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How to Identify Potential International Markets for Your Products and Services?

How to Identify Potential International Markets for Your Products and Services?. Doug Barry doug.barry@mail.doc.gov U.S. Department of Commerce 1-800-USA-TRAD(E) September 22, 2009. Basic Facts. U.S Exports in 2008 reached $1.287 trillion U.S. Exports to 198 countries

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How to Identify Potential International Markets for Your Products and Services?

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  1. How to Identify Potential International Markets for Your Products and Services? Doug Barry doug.barry@mail.doc.gov U.S. Department of Commerce 1-800-USA-TRAD(E) September 22, 2009

  2. Basic Facts • U.S Exports in 2008 reached $1.287 trillion • U.S. Exports to 198 countries • 97% of U.S. exporters are SMEs • U.S. sells more to its neighbors (Canada and Mexico) • Exports accounted 25% of economic growth • Exports brings growth to U.S. companies • When U.S. economy slows more and more U.S. companies look for overseas markets

  3. Challenge • 264,000 Exporters • 54% export to only one market • Many more companies could but don’t

  4. Major export markets

  5. 230 Major destination

  6. Where U. S exports?

  7. Trade Snapshot 2007 Top Michigan Exports Top Michigan Export Markets Canada $25,631,162 Mexico $5,206,617 China $1,313,226 Japan $1,308,230 Germany $1,267,110 • Transportation Equip $23B • Machinery Manu $4B • Chemical Manu $3.5B • Primary Metals $2B • Oil and Gas Extract $1.9B

  8. Top Five export locations

  9. Benefits of Exporting • 95 % of consumers are outside the United States • Increase in sales and profits • Use excess product capacity to sell abroad • Gain information on foreign markets • Improve product quality and features • Improve management and marketing

  10. What do you need to know about the country? • Demographic, distribution of population by age and income • Economic, per capita income, rate of economic growth, stages of economic development • Political stability, rule of law, regulations, ease of doing business • Cultural understanding the culture and business practices • Market access: how easy to enter market, taxes duties, import license, inspection etc. • Infrastructure: How easy to move products, communication, roads, ports and airports

  11. To be globally aware is to have: Developing a Global Awareness 1. Tolerant of Cultural Differences, and • Knowledgeable of: • (a) Culture, (b) History, (c) World Market Potential, • (d) Global Economic, Social and Political Trends

  12. Export Counseling • Counseling /market assessment (1-800-USA-TRAD(E) • Market research • Tariff and Non-Tariff barriers to entry can exist • The U.S. Commercial Service global network

  13. Steps to follow • Obtain export counseling (1-800-USA-TRAD(E) • Get in-depth knowledge of that market and the ability to create and cultivate business relationships • Understanding the culture is key to developing that market knowledge • Read the Basic Guide to Exporting

  14. Create and develop partner relationships with distributors and customers • Understand the culture and business practices of a target country is important; however, nothing is better than actually having spent time in a country in terms of understanding the business climate and building relationships

  15. Becoming a Exporter Before you export • Make the commitment • Design plan for flexibility • Plan for 5-10 years • Target specific markets • Understand target culture • Keep quality a continuous goal

  16. Becoming a Exporter Before you export • Explore need for modification • Research ISO standards • Study effects of tariffs & VAT • Construct pricing strategy • Protect yourself legally • Determine if export license is needed

  17. Resources • Where You will Find Help?

  18. Trade information center (TIC) Export Counseling • General and country-specific export counseling. • International market research and trade leads. • Documentation requirements for specific markets. • Import tariffs/taxes and customs procedures. • Advice on Export Licenses and Controls. • Information on all U.S. government export assistance programs. • Referrals to local USEACs.

  19. Country-Specific Counseling for: • NAFTA • Western Europe • Africa • Latin America • South Asia

  20. http://Export. gov

  21. Market research

  22. Market Research Library

  23. List of Countries

  24. Market Research Reports (1559)on India

  25. Country Commercial Guide and Best prospects

  26. Monthly trade magazine that lists U.S. products and services Distributed free to more than 400,000 buyers from around world A proven track record of high-response rates and sales results Advertise in Targeted Markets With Our Commercial News USA Check outwww.export.gov/cnusafor more information

  27. Promote Your Company in International Markets With Our Catalog Exhibition Shows Provide us with product literature, videos and other visuals and we’ll promote your catalogs to hundreds of business visitors at selected trade shows and embassies around the world • You’ll get: • Your products promoted at events worldwide without having to travel • Translation of key information about your firm for foreign visitors • Full trade leads presented to you at the end of the show “We find the catalog exhibition shows are an economical way of getting our message out, which we feel is the secret to developing new business" Du-Co Ceramics Company, Saxonburg, PA

  28. Global Business Trends • The rapid growth of the • World Trade Organization • and regional free trade • areas,, FTAs, NAFTA and the • European Union. 2. General acceptance of the free market system among developing countries in Latin America, Asia, and Eastern Europe 3. Impact of the Internet and other global media on the dissolution of national borders, and 4. Managing global environmental resources

  29. Internationalization of U.S. Business Increasing globalization of markets Firms face competition on all fronts Many U.S. companies are in foreign countries U.S. firms seeking foreign markets to increase profits

  30. BuyUSA www.buyusa.com • BuyUSA is a unique e-marketplace that provides trade opportunities for U.S. exporters and international companies. • Qualified International Trade Partners • User-Friendly Web Design • Locate your local U.S. Commercial Service office in 107 U.S. cities and 140 U.S. Embassies and Consulates

  31. U.S. Export Assistance Center(USEAC) • Part of a network of over 1700 international trade specialists located throughout the world • With 165 offices in 82 countries, the U.S. Commercial Service USEACs can: • Help your company identify and evaluate international partners • Provide counseling and advocacy through every step of the export process • Assist in developing market entry strategies • Help you learn information about trade events that promote your product or service to qualified buyers

  32. International Partner Search • Utilizing Commercial Service Trade Specialists in over 80 countries to find the most suitable strategic partners • We use our strong network of international contacts to interview potential partners and provide you with a list of up to five pre-qualified partners • Obtain high-quality market information on the marketability and sales potential for your products and services. • Receive complete contact information on key officers at each potential partner which is interested in your company along with information on their size, sales, years in business, number of employees, and a statement from the each potential partner on the marketability of your product or service.

  33. www.exportyellowpages.com • U.S. Exporters Yellow Pages offers a free directory that includes information on more than 17,000 U.S. companies interested in exporting. This popular directory includes trade contact data on U.S. manufacturers, export trading companies, and business service providers.

  34. tse.export.gov • National trade data • U.S. merchandise imports, exports, trade balances • State export data • State and regional exports of merchandise • Product profiles of U.S. merchandise trade with a selected market • Visual representations of market breakdown by products exported or imported

  35. Dun & Bradstreetwww.dnb.com • D&B is the world’s leading source of commercial information and insight on businesses • D&B provides solution sets that meet a diverse set of customer needs globally • Customers use D&B Risk Management Solutions™ to mitigate credit and supplier risk, increase cash flow and drive increased profitability • D&B Sales & Marketing Solutions™ to increase revenue from new and existing customers

  36. FITAwww.fita.org • Fosters international trade by strengthening the role of local, regional, national and global associations that have an international mission • 450 association members and 450,000 linked company members dedicated to the promotion of international trade, import-export, international logistics management, international finance and more. • Source for international import/export trade leads and events • Country profiles

  37. Manufacturing extension program

  38. Falcon Water Free Future = making + selling more stuff

  39. The Beginning • Contact U.S. Commercial Service Michigan

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