A common question that every exporter wishes to ask is "How to select the right product to export from India"?
Delivering success for ambitious exporters
When you think about export growth, what are your challenges? Making sure your company is ready, market intelligence and finding relevant business partners are probably high on the list?
We specialises in helping businesses just like yours to profitably grow through expanding in international markets. We provide expert support and guidance in the areas you need to make sure you are fully prepared and have a winning strategy in place for a successful export journey.
Using our tried and tested methodologies, we work with you to assess your level of export readiness plus devise and implement an export strategy that actually works and delivers results. We help you avoid the costly mistakes, stop you going down the blind alleys or taking the wrong turns.
Whatever stage you are at in your business, whatever the level of support you need, we turn your ambitions into reality.
The recommended reviews that you need to conduct as follows:
- Find Unique Products made in India. What are the products that India is known for? ...
- Analyse Demand and Supply of the Product in Global Market. ...
- Select a Country with Steady Demand for your Product. ...
- Growth Prospects. ...
- Trade Regulations.
Before you go global, identify the foreign markets that are most likely to respond to your offer and determine your target markets. This will require a clear picture of the markets, so you'll need to do export market research.
Market research involves 2 steps:
1. Researching potential markets
- Check out documentation on exports of products and services identical to yours (government websites, statistics, existing market research). Take the time to find this information. Start your research with multiple potential export markets in mind.
- Select at least 5 markets and research the transformations they are undergoing (performance, business cycle import growth, market stability). Now is the time to explore, so don't limit yourself to just 1 type of market.
- Look into different types of markets. Being open to cultural differences and speaking other languages can be helpful when choosing a market.
- Choose your top 3 markets.
2. Assessing target markets
- Analyze demand and need changes, potential buyers and socio-economic data.
- Determine how much national and international competition there is in each target market and what share of the market each competitor has.
- List the sales and distributions strategies used by the competition and their strengths and weaknesses.
- Identify potential problems: standards, restrictions, business culture, trade laws.
Determine your target export market
Use a comparative analysis to select your top market. Score each statement on a scale from 0 to 10, where 0 is a statement that is inconsistent with your research findings and 10 is a statement that is fully consistent with your research findings. The market that gets the highest score will be your top market.
If you cannot score each statement, your research is incomplete. Don't be afraid to ask an export specialist for help.
As the saying goes, you don't get a second chance to make a good first impression, so make sure you're ready before you take the leap into the export business! Do your homework, research everything and get to know your target market and the local customs. Spend time in your export market to develop business relationships that will help get your name out there and strengthen your reputation.