What you need to know before going after an International or Global Market
May 5, 2021
Today, I am interviewing Craig Ostbo. I met Craig because Nina Hambleton, who was on our team, everybody loves Nina. She said, "You need to interview my professor because he's the real deal. And he knows everything about international marketing and has so much passion and joy for this."
From a touring musician to the perfect timing getting into the natural, the organic, and sustainable world of products, and taking clients brands global is the story he's telling us today. He's also shared some free resources and advice.
From Craig:
Here's a site where you can do a tremendous amount of research on market opportunities for different products in most countries of the world: https://www.trade.gov/export-solutions
Here's a site that gives you even more data/country reports if your product is made from an agricultural commodity. This is the Foreign Agriculture Service or FAS: https://www.fas.usda.gov/
It helps to know the Harmonized System Code for your product. This number identifies your product category down to the nth degree in almost every country on earth. This system creates standards for global import/export: https://www.trade.gov/harmonized-system-hs-codes
The HS code system is a great way to do research on your product category. The HS Code will allow you to determine if there are tariffs, duties, or any other barriers in that foreign country aimed at your imported product. Often, without understanding the tariff structure, you may think you can easily compete on price against the domestic or even other foreign competitors until you discover the 35% tariff leveled at JUST USA BRANDS . . . there goes your margin :)
