Are YOU A Great Exporter?
Are YOU a great exporter?
Here at HRA Global, we’ve helped almost 30 international companies export to the UK, as well as export to other markets. In view of encouraging UK exports, we’ve compiled this list of how to do it – which we believe holds the key to export success.
As with all business ventures, the age old saying applies: ‘A failure to plan is a plan to fail’, and exporting is no exception, regardless of the industry. Even the most basic of export plans will need to cover the steps you need to take, which targets you should aim for, and what resources you can utilise to reach your targets.
Planning: Do Your Research:
Undertaking market research in a variety of countries you are considering will enable you to best target your resources and achieve the best return on this. This will help you to identify which markets to target; establish where to target your products in the market; understand potential routes to market; and populate your export plan with achievable targets.
Planning: Know Your Products:
Once your target markets have been established, it is often beneficial to conduct background research on whether your products should be adapted in order to be sold in these countries. Often, labelling needs to be modified, as countries can wildly vary in what it should legally contain. Other factors which often need to be considered are cultural factors, translation, product claims, use by date, packaging sizes, and of course pricing.
Establish Your Route to Market:
Once the planning phase is complete, establishing a route to market is the next crucial step. You must identify how you want your products to enter your desired markets, and where you want them to be sold. If it is your first time exporting, it is likely you will need some help in marketing and selling the items overseas. Finding an importer/agent/distributor suitable for your brand is the first crucial step, and a consultancy like HRA will ensure you find the correct one for you.
Promote Your Products:
In order to create new business and promote your products efficiently, you should consider all of the suitable promotional channels. These may include Web and Digital Marketing, Trade Fairs, Market Visits, Print Marketing, and so on. Occasionally these may be the same methods used in your country of origin, but often different markets will require slight adaptations.
The Boring Bit (Yep, Paperwork):
As usual, the most boring bits of any process are always the most essential – and again exporting is no exception. Once you begin to see a reception for your goods in the market, the practical elements come into play – in the form of documentation.
These begin with the Terms and Conditions of sale, Export Documentation, Payment documentation and ‘Incoterms’ – internationally agreed rules setting out the delivery terms for goods being traded internationally. This will be complimented by legal considerations, ensuring the right contractual paperwork is in place regarding payment timings, and ensuring no conflicts arise with customers.
The documentation and paperwork needed to comply with customs/customer requirements varies widely in each individual market, so it is very important to understand this. Insurance is also very important to cover any risks, ensuring that you receive all payments and your goods are exported safely.
Finally, Don’t Do A ‘Hit And Run’
Getting your first shipment over to the export market of your choice is only the beginning. In order to ensure continued success, there are several steps: keeping in contact with your overseas customers, ensure correct shipment timings, contact other potential customers, maintain promotional marketing, agree a market development plan and translate learnings to new markets.
Of course, all of this is still relatively complicated.
Here at HRA Global, we have extensive experience in helping companies export, and can offer help at all stages of the Exporting Process:
- Export planning
- Channel choice
- Practical exporting
- Commercial partnerships
- Category management
- Market research
- Route to market
- Marketing & Brand activation