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Step by Step provides helpful hints and tips that you'll need as you venture into the global marketplace.
Much of the information provided here comes from "A Basic Guide to Exporting," as well as the U.S. Small Business Administration's publication "Breaking into the Trade Game: A Small Business Guide." Other sources include the Oklahoma Department of Commerce Global Business Services division, (800) 879-6552; the U.S. Export Assistance Center for this region in Arlington, Texas; and a variety of federal agencies and private/public entities, including the U.S. Chamber of Commerce, the U.S. Department of Agriculture, the U.S. Agency for International Development, the NAFTA customs offices, and many, many more.
The information covers the complete exporting life cycle from preparing to export and researching new markets to finding and developing trade contacts and leads, promoting your company, conducting transactions, financing and insuring those transactions, and following through with after-sales service.
Approaches to Exporting
Are You Ready to Export?
Assessing the Export Potential of Your Products & Services
Preparing Your Products & Services for Export
The Price is Right
Market Research: Knowledge Nets Export Success
What's the Plan?
Responding to Inquiries
Soliciting Overseas Business
Good Global Business Practices
Delivering the Goods: Methods of Export Distribution
Forms, Forms, Forms: Shipping Overseas
Closing the Loop: After-Sales Service
Approaches to Exporting
How involved your company plans to be in the global trading game represents a crucial decision that affects and determines your overall international business plan and specific marketing strategies. Are you just dipping your toes in the pool or diving in for a big splash? Four primary approaches to exporting exist--some companies find success sticking with one and others mix and match to find their niche in the international marketplace:
- Filling orders for domestic buyers who then sell overseas--these sales are just like any other you make in the U.S. market. The buyer assumes all the export risk and handles all the details.
- Actively looking for domestic buyers who represent foreign end users or customers--many U.S. and foreign corporations, general contractors, foreign trading companies, foreign government agencies, foreign distributors and retailers, and others purchase for export. These buyers represent a large market for a wide variety of goods and services. The buyer still assumes the risks and handles the details.
- Exporting indirectly through intermediaries--with this approach, your company can use an export management company (EMC) or export trading company (ETC). These companies can hook you up with buyers in your targeted foreign markets, handle a lot of the details involved with shipping, and even assist with financing. However, your company still retains considerable control over the process and can realize some of the other benefits of exporting, such as learning more about foreign competitors, new technologies, and other market opportunities.
- Exporting directly--this is the big-splash approach, with your company handling all the details from market research and planning to distribution and collections, assuming all the risks, but reaping all the benefits. To achieve maximum profits and long-term growth, your company needs to commit significant time and attention to its overall exporting strategy. With a firm commitment and the appropriate level of support from the Oklahoma Department of Commerce's Global Business Services Division, which works with a variety of state and federal agencies involved with international trade, even small or medium-sized companies can export directly.
Are You Ready to Export?
Because of the time and energy required to succeed in the global market, your company needs to be ready. Answering these general questions about how exporting can enhance your company's short, medium, and long-term goals gives you a good idea about your export readiness.
- What do you want to gain from exporting?
- Is exporting consistent with your other company goals?
- What demands will international trade place on the company's key resources, management and personnel, production capacity, and finances? How will you meet those demands?
- Are you going to get more than you give? Are the expected benefits from trading your products and services in the global market worth the costs? Or would your company's time and energy be better spent developing new domestic business?
In its "A Basic Guide to Exporting," the U.S. Department of Commerce offers an export readiness test and more detail about the considerations you should mull over a bit before deciding to trade internationally. To take the test, follow this link: http://www.export.gov/exportbasics/index.asp.
Assessing the Export Potential of Your Products & Services
Several ways to evaluate the export potential of your company's products and services in overseas markets exist. The most common approach: look at the success of your products and services domestically. You should have a clear, 360-degree view of your operations at home before venturing into the international neighborhood.
In general, if you're doing well in the U.S. market, there's a good chance success will follow you overseas. However, the markets you chose must have similar consumer needs and conditions.
Looking at the unique or important features of your products and services represents another way to assess your company's export potential. If the features are hard to duplicate abroad, then you may have a winner. A unique product may have little competition and demand for it could be high.
Finally, your company's product and services may have export potential even if domestic sales are slouching a bit. In new or emerging markets, consumers and end users may not need state-of-the-art technology or they may be unable to afford the most sophisticated and expensive products.
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