Even if your business is doing well in the UK, you may need to adapt your existing product or service for overseas customers. You might want to:
- make it fit with foreign customers' cultural or business expectations
- lower profit margins affected by exchange rates
- make sure it competes in those markets
There are important factors to consider when deciding if your product is export-ready. You may have answered these questions for your UK market, but you need to ask them again from a foreign market perspective.
Questions to ask
- does your product or service solve a customer's problem?
- are there other solutions on the market which solve that problem?
- are there gaps in the market you could fill?
- what's unique about your offering?
- is there enough demand for your product in your chosen country?
- do you need to adapt your product to make it more marketable?
- are customers willing to pay for your solution?
- should you offer a limited period trial offer?
- could you offer a cheaper scaled-down model of your premium version and still make a profit?
- could you create a prototype version to offer for free and ask customers for feedback?
- if it's a new product, do you need investment to kick-start development?
- is your product individual enough to attract investors?
- what does the competition look like in your chosen country?
- have your competitors been successful in that market? What could you do differently?
- do you already have brand recognition in your chosen country?