Selling overseas can be complicated. It helps to plan well before committing to any overseas sales contract. Based on Selloverseas.com experience we have tried to consolidate five mistakes that every exporter should avoid when selling internationally.
Don’t Rush that export contract.
When asked how to sell products overseas ? “Just ensure export documentation requirements are in order” says owner of a major export house . It is an extremely important to ensure that you list down the documentation required by the country before closing any export sales contract. The listing not only provides opportunity to understand the required resources but also to develop scope in line with the target market requirements.
The listing down of documentation requirements gives some structure and may even help to uncover new export opportunities.
It helps to get an advice from an expert, who does a quick market scan. This not only helps to understand regulatory requirements but also market infrastructure available to bring in cost efficiencies.
Don’t neglect your end customer.
Keep end users at the heart of everything when developing an offer to sell overseas. Whether it is labelling, manuals, packaging and any specific after sales input they may need when consuming the product or service.
Taking services of an independent export consultant in international markets certainly helps to build customer insights. They are the best source to align the offer and create tailored offer to suit international customers.
Don’t try to handle export logistics yourself
An international logistics consultant is worth every penny. Most of the international sales personnel can identify with this concern. It is so important to have someone with knowledge of trade, storing, warehousing or required mandatory approvals suitable before actual export contract is closed. Big percentage of post-production costs for any product or service is associated with delivery or logistics and warehousing. All sales margins can evaporate with one simple mistake in handling the logistics. The logistics team not only helps with timely deliveries but also providing right insurance, which is imperative.
It makes sense to bounce off the idea with someone having sound logistics perspective before scaling in international markets.
Don’t neglect payment due diligence
Securing payment is the most essential aspect in international sales. In current digital age many global trade instruments are available which offer timely and secure payment terms. Using services of global export credit insurer like “Coface” or “Atradius” is of utmost importance to cover against any unfavorable circumstances. Depending on the value of export invoice, customer profile export credit insurance may come as a cost, but it’s worth the value.
A proper credit profile evaluation with the help of a local expert in target export market can save many headaches.
Don’t be afraid of failures
Plans are bound to fail at times, but that’s fine. A prime product which is selling like hot cakes in one market may fail to take off in other market. A radically different route to enter that market or fresh approach with open mind always helps.
A consistent approach and ability to change and adapt to market is what works when selling overseas. Making export strategy around the product or service many times it blinds to the market reality.
Success in international markets for a business depends on its ability to change and align with market requirements rather than the other way round.
The key factor exporters need to consider is how well they are in tune with the target market requirements. Selling overseas requires flexibility and consulting partner who can provide the expertise, right advice and timely assistance.
How to sell products internationally?
Selling internationally starts with quick market scan in terms of TAM (Total available Market), PAM (Product available market). Followed by investments fulfilling regulatory aspects such as local language labelling, manuals and mandatory approvals in line with government regulations etc. Finally, pricing in line with competition inclusive of logistics cost and payment risks.
Do I need services of export import consultancy in India?
Keeping in view complex documentation procedures with customs, insurance, tax laws etc. when shipping goods to or from India; the service provided by export consultant definitely helps both suppliers and buyers.