When There Is A Surplus In A Market Do You Have A Winning Export Business Strategy?

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Do You Have A Winning Export Business Strategy?

There is a famous saying that ‘behind every successful man is a woman’. The same applies to business… “Behind every successful business there is a strategy. One needs to be very careful while formulating their strategy for the export market. You can get away with ill-conceived schemes in the domestic market but the export market is tough and brutal. The export-oriented market is highly competitive and people work on the margins, so it’s important to grab and hold on to opportunities. Targeting your market, keeping reasonable prices, having proper and efficient distribution channels etc. are the keys to a successful export oriented business.

Marketing Strategies for Export Business: Marketing strategies for export markets are not very different from your local marketing strategies. Different countries have different ways of looking at the same product; So it is best to check with your distributors in a particular country for marketing strategies for that country. Don’t overload yourself with all the work. Focus more on seeing that distribution and production channels are running smoothly. Logistics is an issue that one must take care of with stock positioning. Suppose, you have excess stock of goods in one European country and supply of the same product in another European country. It makes sense to ship excess cargo in a European country to a European destination facing shortages. Not only will you save money, but it will also get the goods to the market where they are needed faster. One should also have a decently designed website with its own domain. For one, I will never do business with someone who has a Yahoo email ID.

Set your priorities right: Before you start your export business you need to set your marketing objectives right. Remember, you are an unknown face out there and your potential market will know if your products are exposed properly. Having one’s website helps and a properly designed web page with search engine optimized pages that rank in the top 10-30 results goes a long way in marketing your product well. However, it is suggested to run the advertisement in the appropriate media for a couple of weeks. Once you are able to reach potential buyers, the quality of your product will market itself. Word of mouth advertising is one of the most successful ways to get your merchandise advertised and it doesn’t even cost a penny. Your agents should be able to create an advertising blitz for you, or if you prefer, you can use the services of an international advertising agency.

Know your customers: Must be sure that the product they are marketing is of international quality. What may be good for our country may not be good for other countries. Many foreign countries have strict ‘quality control’ laws and one should be aware of that. Good and loyal customers are hard to come by and that’s why you should ensure that you follow up your sales with after sales service. If treated right, these same clients will spread the word about your products and thus bring you more customers. One should pay special attention to their distribution and sales centers in foreign locales. It should be managed by a trusted person who reports directly to you.

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