Export Market Research
The most successful exporters start market research and marketing functions before entering a foreign market. Some of the key issues to consider include:
• Does the country's culture fit your product?
• How do the people respond to different types of marketing and advertising?
• How do people respond to new products and brands?
• Are there sufficient channels already existing in the country?
• Do they meet your needs?
• Are they cost efficient and time effective?
• Is there competition in your product area?
• Is the competition local, imported or of an indirect or substitute nature?
• How are competitor pricing, distribution and performance?
Barriers to Entry
• Does the country have import tariffs or quotas?
• Are registration and documentation difficult to obtain?
• Does the government support foreign products and companies?
• What is the country's GDP per capita?
• Can the average consumer afford your product?
• Is the country experiencing economic growth?
• What is the country's population?
• What is the age distribution?
• Are there sufficient consumers in your target market?
• Is the country ethnically and religiously diverse or homogeneous?
• Is the country stable?
• What types of trade legislation are enforced?
• Is company confiscation or nationalization of industries a threat?
• Is the country easily accessed?
• What types of transportation are available to and within the country?
• What is the country's climate?
These are just some of the topics and questions that should be thoroughly researched and considered before entering a new market. It is also necessary to update your market research on a regular basis once exporting to a foreign country in order to maximize your potential within the market. Below are some organizations, websites and publications that can help you gain information about international markets.
Key sources include:
Austrade helps Australian companies win overseas business for their products and services by reducing the time, cost and risk involved in selecting, entering and developing international markets. Austrade offers practical advice, market intelligence and ongoing support (including financial) to Australian businesses looking to develop international markets. For more information please visit: www.austrade.gov.au
Atradius country reports are designed to support you in trading safely abroad. They provide you with short, concise information on large Western econmies' economic peformance and insolvency development and on main emerging markets' current political and economical situation and outlook: http://www.atradius.com.au/creditmanagementknowledge/countryreports/overview-country-reports.html
Department of Foreign Affairs and Trade
The Department's role is to advance Australia's national interest. This involves working to strengthen Australia's security and enhance Australia's prosperity. The Department provides foreign and trade policy advice to the government. We work with other government agencies to ensure that Australia's pursuit of its global, regional and bilateral interests is coordinated effectively. For more information please visit: www.dfat.gov.au
Export Finance and Insurance Corporation (EFIC):
Export Finance and Insurance Corporation (EFIC), Australia's export credit agency, provides specialist finance and insurance services to Australian companies exporting and investing overseas. As well as, working directly with exporters, EFIC works closely with commercial financiers in Australia and overseas to support exporters. For more information please visit: www.efic.gov.au
• Australian Business International Trade Services: www.australianbusiness.com.au
• Australian Chamber of Commerce & Industry: www.acci.asn.au
• Australian Industry Group: www.aigroup.asn.au
• Australian Institute of Export: www.export.org.au
• Business SA: www.business-sa.com
• Business Council of Australia: www.bca.com.au
• Federation of International Trade Associations: www.fita.org.au
• Commerce Queensland: www.commerceqld.com.au
• Chamber of Commerce and Industry of Western Australia: www.cciwa.com
• Chamber Of Commerce Northern Territory: www.chambernt.com.au
• NSW Business Chamber: www.nswbusinesschamber.com.au
• Small Business Development Corporation: www.sbdc.com.au
• Victorian Employers’ Chamber of Commerce and Industry (VECCI): www.vecci.org.au
Bilateral Chambers of Commerce:
• Australia-China Chamber of Commerce & Industry (NSW): www.accci.com.au
• Australia China Business Council: www.acbc.com.au
• Australia- East Timor Business Council: www.aetbc.net
• Australia Indonesia Business Council: www.aibc.com.au
• Australia Japan Business Association: www.ajba.com.au
• Australia Korea Business Council: www.akbc.com.au
• Australia Malaysia Business Council: www.ambc.org.au
• Australia Philippines Business Council: www.apbc.org.au
• Australia Singapore Chamber of Commerce and Industry: www.ascci.org.au
• Australia- Taiwan Business Council: www.atbc.asn.au
• Australia Thailand Business Council: www.aust-thai.org.au
• Australian Chamber of Commerce Vietnam: www.auschamvn.org
• Hong Kong Australia Business Association: www.hkaba.com.au
• Armenian Chamber of Commerce in Australia: www.armenianchamber.com.au
• Australian British Chamber of Commerce: www.britishchamber.com
• Australia- Maltese Chamber of Commerce: www.amcc.org.au
• European Australian Business Council: www.eabc.com.au
• Finland Australia Chamber of Commerce: www.finland.com.au
• French- Australian Chamber of Commerce and Industry: www.ccife.org.australie
• German-Australian Chamber of Commerce: www.australien.ahk.de
• Hellenic- Australia Chamber of Commerce: www.hacci.com.au
• Italian Chamber of Commerce and Industry: www.icciaus.com.au
• Spanish Chamber of Commerce in Australia: www.spanishchamber.org
• Swedish- Australian Chamber of Commerce: www.swedelink.com.au
• Swiss- Australian Chamber of Commerce and Industry: www.sacci.com.au
Join the Export Council of Australia to share tips with other businesses trading in your target market as well as have the opportunity to attend Export Council of Australia networking events and industry working groups.
Dynamic Business is a monthly publication direct mailed to all Export Council of Australia members. Each issue includes a market focus, export case studies, updates on FTA agreements and details on overseas trade exhibitions and events.