Several factors come to play when selling across the geographical borders. You meet different cultures, social, legal, and political environments from your home country. It is challenging when trying to understand the new markets and serve them satisfactory. It is good to consider using the services of international trade consulting firms to get a grip of the market. Here are several areas that the consultant may be of assistance.
Different countries have different licensing procedures for imported products. You need to comply with such rules for you to get into their markets. A consultancy may help get the required licenses by advising on compliance measures. The firm could also be used to lobby the decision-making organs to make decisions in your favor. You may also lobby to get cuts in remittances such as mining royalties.
If you plan to enter new markets by producing goods in the respective countries, consider that cost and availability of raw materials, qualified teams and the right technology for production. A consultant helps in ascertaining whether the project is feasible given the availability of all the above factors of production. Using the results of the research, you can make the right decision on the way forward.
Each market that you venture has different customer preferences, purchasing power, substitutes, and competing goods from your home market. Different ethnic groups attach different meanings to shapes, names, and colors. A brand name may be accepted at the home market but fail to pick up in a particular segment of the global marketplace due to the meaning of its name, color or shape. A consultant assists in getting the right names, meanings, and sizes for different markets.
When it comes to electronic appliances, there are countries that use 110V on their national grid while others use 220V. There also countries that use right-hand drive vehicles while others use left-hand drive cars. If you produce either of the two, you need to research on the modifications that you are to make to match with the regulations. In the same way, you need to be compliant with wattage and carbon emissions regulations, . A consultancy helps in assessing such regulations and advising whether the market is profitable before you invest on modifications.
If you are importing products to countries that are in an economic block such as the European Union, or the East African Community, you need to understand the legal environment and restrictions placed on non-members. In most of the trading blocks, the countries tend to protect their home industries by putting punitive regulations for foreign firms. Consider hiring a firm that will help you enter such restricted markets by laying out good market entry strategies.
In an effort to encourage companies to seek out foreign markets, governments use subsidies, tax reliefs, and access to affordable loans as baits. Such initiatives help the firms set low prices and compete effectively with home companies in the foreign market. Unfortunately, you may not be aware that such initiatives exist. It is advisable to hire a consulting firm to help net such opportunities and advise on ways to take advantage of them.
Selling globally helps increase your market share, revenue and enables you to improve on your offering. However, you need to have the knowledge, resources, and tact to counter the many challenges that you are likely to face in the new market. A consulting firm comes in handy by doing the research, formulating strategies, giving the right advice, and helping you get started in the new foreign markets.
Different countries have different licensing procedures for imported products. You need to comply with such rules for you to get into their markets. A consultancy may help get the required licenses by advising on compliance measures. The firm could also be used to lobby the decision-making organs to make decisions in your favor. You may also lobby to get cuts in remittances such as mining royalties.
If you plan to enter new markets by producing goods in the respective countries, consider that cost and availability of raw materials, qualified teams and the right technology for production. A consultant helps in ascertaining whether the project is feasible given the availability of all the above factors of production. Using the results of the research, you can make the right decision on the way forward.
Each market that you venture has different customer preferences, purchasing power, substitutes, and competing goods from your home market. Different ethnic groups attach different meanings to shapes, names, and colors. A brand name may be accepted at the home market but fail to pick up in a particular segment of the global marketplace due to the meaning of its name, color or shape. A consultant assists in getting the right names, meanings, and sizes for different markets.
When it comes to electronic appliances, there are countries that use 110V on their national grid while others use 220V. There also countries that use right-hand drive vehicles while others use left-hand drive cars. If you produce either of the two, you need to research on the modifications that you are to make to match with the regulations. In the same way, you need to be compliant with wattage and carbon emissions regulations, . A consultancy helps in assessing such regulations and advising whether the market is profitable before you invest on modifications.
If you are importing products to countries that are in an economic block such as the European Union, or the East African Community, you need to understand the legal environment and restrictions placed on non-members. In most of the trading blocks, the countries tend to protect their home industries by putting punitive regulations for foreign firms. Consider hiring a firm that will help you enter such restricted markets by laying out good market entry strategies.
In an effort to encourage companies to seek out foreign markets, governments use subsidies, tax reliefs, and access to affordable loans as baits. Such initiatives help the firms set low prices and compete effectively with home companies in the foreign market. Unfortunately, you may not be aware that such initiatives exist. It is advisable to hire a consulting firm to help net such opportunities and advise on ways to take advantage of them.
Selling globally helps increase your market share, revenue and enables you to improve on your offering. However, you need to have the knowledge, resources, and tact to counter the many challenges that you are likely to face in the new market. A consulting firm comes in handy by doing the research, formulating strategies, giving the right advice, and helping you get started in the new foreign markets.
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