Diversifying your business in 2026
As global trade continues to evolve, diversification is becoming an increasingly important strategy for Australian exporters. Expanding into new markets helps businesses spread risk, strengthen resilience and access new growth opportunities in a shifting international landscape.
If you’re considering new markets this year, our upcoming webinar, ‘New year, new markets: Diversifying globally for Australian exporters’, could provide the guidance you need. Hear from our Chief Investment Officer, Richard Coath, Chief Economist, Cassandra Winzenried, and Austrade’s General Manager, Trade Diversification Taskforce, Jay Meek, for insights into opportunities, risks and how to set your business up for success. You can register here or learn more about our speakers.
With the right preparation, diversification can open real opportunities. Before taking the next step in your global journey, there are some key considerations to keep in mind.
Considerations for businesses looking to diversify
Research your new market
Think carefully about the country you intend to export to and what its market may look like. Think about the size of the total market, the country’s underlying demographics, and how trade legislation (including tariffs) may affect your business. It’s also important to consider any political risks which may affect your long-term export plans and how you can respond. Our Country risk profiles tool provides concise, data-driven insights across 140+ markets to support you in determining the right market for your business.
Customers may vary
You most likely have a good idea of who your customers are and why they choose your business over your competitors domestically, but it’s important to recognise that different cultural and economic factors in foreign markets may influence who your ideal customer is in a new market. Don’t assume that the new customers you’re targeting will be the same as those you’ve already locked in. After all, what good is diversifying if your customer-base isn’t diverse?
Nurture your contacts
Local knowledge can be crucial when exporting to a new market. If you have contacts in your target region, take the time to nurture and develop them. Leveraging your contacts’ networks can save you time establishing your business and provide invaluable insights into the unique cultural and social fabric of a new country. If you don’t have connection in your new market, Austrade’s trade services help Australian businesses find valuable contacts overseas.
Access our experience and insights
If you’re looking to better understand changing global market dynamics or explore opportunities in specific regions, you can access our range of expert insights to help you make more informed decisions.
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