Every experienced exporter will tell you that this is one of the most difficult tasks facing the new entrant to a market. Everyone has made mistakes in this area and everyone will tell you that they are difficult to avoid. So the best you can hope to do is take the steps that help you minimise the risks.
- Profile your ideal partner carefully. What will they need to offer? What geographical coverage will you need to achieve? Are there market segments you want to address through a different route?
You will address this in detail in the ‘Assessing Capacity and Capability’ module of ExportSavvy - Do your market research. Understand how the market works and take account of this in your strategy. Understand the value of what you have to offer.
- Be systematic in your approach. Trawl the market for the right kind of contacts. Evaluate them according to your criteria and target the people you really want. Avoid ‘knee-jerk’ decisions.
- Research your partner carefully.
- What market coverage/sector penetration can they offer you?
- Is their position in the marketplace right for your product?
- How much resource can they make available to support your product?
- Carry out a financial check. Ask for bank references. Ask for trade references.
- Be prepared to adjust your strategy, but be aware you are making compromises and consider how these might be made up.
You will address these issues in more detail in the ‘Assessing Capacity and Capability’ module of ExportSavvy - Invite a potential partner to the UK. Test their commitment.
- Be aware that trust will play a key part in your relationship. Look for someone you can work with. Your ‘gut feel’ will play a part in your decision.
ExportSavvy is a unique learning and information tool for businesses who want to grow their international markets. Members include businesses who are new to export as well as those with experience. Find out more at www.exportsavvy.co.uk
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