Your decision to start export operations may be prompted by a range of factors- to increase sales and profit, establish a broader customer base, responding to competition, utilizing excess capacity of your business, etc.

Preparing an export strategy means systematic analysis of these factors and making a plan around them. Writing down a simple and easily understood marketing strategy not only helps you to understand why you are exporting and what your expectations are, but it also guides you in your quest for business success at the international market.

A well written strategy also provides benefits while dealing with banks and other financial institutes, support agencies, and customers, etc.

How to develop your export strategy

• First of all, carefully analysis the operation and growth aspirations of your company. You must know where your business is standing and what competitive edge it is enjoying over your competitors. Evaluate the strength and weaknesses of your company in terms of product, service, staff, marketing, distribution, technical service, etc.
• While developing your export strategy, ask yourself about the possible factors that may impact on your export plans. Have you enough expertise to handle export operations? Have you any prior experience? At this stage, you must delve deep into different market research and selection activities such as market analysing, assessing competition, understanding the target market environments, distribution and logistics requirements, etc.  
• Do your products need any modification in terms of packaging or labeling before being exported? What are the expectations of your target customers in the overseas market? Is there any legal requirement your products must comply with?
• In these days, SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis is regarded as a highly effective strategic planning tool. Proper SWOT analysis will help you to to shape your priorities  in terms of market, pricing and competitive factors.
• Prepare an export marketing plan for your business. It must include target setting, market entry strategy, pricing models, marketing, distribution and promotional activities required, etc. Pursuing a market strategy through careful planning ensures that you have accessed all the opportunities and all your business operations are based on well researched information.
• Create a list of 'must do's- the things which may play crucial role in determining the success of your business in the future. This list may include your financial resources, distribution mechanism, product modification requirements, etc.  
• After preparing an strategy, drive its implementation, review its effectiveness regularly and adjust it as market circumstances change.
  

Checklist

• Analysis all the factors which impact on your ability to handle export business operations.
• Find out the key factors that have influenced your decision to enter into the export business.
• Involve your staff members.
• Write down the strategy in a easily understood way, review it regularly.
• Identify the external factors that can influence your export business in the future.
• Set targets and identify the means to achieve them.
• Prepare an export marketing plan keeping in mind your export strategies. 

Many a company starts export activities in a  haphazard way without screening markets or options for market entry. As a result, these companies often miss some better export opportunities. Formulating an export strategy based on good information and proper assessment not only helps finding out the best export opportunities but also ensure effective use of resources. This is the reason why an preparing an export strategy is very important before getting into the challenging world of export business.