In this article, Johnny Paterson, Co-Founder of Dr.PAWPAW, shares his top tips for brands looking to export to new markets.
Exporting is great, when you get it right! Since the start of October, I have been on a fair amount of international travel, including Cannes, Bucharest, Budapest, New York, Mumbai, to name just a few. This got me thinking to provide you, the reader, with some great advice on exporting. Because while we’re always told that exporting is great, and it is, there are so many factors that you need to get right, otherwise it can be an expensive waste of time.
My top three tips for expanding into foreign markets
Is your product right for the market?
Before diving into pricing and strategy, the very first step is to assess whether your product has genuine potential in the target market. Start by researching competitors abroad, evaluating if pricing aligns with local expectations, and tapping into local expertise. This can be achieved through distributors or resources like the UK Government’s Department for Business and Trade, which can offer valuable insights on whether entering a specific market is worthwhile.
Get your pricing right
If an opportunity exists, pricing becomes crucial. Over the past 12 months, I’ve dedicated significant time to re-evaluating our global pricing strategy. With fluctuating currencies, economic uncertainty caused by wars, COVID-19, and the financial crisis dating back to 2008, the “one-price-fits-all” model is no longer sustainable for most businesses. Thorough research is key: ensure your pricing reflects your brand’s positioning and makes sense within the economic landscape of the new territory.
Prepare to invest in your new market
The days of simply selling to a distributor and stepping back are long gone. Success in a new market requires ongoing commitment and investment. Carefully choose where to expand—at Dr.PAWPAW, we prioritised English-speaking countries as an initial step for simplicity. We then factored in elements like population density and GDP, which play a critical role in our decision-making process.
Being strategic about market selection and committing to its growth will set the foundation for a thriving export business. Success in a new market requires a hands-on approach—working closely with your distributor to develop tailored sales and marketing plans will ensure your brand resonates with local consumers and drives growth.
For more information on exporting please contact UK international export.
