Four Easy Steps to Expand to New Markets Now
Step 1. Examine Complimentary Markets
Where are you shipping now? It’s likely that similar conditions exist in other markets, indicating that your product or service could be successful there too. For example:
- Most of the 58 percent of companies that ship to only one market, ship to either Canada or Mexico, taking advantage of North American Free Trade Agreement (NAFTA) privileges.
- For those companies, considering expansion to the other NAFTA partner or to the countries which recently entered into the Central America Free Trade Agreement (CAFTA) might make a lot of sense.
- If you export to the United Kingdom, expanding to Ireland or the Nordic countries will probably require little effort since regulatory requirements and business culture are very similar.
A useful source of market intelligence is the U.S. Commercial Service’s market and industry research written by our in-country trade professionals.
Step 1 – Examine Complimentary Markets
Step 2 – Track Global Demand of Your Product
Step 3 – Talk with your Peer Group
Step 4 – Contact Your Local Trade Specialist
