Aug

28

Recession can shock any business to a terminal standstill but you can insulate yourself from its negative effects by diverting time and resources to finding markets for your products or services overseas and filling your pockets with currency.

Experts from Business Week and other web resources have provided articles sharing information on selling overseas. Outsourcing Opinions presents the salient points.

You can Sell Overseas

Despite the slump in domestic demand, U.S. products and services are wanted globally. The United States has always been considered as a producer of the highest quality commodities.

Since a lot of these commodities are on bargain due to the present economical factors, the whole world definitely wants to buy, buy and buy.

The hottest commodities right now have to do with American innovations and know-how. Businesses, both big and small, in China and India are moving away from traditional practices and outdated processes and are relying on the US to provide the information, expertise as well as the effective, efficient and eco-friendly technology to bring them to the this side of the millennium.

Recent trade agreements make it cheaper to market outside US borders.

Advances in information and communications technology make it easier and faster for the small and medium enterprises to make transactions with anyone with an IP address.

Through breakthroughs in the Internet and development of ocean-crossing optic communication cable networks, many international emerging markets are open wide for business.

How to sell Overseas and Succeed

1. Decide which emerging markets you’re going to sell your products then make sure there is demand for your product. Usually if your product has a strong domestic market, it’s likely to have an international one as well.

2. Understand the culture of the market in which you plan to sell your product. Selling abroad often means dealing with many regional and cultural preferences. You may have to remake your products for these new consumers who are often of lesser means.

4. Get the information on distributors, trading partners and other leads you would need from Uncle Sam.
The US Commerce Department with its trade arm, U.S. Commercial Service, can assist you get established overseas. Also, The U.S. Chamber of Commerce has branch offices in cities worldwide. Check out your home state’s economic development agencies with international trade offices for assistance.

3. To get to these new consumers is through existing ones. You may already have a contact network of business partners or suppliers who are based overseas, even in the country you want to market your product.

Start using your relationships with vendors or suppliers and have them introduce your product to potential customers in that emerging market.

4. If you don’t have such a network, then establish one or hire one. Seek out resellers or distributors who already carved a market niche of products similar to yours. If you cannot locate any, then hire out sales services in the region to aid your product’s navigation to the attention of consumers, give it a local flavor and presence.

5. It is better to start small to incur less costs and risks. Once demand becomes constant and sales volume increases, that’s when you might want to consider acquiring a permanent foothold in that market.

6. Technology is now faster but cheaper, use it to your advantage.  The Internet, videoconferencing, and mobile devices can help you work your product into any market, domestic and worldwide.
You can use video conferences regularly to keep up-to-date with your international sales agents and their progress, as well as use computer software to keep tabs on relevant market information in the region your product is breaking into.

7. Keep things in proper perspective. Do not get so consumed with selling your products internationally that you forget to pay attention from your domestic sales. Be alert for the fluctuations in foreign exchange and currency prices which can affect your profits.

Outsourcing Solutions, Inc. – your outsourcing partner!

References:

  1. Jesdanun, Anick. “Global Expansion With A Twist of Local Flavor.” 3 August 2008. E-Commerce Times. Accessed 20 August 2008. Link here
  2. Klein, Karen. “Selling Online to Industrial Buyers Overseas.” 18 August 2008. Business Week. Accessed 20 August 2008. Link here
  3. Klein, Karen. “How to find a Reputable Overseas Rep.” 11 October 2006. Business Week. Accessed 27 August 2008. Link here
  4. Quittner, Jeremy. “How to sell Overseas.” 16 April 2008. Business Week. Accessed 27 August 2008. Link here

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