NZ International Business Awards judge Graham Turley discusses the unique approaches New Zealand businesses have taken to expand overseas successfully
New Zealand's domestic market is small, so Kiwi businesses typically look to overseas markets at an early stage of their development.
Some try to replicate what works in New Zealand when expanding overseas. It is not that simple.
Fortunately, companies can discover a lot about their strengths and weaknesses as they work out how to approach a different market, which leads to new opportunities.
Our most successful exporters are trying innovative approaches, committing to joint ventures or partnerships, investing in overseas assets and technology, and adopting clever distribution arrangements.
Educational publisher Essential Resources operates a fully integrated operation from print through to dispatch. It also sells directly to teachers, rather than via sales representatives. Both approaches allow it to react very quickly to market demands.
GMP Pharmaceuticals makes natural health products for a variety of clients and offers extra benefits such as help with product concepts, trials and packaging. It recently opened a retail centre in China, which allows its New Zealand clients to test the market before fully committing. These offerings are not easily replicated.
Mobile payments solutions provider M-Com offers software products rather than the software development services which are more common in its industry. Its ability to apply intellectual property gained through deployments of its systems and use it to extend its product advantages means it can lay claim to many world firsts.
An integral part of Pumpkin Patch's success is product diversity, with its innovative design. In its retail stores, the childrenswear collections are displayed in ways that make it more likely customers will select a complete outfit.
Another example is how the New Zealand Merino Company links its merino growers to brand names that buy the wool. Once it secures a global brand partner, they work together to create a customised marketing programme.
Choosing to export is an exhilarating decision. Those that spend the time selecting the best approach for their businesses will find it easier to make the right connections, access expertise, secure international funding and develop products that meet customers' needs.
* Essential Resources, M-Com, GMP Pharmaceuticals, Pumpkin Patch, and the New Zealand Merino Company are all finalists in the Most Innovative Approach to International Business category in the NZ International Business Awards. Winners will be announced tomorrow night.
* Graham Turley leads ANZ's commercial business in New Zealand.
