There is a lot more that goes into exporting products than the exportation itself. Before any business begins exporting products to new markets it is imperative they develop an export marketing plan, which acts as a road map for acquiring and retaining customers in each market. Here are the seven questions you’ll need to answer before you write your marketing plan, plus the eight sections that every great marketing plan includes. Before creating your marketing plan, you should be able to an
The legal side of international trade may seem overwhelming, but it does not have to be. Chances are local law and regulations will be different than international ones so it’s important that you understand both if you want to confidently enter new markets and limit your risk of legal action. Here are four key factors of international law you should understand before you expand.
A plan is essential to ensure a business’s successful entrance into a new market or jurisdiction. Part of determining your exportation readiness is laying out the necessary steps it takes to get you there. There are many things to consider so use this checklist to help you develop your exportation strategy
In the digital era, websites are making it increasingly simple for businesses to enter the e-commerce space in order to buy and sell their products and services online, even if the transaction doesn’t actually occur on the website. What a lot of businesses are failing to consider is how they can utilize e-commerce to simplify the process of exporting products to new markets.
When businesses decide to export products to foreign markets there is a lot to consider. Of these considerations, currency exchange risk is the most overlooked. Fluctuating currency rates affect everything from your production costs to consumer affordability and your profitability. A common misconception is that exchange rates are out of a business’s control, leading owners to do little (or nothing) to mitigate their risks. Here we’ll walk you through what it is actually costing you to ign
Market research is especially integral for the successful expansion of a business into new international markets. A thorough market research process will help you screen potential markets and identify which are the best fit for your business, allowing you to focus on a success strategy to enter those particular markets.
An export plan is essential for any business that is planning to enter international markets. It’s a business plan tailored specifically for international markets that will help you identify your target market, understand what resources you require, outline your next steps and define your export goals. In addition to being the roadmap that will help your business succeed, export plans are often a requirement to obtain institutional financing. To help get you started, here are some guidelines o
Global value chains are a popular way for businesses to increase efficiency and productivity, decrease overhead and deliver quality products at the lowest price possible. Rather than being the sole producer of their Canadian exports or relying entirely on the foreign market, more and more businesses are beginning to outsource certain components of their products or services. These components include everything from concept to R&D, production, marketing, distribution and even consumer support.
Considering that nearly 70% of Canada’s GDP consists of import and export revenue it’s no surprise that more and more Canadian companies are looking to expand internationally. Entering foreign markets can create opportunities for diversification, reduced vulnerability, higher profits, more sales, access to global demand and innovation.
Last month, Minister Ng announced some exciting and very relevant additions to the CanExport program. The CanExport program offers government grants of up to $75,000 to small and mid-sized Canadian companies that take their business into new markets. With COVID-19, entering new jurisdictions has become much less accessible and businesses have had to look at new ways of reaching clients in international markets. The deadline for submitting an application for 2020/2021 funding is December 14, 2020