Exporting goods to international markets isn’t always as straightforward as supplying domestic markets. It takes a lot of planning and focus to ensure success in an international market, as well as a lot of hard work and commitment.
What is it that successful exporters have which other businesses are struggling with?
The 5 C’s of Exporting Success
When talking export, there are the 5 C’s that are important for businesses to consider:
- Clarity – you need a clear purpose and relevance of export to your business. What does it mean for your business? What are the goals, target markets, responsibilities and timelines?
- Connections – developing strong networks of international buyers and stakeholders that can help you along the export journey is critical. These may be participants along your supply chain, expert advisors or trade agencies and industry associations.
- Capability – who do you have on your team and do they have the expertise to deliver on research, strategy, documentation, logistics and governance. Is this something an existing staff member can take on or do you need a new staff member or external help?
- Commitment – this is one of the most essential considerations when looking at export. Opportunities are strong, but you need the commitment, time and patience to safely navigate through your export journey.
- Cash – as always, you need to have the ability to fund research, build networks, travel, attendance at tradeshows and international marketing to be able to break through the noise.
How KPI’s Can Help
Most businesses use KPI’s in some way to ensure their continued success and exporting is no different. There are many KPI’s that businesses can set when looking at exporting, however the most essential include:
- Sales Targets – setting targets of either a $ value or a % of overall sales. This gives you a figure that you need to aim for.
- Timelines – so that you can measure your success
- Responsibilities – who is responsible for what – key staff, the business owner, managers etc
- Budget – how much are you going to spend on research and developing your export market. Are you spending too much, or are you not spending enough?
- Number of Markets – how many markets do you want to be in and by when?
Want to find out more about exporting and how it can help your business grow? Export Connect has an online export masterclass that you can join and receive highly rated insights on how to develop a successful export business. Click below to find out why 100% of masterclass participants recommend the Export Connect masterclass to industry peers.