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Wednesday 28.06.2017 | Name days: Kitija, Viesturs, Viestards
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Expert: launch of exports is similar to a marathon

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU«Export progression is similar to a marathon, because nothing happens in a single day. When planning exports, it is important to prepare beforehand, perform market study and develop a strategy,» – believes Nordea business school lecturer and GatewaysBaltic partner Martins Tiknuss.

He believes one of the most important pre-conditions for success in exports is the compliance of the exported goods or services to the standards provided on the domestic market. This is why it is important to carefully consider the possibility of preserving standards or adapting them to new market conditions. When launching exports, businessmen have to understand whether or not their product is fit for the international market, consider the price level, production capacity and competitiveness.

To be able to predict the development of a company’s product in foreign countries, it is necessary to create an export strategy. This will help set specific goals and plan out market activities. Tiknuss also recommends performing a market study – to understand where the company will be able to successfully start with its product, gain the most profit and become interesting the most for clients and cooperation partners. Establishment of market parameters will help assess which market indexes could prove critical to business development on an international level. It is worth remembering that a positive outcome can only be expected if a company works hard to explore a specific market. This helps increase exports to foreign countries in the long run.

Attraction of cooperation partners is a creative process

When making the first steps toward exploring a new market, it is worth looking for cooperation partners that can assist and help coordinate export flow. To find an appropriate partner, it is important to define the kind of partners that is needed, the expert says.

He notes that potential partners can be defined based on three main parameters:

-industry type – retail trade, wholesale trade, product import, production or service provision;

-company size;

-geographical coverage.

«The search for partners is a creative process – information about potential partners should be sought in different ways. LinkedIn portal is a good place to start. This platform helps identify people with whom it is worth communicating in order to achieve the desired result. Nevertheless, businessmen should be prepared to receive a decline and continue searching elsewhere,» – Tiknuss emphasizes.

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