WEBVTT - Ease of entry into a new market

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Markets can vary with respect to how easy it is 

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for new sellers to enter them successfully. 

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Barriers could be caused by legislation, cultural, technological or political factors.

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So it’s important to fully assess them before deciding where to export to.

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The best place to start is at home, exploring how your business is

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performing within the UK. And there are 4 elements to this.

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1. Business profile

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Define the profile of your business   

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and how you position yourself against the competition.

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This covers everything from who your customers are

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to how much trust they have in your brand.

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2. Product positioning and pricing

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Examine how you currently position your products or

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services against the competition in the UK. 

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Ask yourself what makes them unique.

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Define their unique selling points (USPs)

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and how you’re measuring their performance. 

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How do you set your UK prices?

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You should be prepared to assess your export pricing, and revisit when necessary

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against factors such as economic conditions, exchange rates

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consumer preferences and payment terms.

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You can also use a business analysis tool such as the Ansoff Matrix

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to help prioritise which of your products are best suited in new geographic markets. 

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3. Place

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Reasons for choosing one market over another need to be clear. 

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So start by looking at your competition in the UK

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and exploring which markets they sell to.

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4 Promotion

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Finally, check if your UK business model will work in the new market.

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For example, if it’s based on short lead times here, will that work abroad? 

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Once you’ve assessed these 4 areas

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use a PEST analysis to identify external factors that could impact your business.

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See example of PEST model

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Political.

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Economical.

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Social.

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Technological.