Businesses across the UK recognise the value of international markets for future revenues and profits.
For centuries the UK has been a key player in global trade and our success overseas has ensured a strong domestic economy. The next five years are critical given the range of challenges and opportunities that exist. To help manage those well, we should look at our strategies, priorities and behaviours to support businesses as we look to extend an international footprint.
The global economy continues to evolve and the UK is about to embark on a new international trade journey. We all seek better and bigger business across domestic and international markets. UK capability in a wide range of sectors is well-respected globally and while it won’t guarantee sales, the UK’s association with quality, innovation and value is a key strength in the UK offering. Individual businesses need to prepare and plan for the offering to be successful. Some of us are new to exporting, others more experienced but we all need to ensure our offering hits the right market at the right time.
Defining your target markets and clients sounds fairly simple but when you look at your offering and how it became successful in the UK, you will probably see potential in dozens of markets but not many have the time, people, money or capacity to run multiple campaigns.
It is also important to define your offering and develop a communications and marketing plan focusing on those prioritised markets and clients. Client culture and buyer behaviour can also vary from known to unknown but it is important to treat each one as unique and prepare and adjust your approach accordingly.
Another key element is ensuring the infrastructure is in place to ensure the product or service can be implemented to the standards expected. Your first client shouldn’t be your last.
International Trade Matters is delighted to be working with Business West on the Trade Horizons Roadshow at a series of events in St Austell, Bristol, Swindon and Exeter in June and July. The focus of the roadshow is the future of trade for your business. More details can be found HERE
Before you attend, please take some time to ask yourself the following questions:
- What is your product or service and which markets are you currently selling to?
- Do you have target international markets in mind?
- What barriers do you currently face in exporting to these markets?
We look forward to seeing you there.
Alistair Elder is Market Entry and Client Engagement Specialist at International Trade Matters Ltd.