The objective of each business is to expand and nurture each territory for returns. For long people have exported goods to different geographies and have been an easy ball game. But the art lies in getting all the basics right.
Given the attractions industry, a lot of norms regulate the exports market along with domestic hurdles. As they say ‘the devil lies in the details’, I recommend keeping an eye on some important points:
Identifying and understanding your target audience:
The key details of a new market can be decoded once you are able to successfully identify and understand your target audience. By noting the cultural references and behavioral patterns of a certain territory, one can zero down on understanding what exactly the territory is in need of. For instance, if selected audience in specific territory is always on lookout for weekend breaks, then there are chances that the area is hugely resorts oriented. In this scenario, the products offered will have to be accordingly designed.
You can analyze the territory by asking some simple questions like
- Why am I exporting?
- Why this territory?
- What are the key trends in your geography/market?
- Who are your top prospects and customers?
- What are customers buying?
- What are the current gaps in demand & supply?
- Which company objective will the territory fulfill? It could be either for revenue purpose or for brand expansion?
Understand Your Strengths, Weaknesses, Opportunities and Threats (SWOT)
A SWOT analysis clears your stand in the territory and gives way for your market strategy. The model needs to answer:
- Strengths you will build upon
- Weaknesses which you need to respond to. This includes the strengths of competitive and alternative solutions.
- Opportunities in your marketplace that you will take advantage of.
- Threats in your selling environment that you will defend. Study competition thoroughly and disruptive practices. There’s a lot to learn from them.
- Lastly define a unique selling proportion.
The above trends will convert into powerful objectives. The objectives will help you define the strategies for the company.
No matter what you strategize, your communication will determine how your clients respond to you. A communication should outline all the possible touch points that you will encounter with the client right from your advertisement to your first call/e-mail to your final proposal. All of them should be outlined in the same tonality. Often what is communicated in one territory does not seem the same in another. Hence all the factors should be considered while drafting the communication for the territory. Be it any communication, it should seamlessly outline the company values and pillars.
Apart from traditional media, take advantage of social media platforms while communicating with the desired audience. While most advertising is designed for mass consumption, social media is a two way communication platform and involves personalized marketing which means the message should appear as if addressed to individual users and are tailored specifically for the audience.
No matter what your communication is always remember ‘’ Never over commit’’. Promise only what you can deliver.
Understand regulations and standards
The dynamics of business change as soon as you cross territories. Rules for trade vary location to location with emphasis of different factors. Here’s a checklist that you can keep close look at:
- Custom Duties
- HS code for your products
- Packaging goods as per ISPM
- Banned material list
- Electrical voltage requirement
Distribution network, dealers and referral networks
A set dealer and referral network does a lot to take your company to new heights. A strong network of referrals works better than any other marketing tactic. They are literally your office in that territory. The key to having a stable export business is by nurturing your territory and its dealer network efficiently.
Any market is driven by external factors. If you can get close and personal with your customer, then you’re midway to building a successful network. The other half is delivering a product that will cater to the needs of the customer, and making sure the product doesn’t fall in their expectations.
Keep tab on your strategy and review it periodically. If your company objectives are still unable to reach, it is time to either re-look at the strategy or the territory.