It is a proven fact that companies that succeed in overseas markets grow quicker, innovate more and create jobs.
All worthy outputs for the investment and time spent in training and relationship building. Which company doesn’t want to increase turnover by finding new customers?
Linda Middleton-Jones, Managing Director, International Trade Matters Ltd discusses an often overlooked opportunity...
What surprises me though is that many companies don’t even consider looking further afield. True there has been much discussion and coverage about getting ready for Brexit and some companies have heeded that warning and have taken training courses and/or undertaken an export audit. That is great, right and proper for a sensible sustainable strategy given current market conditions. For those companies that have been selling or buying purely from Europe there is a clear case for updating or reviewing skills as a priority.
But so many companies whether they be manufacturers or in the service sector don’t even think about extending their client base.
Why is that do you think? How hard would it be? Our products and services are just as good as those in any other country.
As an example, the EEN website page on live global partnering opportunities currently had on checking over 400 opportunities listed for marketing alone!
Here are some key tips for making the most of your international potential
- The UK is held in high regard for its heritage, its quality, technology and innovation – you can leverage this reputation in your marketing and approach.
- The three top things you need to concentrate on is defining your: Capacity, Capability and Commitment – be ready, be flexible, understand your business
- The road to international customers is based on research, research, research – Google is great as a starting point.
- Decide if you want to collaborate, sell, gain/give investment or, licence/franchise – your research can then be focussed in the right direction. You also need to think about currency and payment methods.
- Decide what success looks like – how can you know that you have achieved anything without knowing what you are aiming for, understand the metrics.
- Use business tools such as SWOT, STEEPLE and Nominal Weighting – spending time on reviewing and measuring will pay dividends.
- Go and see what the market looks like in your chosen market – go on a Mission, Trade show or conference.
- Talk to your Chamber, to the Department of International Trade or, a consultancy with expertise and experience.
Is it really a good time to internationalise?
Now, in the time of COVID-19, some of this information may be seen as superfluous and not a priority. My feeling is that this is exactly the time to be considering new markets, new customers and possibly new products. We as a nation need to hit the ground running when the crisis is over, taking time to explore new opportunities is absolutely the right thing to do.
Find out more – talk to Linda and the team…
If you’re interested in internationalisation or would like to discuss the potentials in global trade in the recovery from COVID-19 and beyond, get in touch!