Successful New Zealand exporters prioritise markets for development growth and take as much responsibility for growing the export market as their partners do. They invest in training, promotions and market support and become experts in the market to ensure they become an established brand in the markets they target. By going deep they build value for both the New Zealand business and their international partners and put in place structures to maintain their position before moving onto new markets.
Some key questions to consider when expanding overseas include:
There are some key elements that the Katabolt team have consistently found across the most enduring New Zealand exporters large and small. These companies all follow some core practices that are important to any business with an international growth focus:
SELECT YOUR MARKET CAREFULLY AND PRIORITISE YOUR COMMITMENT RATHER THAN SPREADING YOUR FOCUS TO THINLY.
Better to understand and succeed in one market at a time than spread your resources and limit your impact by chasing too many businesses at a time.
INVEST IN UNDERSTANDING YOUR MARKET.
Research your market and identify your customer and what part of your offer has relevance to them. The better your understanding the greater the opportunity to reach the right customer. And don’t stop learning, success is based on continuous refinement of your activity.
TAKE TIME FINDING THE RIGHT MARKET PARTNERS.
Make sure they understand and can deliver on your objectives. Set your criteria, make sure they understand and can deliver on your strategy and find as good a fit as possible. Take your time to establish a relationship at the beginning – like any relationship they are costly, time consuming and distracting to get out of later.
BE AMBITIOUS AND COURAGEOUS.
Don’t sell yourself short. Set clear, measurable objectives for your market partners and hold them to them early. Ensure before committing that respective functions are clearly defined and planned out.
NO ONE IS MORE INTERESTED IN YOUR SUCCESS THAN YOU.
Once you are in market it is essential to work with your market partner and let them know that they are constantly accountable for the success of the business.