in starting or expanding your export portfolio, then get in contact with us.