First cross-border transactions
One of the biggest challenges small businesses are facing right now is the slowdown in demand in their home market. The export is clearly an option that can significantly increase sales and improve business performance. For a leading exporter, trading in Northern Ireland is the perfect starting point, says Thomas Hunter McGowan of InterTradeIreland.
Northern Ireland offers many advantages to companies based in the Republic of Ireland (and vice versa). It is geographically closer than our other European neighbors and there are no language barriers. Cross-border trade currently has a value of € 3.048 billion, so there are significant opportunities in both countries.
Here are some tips for getting started:
1. Take stock of your performance in your home market
Recognize challenges and opportunities (SWOT analysis).
How do you behave at home?
To what extent is the local market geographically covered?
How do you compare your competitors?
Do you offer all multiples – are there any closed markets for you?
2. Discuss with your team the opportunities and challenges of entering a new market.
Do the exercise yourself, unless you really believe that someone else in the team is better equipped for it.
Discuss why you want to grow and grow (with facts and figures at your fingertips).
Identify your readiness
Identify all challenges.
Set ambitious but achievable goals.
Identify the benefits of emerging markets.
3. Visit your target market
Spend time in your target market.
Meet as many relevant people as possible, even though they are unlikely to be immediate customers or customers. These are all sources of valuable information in the market.
Understand the retail or distribution channels of your product.
Take a close look at the competitors.
Inform yourself in as much detail as possible about the “price”: final or selling price, wholesale price, discounts
Understand the marketing and advertising approach of suppliers and retailers.
Estimate the volume.
Size of the work (the size of the task to be done).
Note the differences to your original market.
4. Hire an experienced market research consultant based on the target market
You or your team are best placed to perform this task and will learn a lot from the research process.
However, a new market-based marketer can collect facts and figures and reach sources faster than you.
An independent professional can also provide realistic information about opportunities and challenges.
The InterTradeIreland Acumen program offers a range of bespoke materials to help you with this search.
5. Collect all your information and research
Collect all the information and materials that you have collected.
Create a research report that clarifies many questions and needs and points out ways.
6. Prepare a market entry plan
An official market entry plan sets your preparation date.
It should clarify the things that are to be done and do not do and set priorities and activities.
It identifies the physical, human and financial resources needed to achieve your goals.
This will allow you to test the probable outcomes before you commit significant resources and resources.
A market entry plan increases the chances of success.
Supported by InterTradeIreland
InterTradeIreland can help your business take advantage of the extraordinary opportunities we have.
If you have an established business and would like to explore your export options on the island, Acumen can help you finance key sales and marketing staff in cross-border areas.
If you have a microenterprise looking for cross-border markets and clients to start new businesses, you can get special financial support through Elevate.
The Commercial Accelerator Check System provides small businesses with financial support for cross-border professional commerce and regulatory advice such as legal, accounting, marketing and other services.
The simple and free guide to cross-border business Businesses can help entrepreneurs with simple and practical advice on all aspects of cross-border trade.