EXPORT APPROACH: Take Your Business Globally
Looking to enter the export market can provide the company a significant leverage to its growth in terms of revenue and market share. It not only gives thrust to growth but mitigate risk, reduce dependency on the domestic market and gives an edge over your competitors.
Companys’ should definitely give a try for the export market. A well-crafted export strategy and execution can pay off rich dividends.
A Three Step Approach To Exporting:
The export strategy is your first step and is the important part of your business plan. A sound export strategy will be with quantifiable objectives, recognizing strength & weakness and aligning your domestic and international marketing activity.
It should be made brief, simple and everyone in the company should be aware of achieving those targets.
In a nutshell, the purpose of market research is to find the best fit market for your export. To arrive at best-fit export market the following aspects should be looked into:
The marketing plan should be part of your business plan. These strategies should address the following:
- How will identify prospective buyers in your target market
- What should be your approach Offline (Trade fair, trade mission etc. ) or Online ( Digital Marketing)
- What is right marketing mix for your company to connect with your buyer
To have successful marketing plan it is necessary to have the appropriate blend of export marketing and online marketing approach to maximize your customers base.
After you select your target market it becomes important to decide the right way for your company to connect with the buyers in the selected market.
Market entry strategy varies from company to company.
Some of the successful market entry strategies are connecting with the following:
Online marketing has turned out to be one of the most effective marketing strategies for connecting with buyers. Whether you are a machinery manufacturer or selling to end consumer, online marketing is the perfect way to make your company presence felt, build your brand, connect with a prospective buyer and convert them into customers.
To device online marketing strategy the following trend should be tracked:
> B2B Strategy – Factors which decide online purchase decisions
> Ecommerce Intelligence – What your customers are searching