As we recently Tweeted, U.S. metropolitan area exports were up $36 billion dollars in 2014, reaching $1.14 trillion. Houston led the way with exports of $119 billion. The next four largest exporting cities were New York, LA, Seattle, and Detroit.(1) But what does this mean for you?
We think it shows that despite the strong dollar, U.S. goods are in high demand, and if you're not looking for opportunities to diversify globally, then you're missing out on potential revenue streams. If you're just getting started, you may want to download the commerce department's export guide. The book strives to answer any questions you may have about exporting.
Also just released at trade.gov, are the 2015 Top Market reports. These reports provide an assessment of future industry-specific export opportunities and an examination of the competitive landscape. Available free for 19 different industries, the reports include sector snapshots and detailed information for specific countries.
Once you've figured out where your industry is heading and what countries are your best bets, be sure to take the time to create a detailed marketing plan for how to enter foreign markets. Pay close attention to what each market's consumers want and talk up those features. Each market you examine may get excited about different aspects of your product, so it's good to do your homework. You may also want to tweak your offerings. For example, in some markets red is a lucky, and highly desired color, but in other markets it may not be popular at all. Just by doing even a little consumer preferences research, you'll increase your chance of success. Remember, it's better to make a good impression from the start, as it can be much harder and more costly to repair a reputation than to build it from scratch.
And finally, don't forget that part of your marketing plan needs to include localization of your marketing materials: videos, website, sales sheets, case studies, and your social media presence. Your overseas prospects are far more likely to buy from you if you market to them in their own language.