Fitness and health are booming industries. Both are also global markets that continue to expand. According to the International Council of Industry, Manufacturing and Service (ICIS), the global value of the personal care and cosmetics market is expected to reach $192 billion by 2021, an increase from its current valuation of $170 billion. The global fitness industry has similar numbers with a projected growth rate of 3-5% in the next few years.
If you have a passion for keeping your body healthy or providing others with tips on how to do so, exporting your products may be a lucrative opportunity for you. These two industries are perfect targets for anyone who wants to see their business grow internationally. Here are some helpful hints on how you can export your fitness and health services:
5 Good Ways to Export Your Fitness and Health
When the global economy gets tough, businesses that make their money by selling a product locally are often left in a lurch. When consumers have less disposable income and local demand drops, businesses that sell physical goods to a local market are the first to take a hit.
And while this can be especially challenging for small businesses, there is still plenty of opportunity to export your fitness and health products to foreign markets.
With the right strategy, you can expand your businesses international reach and grow your business even during challenging economic times. To learn more about exporting your fitness and health products, continue reading for five helpful tips on how you can do so successfully.
1- Focus on quality, not price
When you are looking to expand your business, it can be tempting to focus solely on price as a way to gain market share. But this approach can have serious long-term consequences for your business, especially if you are looking to scale up your exports.
When you focus on price alone, you are not only sending a message that your product is cheap, you are also missing crucial information about your target market.
Price is not the only factor that international consumers take into consideration when making a purchase—quality, features, and benefits all play an important role. And while price can be a factor when it comes to choosing between domestic and international suppliers, quality is a factor that is consistent across these different markets. As such, focusing on price alone will leave you with a product that cannot compete in the global market.
2- Research your target markets
Once you have established a basic strategy for exporting your fitness and health products, it is time to launch into the research phase. The first step is to identify your target markets—where do your products and services fit best? This is the stage where you do a little research on your target markets to narrow down where your products and services might be best received.
At this point, you want to dig into consumer demographics, cultural aspects, and the general business environment to help you identify where you might want to begin exporting. When conducting this type of research, be sure to look beyond the obvious consumer trends. Instead, look for opportunities that might be slightly out of the ordinary. For example, you might find that certain markets are underserved, or you might notice a specific consumer trend that you can cater to.
3- Consider your business capabilities
Before you even consider starting the exporting process, you should consider your business capabilities. This will help you know if and when it is appropriate to start exporting, and it can also help you determine where you might want to start exporting.
You can start by identifying your company strengths and weaknesses. On the positive side, does your company have special expertise that could help the product stand out in the international market? Or, are you in a position to more easily meet the demand of a new market? For example, if you are an established manufacturer, it might be a good idea to export your finished goods. On the other hand, if you are an importer, you might want to focus on exporting your raw materials.
4- Decide on your selling platform
Once you have identified the right markets to export to, it is time to decide on the best platform for selling your products. There are two main options when it comes to this stage—exporting directly or partnering with an existing distributor.
Exporting directly means that your company handles the entire process of product distribution—from ordering, marketing, and shipping to customer service. Partnering with an existing distributor means finding an experienced distributor in the target market and bringing them into your supply chain.
Whether you decide to export directly or partner with a distributor, you will want to carefully evaluate the costs and benefits associated with each option. Depending on the product and the market, exporting directly can be more costly. But it can also provide more control over the product and customer service. On the other hand, partnering with a distributor can be a great way to enter a new market quickly.
5- Establish a presence before you export
While it is important to research your target markets, it is also important to establish a presence before you start exporting. In other words, before you begin exporting, you should be able to show potential customers that you are active in their country.
To do this, start by getting your feet wet with exporting your services. This can be as simple as offering your services to a neighboring country or extending your services to an online market. When you are ready to export your products, you will already have a leg up on the competition because you will have a brand presence, and you will already be servicing your customers. This can make it easier to expand into new markets and start exporting your products sooner.
Exporting is an excellent way to expand your business and grow sales during difficult economic times. And while the process can be challenging, it is also a great opportunity to strengthen your company’s overall capabilities.
Exporting will force your business to become more efficient and effective in a number of areas—which is why it is important to start planning for it as soon as possible. With the right strategy in place, you can be ready to export your fitness and health products to new markets in no time.