Building a sustainable export business: Key strategies for global market expansion
Conduct market research for each target region
A successful export business starts with in-depth market research. Each country’s consumer behaviour, regulatory framework, and competition landscape are unique. Conducting thorough surveys provides actionable insights into local demand, price preferences, and competition. This understanding helps businesses tailor their products and align them with regional requirements. When we were expanding to Bangladesh, overcoming high duties involved detailed buyer-competitor analysis.
Embrace cultural and economic adaptation
Localisation is key to making products resonate in foreign markets. Beyond meeting regulatory standards, businesses must adapt to cultural and economic contexts. This can mean modifying product designs, packaging, or pricing structures. For instance, food exporters may adjust recipes to suit local tastes, while service providers might refine their offerings based on purchasing power. An adaptive approach fosters stronger connections with local consumers.
Build localised teams
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