basic-guide-to-exporting_Latest_eg_main_086196

This last advantage is especially important. Building an international business takestime. It often takes months, sometimes even several years, before an exportingcompany begins to see a return on its investment of time and money. By committingto the specifics of a written plan, you can make sure that your company will finishwhat it begins and that the hopes that prompted your export efforts will be fulfilled.Market ResearchTo successfully export your product, you should research foreign markets. Thepurpose is to identify marketing opportunities and constraints abroad, as well asto identify prospective buyers and customers. Market research encompasses allmethods that your company may use to determine which foreign markets have thebest potential for your products. Results of this research tell you:• The largest markets for your product and the fastest-growing markets• Market trends and outlook• Market conditions and practices• Competing companies and productsYour company may begin to export without conducting any market research if itreceives unsolicited orders from abroad. A good first step is to review your currentcustomer list; if you are engaged in e-commerce, you probably already havecustomers in foreign countries or have received queries from foreign buyers. Thesecurrent and prospective foreign customers can be a good barometer for developingan export marketing plan. Although this type of research is valuable, your companymay discover even more promising markets by conducting a systematic search.Primary Market ResearchYou may research a market by using either primary or secondary data resources.When conducting primary market research, you collect data directly from theforeign marketplace through interviews, surveys, and other direct contact withrepresentatives and potential buyers. Primary market research has the advantageof being tailored to your company’s needs andprovides answers to specific questions, but thecollection of such data on your own is timeconsuming and expensive and may not becomprehensive. The U.S. Commercial Service cancollect primary data for you and help you analyzeit. This service costs, on average, several hundreddollars for each market analyzed and does notrequire you to travel there. The U.S. CommercialService can also help you find intermediaries withspecific market expertise.The U.S. Commercial Servicecan help you collect andanalyze data. We can alsohelp you find additionalpartners with specificmarket expertise.32U.S. Commercial Service • A Basic Guide to Exporting