Today on the International Trade Resources Podcast, our host Kim Kirkendall is joined by Emmanuel Margaritas to discuss the importance of having a well-developed export plan, the challenges and barriers companies face when exporting, the need for product selection and adaptation for export markets, and the significance of having an appropriate pricing strategy for export markets. 

First, Kim and Emmanuel break down key aspects of getting started exports. Emmanuel emphasizes that companies often make the mistake of chasing buyers abroad without proper planning, leading to wasted resources. He advises having a clear strategy, a business plan, and a decent budget for export activities.

Companies face additional barriers when exporting compared to domestic sales, such as being unknown in foreign markets, geographic distance, and higher competition. These barriers lead to additional costs and complexities, demanding a more strategic and well-planned approach to ensure successful international operations.

Companies also need to evaluate their unique selling points and tailor their product offerings to be competitive in foreign markets. By understanding what sets their products apart, companies can better position themselves to meet the specific needs and preferences of international consumers. Emmanuel gives an example of a company that succeeded by focusing on tailor-made products rather than standard ones.

Lastly Kim and Emmanuel discuss setting the right price, which involves understanding market competition and adjusting for additional costs like shipping and regulatory compliance. Emmanuel highlights the common mistake of basing prices solely on costs and the importance of being aggressive with pricing to penetrate new markets.

Listen now and learn about export mistakes and how to avoid them!

KEY TAKEAWAYS:

• The importance of starting with a plan
• Barriers companies often face and how to overcome them
• Being competitive in foreign markets
• Why setting the right price is so important

 

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