The road less travelled
When exporting, it’s always tempting to go for the bigger and more established markets, as these could provide much bigger, and presumably more profitable contracts.
But it’s often the smaller, less known countries that can provide an incredible export opportunity that are often overlooked. They’re generally less competitive, and usually a little hungrier for imported products as they can lack their own production capabilities.
Finding new markets
Of course, the UK’s impending departure from the EU leaves an uncertain landscape for trading within the EU. But in this unknown landscape, it’s time to go bold and not be afraid to take the road less travelled. After all, fortune favours the brave.
Our advice is to go bold – but take the time to assess what countries provide the best opportunities for your business. Culturally, or perhaps they have a specific need, or could use your product in a new, unique way.
Outside of selecting your next target geographically, it’s also important to consider second tier options within your selected country. Rupert Harrow, from Rezonence shares “it’s natural to go for the top tier, because who doesn’t want to work with the Economist, the FT? But you know what, they’re doing okay! Our strategy has been to go for the 2nd tier guys, who are a bit hungrier, more open to change. They’ve been very receptive, and I think the same can be said for markets as well”.
Size isn’t everything
A lot of the companies that Newable have helped export, have found that sometimes they’ve supplied into territories that may not have been on any sales map for their products, but turned out very fruitful.
At Newable, we understand researching the global market for your products, identifying areas of opportunity may be difficult for a new time exporter; however, that’s where our consultancy service comes in. With years of experience helping British businesses trade with overseas markets, Export Engine are well equipped to help you with exporting your products and services.
For more information on our services click here
For more support, please email us at LifeLessons@Newable.co.uk