SIX THINGS EVERY IMPORT EXPORT COURSE
PROGRAM MUST TEACH YOU
1. DEVELOP YOUR PRODUCT IDEA
Is your product fit for market?
Some globally born products are adaptable for any market, with minimal changes, most products are not and will require some adaptation to meet regulations, or just customer expectations.
Is it profitable or feasible for the market?
Let’s calculate the range of costs to land it, then take it to market (not just launch it and hope, but reach customers)
What do you need to do get it market ready?
Next you sit down and work out the cost and time for each new feature. A wish list – and you must be brutally efficient in deciding what will deliver value and what is not feasible. The last thing you want is a never ending product development cycle that drains you of money, enthusiasm and market opportunity.
2. WHICH MARKETS TO IMPORT FROM OR EXPORT TO
Is there an appetite for the product?
If it is a completely new product to market – how will you educate people what it is and create demand? Or are you filling a niche for a product with existing demand? The go to market strategies for a new vs. known product are entirely different.
Can the customer pay your asking price?
Sure you can look at the most populated countries on earth and salivate at their market size, but if they are not used to paying your asking price for that product, if they do not have the disposable income then you may be better to look at a market with higher levels of income.
Is there local substitution or danger of replacement?
Think about exporting to China or India, would they really buy your product at a premium price if it is manufactured locally and sold by a foreigner? Surprisingly the answer is maybe. The key is in branding and local substitutions.
3. DEVELOP YOUR PRODUCT PROTOTYPE FOR THE MARKET
- Is your product best developed locally or overseas with the manufacturer? Sure you will pay less having an overseas
manufacturer develop the product, but the control and attention to detail by developing local is invaluable. Can you afford to develop it locally? Have you got the time to develop it overseas?
- Do you need product expertise to cover your knowledge gaps? Unless you are a pattern maker or an engineer, there may be elements of the product that can be better checked by an expert. A wise investment at the prototype stage.
- Now test your product for the market. Implementing a systematic import export procedure to test your supplier, product and customer market, which ticks off uncertainties surrounding your investment. We specialise in helping our clients to test multiple new products before they invest in one.
4. NOW COVER OFF YOUR IMPORT EXPORT RISKS AND CHALLENGES
Is your intellectual property at risk?
Think about preventative steps and practical measure to minimise the risk. Sorry to say that IP (Intellectual Property) theft is a major issue, even in Australia so whatever you do to prevent IP theft is much better than trying to enforce
Is your payment at risk?
What is the chance your money will go missing, or just be drained by foreign exchange drops and fees?
It happens on every market (even with our import export online course!), so do what we did and take practical steps to lead the market and prevent competitors overrunning your ideas and market position.
5. NEGOTIATE YOUR IMPORT EXPORT AGREEMENT
Can you develop a small and large volume strategy?
Regular small volume parcels help make you adaptable to new product lines. Large orders are of course most cost effective to ship and store. Strike a balance on product supply.
Quality control and inspections?
If you don’t get quality inspections done, you have rocks in your head. I cannot emphasise this enough, even for small orders.
Have you ticked off and got agreement on every major risk area?
We have translated agreement templates for you to work from, and learning modules that reveal all the latest tricks that are deployed.
6. SHIP AND LAUNCH YOUR PRODUCT
Manage storage and delivery or 3PL (3rd Party Logistics)
Pick and pack services are fantastic for avoiding home or office storage, and a great interim solution. But what are the tipping points and when do you graduate from one to the other, and back to own storage?
Shipping terms and risk transfer
The oldest trick in the book is a switch of shipping terms at the last minute, and it continues to happen with online suppliers frequently. Of course once the goods are in your control you are responsible for getting through customs and insuring them.
Market entry strategy
Are you selling retail online, wholesale, utilising sales agents and distributors or setting up offices. THINK VOLUME, whatever you do. Online retail as a sole strategy is slow going, we advise all our clients how to tackle wholesale and export.
Want to learn more about how to work through these six steps to import and launch product? Download our free course guide and starter program, or just get started today and get coaching and guidance along the way.