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Key success factors
1 – Technological Orientation
Intellectual property and the hold of patents on export markets increase likelihood of successful market entry. Therefore, technology-oriented firms or firms emphasizing on clear competitive advantages have more chances of success.
2 – Good Marketing Knowledge
Entering a new market means bringing a product on a new market. This often implies the adaptation of the product and full compliance of this latter to local requirements. Those requirements might be legal, but also cultural and highly related to pure marketing activities. Having a good knowledge of marketing helps SMEs in exporting as it facilitates the entry of a product on a new market.
3 – Identification with the Local Market
Distance with the local market is an important barrier. We do not necessarily talk about geographic distance, but of market characteristics distance. Bringing the product closer to local market and being able to adapt the full business processes to the local market is a key success factor.
4- Price Advantage
If there is no technology involved, then having a price advantage might be crucial. It makes no doubt that bringing on market a product that is more affordable will seriously facilitate market penetration and internationalization’s success.
5 – Long-term commitment
Having a long-term vision facilitates relationship with the key business partners and with the customers. Firms with a long term trade vision increase their chances of export success.
