To sell a product or service, you need a market for it. In export, this is a country or countries with demand for your product. So, how does an exporter to find this market?
With market research and product analysis.
However, it is not enough to know in which countries the demand for the product is located, but also, in which countries the company and the product, turn out to have a greater possibility of being competitive. Knowing these data is essential for the opening of a new market.
In order to understand the countries in which your company and its products have greater opportunities to compete, RGX has a “Market Selection” methodology. This methodology identifies, for each company, the market with the greatest potential for export growth.
This methodology is based on 14 weighted criteria:
1) FTA (free trade association currents)
2) Share of the preselected destination in world imports
3) Trend of preselected destination in world imports
4) “Volume match” (size of economies)
5) Trend of the trade balance between countries
6) Geographic proximity
7) Cultural proximity
8) Impact of COVID-19
9) Degree of opening of commercial borders with respect to COVID-19
10) Logistics performance index
11) International freight costs from origin to destination
12) Efficiency of customs clearance
13) Import tariff of the HS code under study
14) Average time to import products
For the development of this methodology we have a specialized team of consultants that works specifically to analyze these 14 criteria for each company in particular.
Once this analysis is finished, RGX presents the requesting company with a “Market Selection Report” where the company is told which markets were analyzed and their reasons, as well as an order of priorities with the markets with the greatest opportunity so that the company board.
With this report, the company has the certainty of correctly choosing its next export market, having a high percentage of being successful in its management when addressing it.
For more information we invite you to https://www.rgxonline.com/rgx-trading-2/