In my position at ONB as an international trade expert, I am privileged to work with New Brunswick’s many great entrepreneurs every day. Most startups I collaborate with are born global companies. They have a natural inclination to seek foreign markets in order to better grow their bottom line. Top-of-mind for most businesses is finding that first foreign market to test the waters.
Market research is key to building a solid export strategy which will identify opportunities for growth as well as any gaps which need to be addressed. Meticulous planning is essential to de-risk your entry into a foreign market, especially for startups with limited financial capacity.
You may ask “where do I start?” or “how do I build my export plan?” New Exporter Missions may very well be the best answer. There is nothing like face-to-face meetings and ability to get real-time in-market feedback. Participating in ONB’s upcoming New Exporter Mission to Boston will allow companies an opportunity to get to know the Boston market and key players in their industry, and give them some great ideas on how to strengthen their value proposition.
Every market is different, so it’s important to thoroughly examine your product positioning, potential customers, and competitors, and your pricing strategy.
This New Exporter Mission will give New Brunswick businesses a chance to speak with key contacts such as buyers, the Canadian Consulate, the CENE, and the New England-Canada Business Council. There is a tremendous value to these missions for any company seeking market diversification.
Connect with me to learn more and become a part of this Boston mission happening February 25 to March 1.
New to exports? Here are three great resources:
1. The export readiness diagnostic will help your company to identify gaps to assist you in developing your export strategy: ExportNB.com – Preparing to Export;
2. The Canadian Trade Commissioner Service Step-by-Step Guide to Exporting is a great summary of what you need; and
3. If you are targeting U.S. Market, read Exporting to the United States – A Guide for Canadian Businesses.
ONB works to facilitate New Brunswick companies’ growth and market diversification efforts via a variety of services, including identification of market leads through trade missions and events. Find out where the ONB team is headed next by visiting our Events page.
Written by Irenia Roussel