Finding the right market

Once you have decided that exporting is the right move for your business, the next step is to identify and evaluate target markets. What are the barriers to entry? How competitive is the market? How high is current market demand – and what is it likely to be in the future? You will also need to research existing competitors, government regulations, cultural barriers... the list goes on.

Google Export Adviser offers a range of useful online tools, resources and advice, to help you effectively identify the right opportunities.

Google tools

Determining the opportunity

The next stage is to determine how many customers you could attract to your website. Hopefully, the Export Adviser tool was a useful introduction to this. Once you’ve identified your chosen market(s), there are three steps to creating a forecast of the clicks and costs that you could expect to generate with your campaign(s). Free Google tools can help you in this process:

Step 1: Create an English-language keyword list.

Keywords are used to target your ads to potential customers. For example, if your website promotes wetsuits, you can use 'buy a wetsuit' as a keyword in your AdWords campaign. Then, if a user enters 'buy a wetsuit' as a Google search, your ads could appear next to the search results. Your keywords should reflect the core products, services and benefits that your website offers.

  • a) Keyword Tool:

    Use this to get new keyword ideas. Just enter a few descriptive words or phrases, and it will generate a list of keyword ideas: adwords.google.co.uk

  • b) Search-based Keyword Tool:

    Make informed choices of keywords with information about the volume of searches, the level of competition for particular keywords and relevant landing pages. If your website has been translated into a foreign language(s), you can get localised suggestions: www.google.co.uk/sktool

Tip: If you already run an English-language AdWords campaign, you can check your account statistics to identify your core keywords. You could use the tools above to expand your list. The Search-based Keyword Tool will highlight new keywords that you don’t already have in your account.


Step 2: Translate your keywords into your target language.

The translated keywords will serve as a basis for your click/cost forecast in your chosen market.

  • Google Translate:

    Enter a search phrase in your own language to find suggested translations in other languages: http://translate.google.com

Tip: We recommend you focus on a few simple, core keywords that you have identified yourself using the keyword tools. Please note, automatic translation is not always 100% accurate, as the meaning of a word depends on the context in which it is used. The aim at this stage is to create a basic translated list to help calculate the opportunity available to you. Your finalised keyword list should be edited by a human translator.


Step 3: Produce a click/cost forecast.

“Traffic estimates” for prospective keywords will help you to allocate your marketing budget effectively.

Tip: The estimates are provided as a guideline only. Your actual clicks and costs may vary.

Featured opportunities

Top 10 exporting opportunities

Content supplied by:
UK Trade & Investment

  1.  

Research your market

Content supplied by: UK Trade & Investment IOE

Tips and advice

When considering exporting, you need to assess your export potential – try and be as honest and realistic as possible – in terms of whether your business and product/service is ready. It’s essential to carry out detailed market research to identify and evaluate the target market. Examine:

1. The industry structure

What are the barriers to entry? Investigate the transport and distribution network. How competitive is the market?

2. The predicted demand for your product or service

Carry out an assessment of market demand and ranking of potential by country/region.

3. Competition and how you plan to fit into that marketplace

Who are the local competitors? What’s the size of the market/segment? Are there any government requirements and what is the political risk?

4. Any modifications required to make your product or service saleable

Do you need to adapt your product to meet cultural differences or can you export a standardised product/service?

Having support from Government bodies is also key. Research by UKTI shows the main reasons for firms not exporting are a lack of information, access, help and motivation.

To make exporting work, UK companies:

a) need information about overseas markets and opportunities
b) need to know how to access support and finance
c) need to know where to get the help and advice they need to develop their ability to export
d) need to be motivated to take up the challenge

UK Trade & Investment can provide support and help in planning your entry into new overseas markets, including market research. For other practical advice on whether exporting is right for you, please visit Business Link.

Institute of Exports membership also helps UK businesses with advice and support. They have developed a new resource of online video to help businesses answer some of the more challenging questions. Hear Lesley Batchelor provide some expert advice as she talks through some of the questions all SMEs should ask themselves when taking those first steps. To see more videos please visit the www.guruonline.tv/export.