The 5 Keys to Export Diversification (Infographic)
The role of export diversification over the last 50 years has received remarkable attention in development literature for the way it has pushed and led companies to success when executed properly, thus impacting the economy of developing countries for the better.
5 Keys to Export Diversification
Exporting has become such a successful part of the overall betterment of the economy that it has influenced many industries as well.
In summary, export diversification can be best illustrated as the phenomenon where the developing countries diversified both their export products and export destinations to sustain the economy over the last 5 decades. This has given rise to the “Diversify or Die” mantra that has overtaken the business sector, affecting many of the key factors in the processes and mindset within this area.
The “Diversify or Die” mantra has become a staple in many export companies, which can heavily mean that this strategy is highly useful and important when it comes to finding new opportunities both in and outside of the industry. It is also quite critical for spreading out the potential risks associated with the ever-changing international trade situations, especially at a time when tensions between countries are magnifying and affecting other industries like travel and hospitality.
Export Diversification is a logical way of dealing with uncertainties in the industry’s market, achieve growth, and reap the benefits of trade liberalization – so much so that businesses run the great risk of failing in their export and logistics efforts if they do not choose to explore the “Diversify or Die” mantra, and in extension, Export Diversification.
Here are the five keys that you need to consider if you want to successfully diversify your export business, as seen in this infographic by Alba Logistics.
- New Target Market
- Your USP and the Competition
- Entry Option
- New Connections
- Logistics Operations
Find out more about these keys by reading the infographic now.