Manage episode 347173475 series 3400534
On today’s episode, we talk with Julia Montgomery, who has spent over 10 years in international trade advisory services. She's a trade data specialist and she's currently a board member with NASBITE. Kim and Julia will discuss how to identify new markets and grow exports from the comfort of your desk.
The first topic they discuss focuses on different types of data – what data is helpful in identifying markets in other countries, and what kinds of data make the most sense to analyze when you’re looking to expand your current business. They break down primary data, which is what the company you’re looking at already has, either through a tradeshow, an email, or the like. And secondary data, which is from an outside source and what you find through your research. In both cases, it’s up to you to decide what data you’d like to collect and analyze.
You should set the standard for what your analytical models look like early so that you can collect the data. Factor in the requirements for your business to export to a certain country. A good tip Julia shares is to use primary data to get started and secondary data to get more granular and double-check to ensure these countries are the right fit.
Why spend so much time working through the data? It’s crucial to consider market size in that country and how many potential customers are located there, to keep tabs on any government regulations or policies that may impact your product or make it difficult to import or export it, and any potential risk or legal, political, or economic factors that may influence how you get paid.
Once you’ve identified a target export country, how do you go about finding a distributor and customers? Julia shares some great ideas on how to utilize and maximize government resources to inform your strategy. Kim talks about some of her client’s experiences to share how sometimes recognizing there is NOT a market is just as valuable. They discuss ways you can simply narrow your search based on the products or services you’re providing. There are databases that you can tap into to access a list of potential customers.
Things you’ll learn
- How to properly and effectively research countries to expand or starts exporting to
- Potential pitfalls to look out for when growing new markets
- What resources are out there for you to find distributors and potential customers
UN Comtrade: https://comtrade.un.org/
ITA/Commercial Service Website: https://comtrade.un.org/
CIA World Factbook: https://www.cia.gov/the-world-factbook/
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