Step 4: Do Market Research

You need to have done some research to validate both the market potential and the investment it takes to develop new markets. Select one or two likely markets and undertake desk research to identify their characteristics. Traditionally New Zealand companies select Australia as their first market.

Consider the following in assessing your market selection:

• Whether they already import the product (check their trade statistics for the answer)
• What duties your product would attract if any
• Other barriers to importing such as licensing
• Local taxes in the market like GST
• Cost and frequency of shipping from your location to the market.
• Regulations including quarantine, labelling standards, standards and consumer protection rules etc.
• What cultural differences would need to be taken into account

New Zealand Trade and Enterprise can assist you with further research into markets if required.

To read more on Market Selection click here