Exporting can be a great way to tap into bigger markets. It can be exciting and rewarding, but also frustrating and financially risky. You can reduce the risk and uncertainty through market research, planning and getting financial support if needed.
Do as much research as possible before you plan. Think of research as an investment that helps you make more informed decisions, plan better, manage risks better and avoid mistakes.
Use our template that we created with NZTE to find detailed resources, guide your thinking, and record your plan.
You may have a country in mind already. Perhaps you have a personal preference, or you know which markets are most promising for your business. Either way, you still need to do your research.
If you aren’t sure which market to choose, take these steps:
Explore countries that New Zealand has free trade agreements with. Free trade agreements are arrangements between countries that remove barriers to trade, create opportunities and give businesses more certainty. For example, countries might not impose tariffs, or might streamline processes.
Learn about trade agreements and get help
Free trade agreements in force(external link) — Ministry of Foreign Affairs and Trade
Most successful exporters focus on one market before trying to dominate the world.
Australia is the logical first choice for many New Zealand exporters. It’s a good test market before exporting further away. Australia is close, English-speaking, politically stable, easy to reach and culturally similar. You can export New Zealand-made goods duty-free too, under New Zealand–Australia Closer Economic Relations.
Research takes time. How long depends on what you already know and how much time you have, but don’t be surprised if it takes many months.
Save yourself valuable time and money by prioritising the most important areas and being well prepared. Ask yourself these questions:
Because research is so valuable and time consuming, make sure you save information safely and back it up.
Organising information by country is particularly useful. Use one notebook or folder for each country where you do business. Keep information updated, otherwise it will quickly stop being useful. Consider including things like product, advertising and labelling changes.
Comprehensive information will make your notebook or folder a rich first source of information when you make decisions. It can also be a good way for new staff to learn about the market.
Keep your research somewhere that more than one person can access. That way, you won’t lose it when someone leaves, and others can update it.
Do online research, and talk to experts and other exporters. Ask for tips about doing business overseas. Find out how to adapt to local customs and protocols. Learn from others’ mistakes and successes.
Below are the most common types of information you’ll need about your potential market.
Find out the opportunities and challenges, eg:
Such figures are important indicators of the market potential for your goods or services.
Don’t just look at country-level figures. Regions can vary significantly, and you may find urban–rural differences too.
What your customers want and how they think
Learn how to grow your business overseas with myNZTE's free tools and guides(external link) — myNZTE
Market insights for exporters(external link) — New Zealand Story
When you’ve decided on a market, sign up for market intelligence reports to keep on top of what’s happening.
Market Intelligence Reports(external link) — Ministry of Foreign Affairs and Trade
Knowing your competition well is vital. Visit their sites. Find out what goods and services they offer. How do they market and price those goods and services? Will you need to adapt what you do?
Looking outwards at your market
How to research your market and competitors
If you’re thinking of partnering with another company to manufacture or distribute, research that company carefully first.
Teaming up with other businesses
Is the market for your type of goods and services growing or shrinking? Examine the trade and manufacturing statistics for your market over time to find out.
What’s made locally in that market? What’s imported, and from where?
Imports and exports(external link) — StatsNZ
Find out:
Laws and regulations in your potential market can be barriers because they make exporting costly, hard, or both. Barriers created by government policies and regulations often mean you have to:
The New Zealand Customs Service and freight forwarders can tell you what different countries require. Your local Chamber of Commerce may also be able to help with export documentation.
Compliance and logistics 101(external link) — myNZTE
Contact chambers of commerce(external link) — New Zealand Chamber Network
Export resources(external link) — New Zealand Customs Service
Find out how to protect your intellectual property, copyright and trademarks. Protection is especially important in countries that tend not to respect intellectual property.
Protecting your intellectual property overseas
Copyright and trade marks(external link) — New Zealand Customs Service
Don’t forget culture. Being sensitive to local customs can make the difference between winning a contract or not. For example, in some cultures, taking a business card without studying it is considered disrespectful.
Find out the cultural and business dos and don’ts in your market, and think about how you’ll overcome cultural or language barriers.
You can also get information from the following sources:
New Zealand Chamber Network(external link)
Export Library & Information Service(external link) — New Zealand School of Export
Stopping someone from copying your ideas is always important. Be extra careful when you sell a service, a process or a unique way of working.
Check the intellectual property law in the other country when you’re choosing an export market. Also do one of these things:
Applying for patents in different markets is worthwhile. The process includes searches for existing patents, so you’ll find out if you might infringe on any.
Filing international patent applications(external link) — New Zealand Intellectual Property Office
If you’d like to make better financial decisions, use our free resources to improve your understanding of finance and financial modelling.
If you’re ready to export but aren’t sure you can afford it, you might be able to raise money. For example, you could:
Use the Funding Explorer to find out your options(external link)
Or you could apply for grants, vouchers (subsidies) for training, or other forms of help.
Government grants and help for your established business
New Zealand Export Credit gives trade credit insurance and financial guarantees to exporters.
Who New Zealand Export credit is and how to apply(external link) — New Zealand Export Credit
Solutions for exporters(external link) — New Zealand Export Credit