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Market Opportunities

There are a number of key factors to consider when assessing export market opportunities for your business' products/services. These factors may include:

• The potential size of the export market
• The market share your business is likely to gain
• The available distribution channels
• The suitability and acceptability of products for the target market
• The intensity of competition and competitor's strategies
• The local economic conditions and trading preferences 

Know the target market

Understanding your target market properly is essential for success in exporting. You should be able to determine the characteristics of the target market including demographic patterns and customer requirements and purchasing behaviour. Other factors that are likely to influence the effectiveness of your business' marketing strategies include:

• Level of customer service
• Product/service quality
• Competitive pricing
• Efficient distribution arrangement
• Packaging
• Promotional and advertising methods

Further information regarding methods used to research overseas markets are discussed in a later part titled "Market Research".

Know the competitors

To increase your business' chance of being successful in exporting, you should be aware of your competitors and how they can impact your business. Prior to exporting, you should:

• Evaluate the intensity of competition for your product/service in the target market
• Identify and evaluate the competitors offering, considering their products, services and promotional strategies
• Identify the features and benefits of your product/service and how it differs from your competitors
• Determine your business' competitive advantages or unique selling proposition (USP)