4 Essential Elements of Export Marketing
Export Marketing isn’t something a business can simply jump into. There are many things to consider.
As specialists in Export Marketing, we have worked with many businesses that have their sights set on establishing themselves in a new market abroad. As a result of our experience in the field, we have been able to complete a list of essential elements that must be considered when exporting your business.
1.Have a plan just for Export Marketing
Before you delve into activities, it’s strongly suggested that you build a marketing plan just for exporting. The plan should reflect how you intend to reach out to a new audience, how you will adapt to any cultural changes, your budgets, milestones, Key Performance Indicators and so on. This may differ greatly from your indigenous marketing plan and it should serve as a working reference that allows you to keep track of your marketing activities and successes.
Research is paramount to the success of any marketing plan. Nothing in business, really, should be carried out without researching the field first. Before entering a new market, it’s important that you understand how the land lays.
“There is no such thing as a new idea”, Mark Twain once said, and who are we to disagree with someone like him? Whatever your business, when moving into a new market, you are going to face local, established businesses offering a similar service or product. That is a fact that a lot of businesses fail to take on board, which can often lead to failure. How? Simply because they have entered the market unprepared and unknowing of what they were coming up against. If you are planning to sell into a foreign market, you need to have an understanding of who is already there, what they are selling, how successful they are, and how they achieve that success. This will help distinguish your offering against theirs. Note, also, that it could save you some embarrassing legal battles; imagine turning up and discovering that there is a company selling exactly what you sell, with the exact same name as you!
4. Know the culture
What works in Ireland may not work in the US, or even in a closer neighbour like Portugal or Spain. Cultural differences are one of the most important things to consider. Look at Primark/Penneys for example. While their UK and Ireland factions are pretty much the same, and their brand remains consistent throughout the world, the way in which stores operate and some of the styles they sell in Mainland Europe and the US will differ greatly. You may also need to take more serious cultural elements into consideration. For example, when we worked with Cosmetic Surgery company The Hospital Group/Ziering exporting to the UAE, we discovered it was not advisable to use words like “breast” or to have pictures of women showing skin. This posed as a great challenge given the nature of the business, therefore innovative ways around these restrictions had to be thought up. Did you know emarkable have a US Office? US Marketing Centre.
These are just some of the core elements to consider when establishing an effective plan for exporting your business to another market. If you’re looking for experienced assistance in the development and execution of an effective Export Marketing plan, learn more about the services we offer by clicking the button below.