Deciding if your product is ready for export
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
You may need to adapt your product or get expert business advice before you make changes.
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 include:
- 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?