From Local to Global How to Take Your Business to The Next Level.
Wednesday, September 21st, 2016
Expanding your business overseas entails certain risks, but it can also reap great rewards. With global online retail sales alone up 17% annually, the potential for growth is huge. And it’s not just about the bottom line. Exploring new markets can keep your company fresh, help you to innovate, cushion you against downturns in the market at home and improve efficiency and productivity. Here are some helpful tips for turning your company into a global brand.
If you want to sell products and services abroad, it’s important to do your homework on potential foreign territories. When deciding which countries to target, you need to know whether there’s a demand for your product, and if you’ll have any competitors. How does the country’s internal market operate? Are there trends than you can turn to your advantage? Digging deeper, it also pays to become conversant with the local culture, customs and values. As well as helping to prevent any social faux pas, this can also provide valuable insights into how to frame your products for local consumers.
Once you’ve settled on a potential foreign market, spend some time there visiting trade fairs and business events where you’ll have a chance to meet potential customers, distributors and agents. Be methodical about it: scan guest lists for people who might be of importance to you and make a point of introducing yourself. Don’t underestimate the value of networking. Friends on the ground can give you an insider’s point of view of new markets and help you to refine your sales strategy.
To successfully expand your business abroad, you must also ensure that you have adequate capital for your venture. If you need to raise funds from investors or banks, then you will want to show them a sound business plan explaining how you intend to scale up your business and build a lasting customer base. When doing your sums, remember to include all the additional costs you are likely to incur due to factors such as transport, storage, manpower and government red tape.
It can be a mistake to rush in, blanketing several counties at once with a “one size fits all” marketing strategy. The wiser option is to begin with one or two markets, then expand slowly but surely. Trade fairs are a good starting point; it can also be helpful to create a presence on social media and existing e-market platforms, and thus ease your way into the consciousness of overseas buyers.
One of the hazards of trading overseas is the danger of non-payment. Dealing with this issue can be unpleasant enough at the best of times, and long distances can aggravate the situation. That is why it is important to evaluate the creditworthiness of potential customers before committing yourself. You can also guard yourself against non-payment with various safeguards such as credit insurance cover and Letters of Credit.
If you need anymore information, you can contact us on: info@gdtme.com or visit the website GDTME.com we are happy to help.
Expand Your Business Overseas with an Export Management Company
Monday, September 5th, 2016
Expand Your Business Overseas with an Export Management Company.In what is becoming an increasingly globalised world, the ability to sell products overseas is highly desirable goal for many businesses looking to expand their business.
Creating a presence in international retail markets is a vital growth strategy, yet many fail to understand the potential methods available for making this ‘dream’ a reality. This post aims to explain the benefits of choosing an Export Management Company as a way to venture into global markets and the processes such a company follows.
There are many reasons why you may wish to export your products to foreign markets, the main reason being the opportunity to access a much larger customer group. However, exporting internationally can also be beneficial for helping a business to spread risk should a local market experience recession spurring a fall in consumer confidence falls and a decrease in purchases.
Many businesses can see the amazing opportunities venturing into international markets provides however the majority are overwhelmed with the perceived challenges and many complicated areas which must be overcome in order to make the process a success.
If you are only used to operating within your local supply chain, then you may lack the relative knowledge needed to operate in a different one. In order to export to overseas markets as efficiently as possible you will want to be prepared for all areas of exporting including understanding local customs and adjusting branding and marketing communications accordingly; as well as navigating language barriers, fees and international tariffs, among a whole host of other hurdles.
If you feel that opening your own operations in a foreign market is unachievable then an Export Management Company can provide an alternative which can simplify the process.
Export Managers help businesses to overcome the challenges they may face on their own by providing a logistic link in the international supply chain between producers in one country and channels to sell in another. They will be able to tap into an existing network of businesses and wholesalers which can help speed up the process of getting products on foreign shelves.
Through their knowledge of the market and the area Export Management Companies are able to help pass your products on in an efficient and cost effective way and develop the most effective way to link the supply chains of a business in the UK or other country and their potential partner(s) in the MENA region.
After discussion with your business, its process and goals, and once all requirements and barriers have been outlined and assessed, an export manager can begin the process of marrying up supplier to potential distributers in the region.
An Export Management Company will follow a number of processes to manage the flow of your product to the supplier. They are responsible for setting up the systems and processes needed to manage the flow of a product from your business to their local supplier/distributor.
A good Export Management Company will ensure that you are informed about the progress of your products and about any potential issues and ways in which they can be resolved.
Every year there are new reforms in the MENA area which make it easier to do business in the region. The UAE and Morocco continue to lead in improving regulations business regulations, for example last year Morocco made it more straightforward to start a business as a declaration of business no longer needs to be filed.
This loosening of barriers and growth in the region has made it a popular choice for those looking to sell their products abroad. In particular, the UAE has been a popular choice due to the diverse and continually expanding economy and in the fact that English is widely spoken.
GDT are an Export Management Company established in 1982 and based in Dubai. Our primary area of operations are the GCC countries. However, for many brands, we handle the entire Middle East region along with some countries in the Mediterranean such as Cyprus, Greece, Turkey and Malta.
For more information about exporting to the Middle East, or how we can help your business, please call us on +97143206673 or email us: info@gdtme.com