5 Step Action Plan For Successful Export Marketing
Export marketing is a significant problem for many growing businesses in the current globalized economy. What is the best way to go about exporting, but where to go and what to go about it are the most critical concerns for businesses looking to expand their international market.
Export marketing isn’t just an approach to identify buyers or importers and then approach them with the intention of obtaining export orders, but rather a carefully executed strategic marketing strategy should follow and perform effectively to be successful in the International Market. In the last ten years in the International Marketing consultancy practice, I have observed that the majority of efforts to market exports are unsuccessful because of the lack of implementation of an action plan for strategic marketing.
What is the strategy-oriented market action program..?
A strategic marketing plan for action is a collection of functional areas that are essential to export marketing that must be done correctly and implemented step-by-step to achieve success in export marketing. Following the steps step by step will guarantee you an immediate achievement in export marketing, with a long-term and sustainable increase in sales of exports.
Step-1: Identify your target market
The first step in export marketing is to find the markets and market requirements where your product or service has high market potential and is in high demand. Many countries around the world, and you need to choose which one(s) to market your product and services. If you are aware of your target market and your market requirements, you can quickly secure export orders from these countries. You can determine the market you want to target by conducting an International Market research activity that provides you with an in-depth understanding of market opportunities.
Step 2: Develop Export Marketing strategies
Once you have identified the target market, The next step of the export market is to create the right Export Marketing Strategies, which include market entry strategies, position strategy for products, positioning strategies, price strategy, brand strategy supply strategy, and promotional strategy that is based on market requirements. Based on the findings that result from the International market study, you’ll be able to develop strategies to achieve the goals of your export marketing. Your strategy for Export Marketing must be able to develop an understanding,
to enter the area where your product or service has a high potential for market and the demand
to position yourself appropriately to can give you an advantage over competitors
o To create products/services that meet the requirements of buyers,
to offer rates that provide you and your purchaser an edge in the market
o To offer own-brand or private label solutions
o To deliver according to the buyer’s specifications or ready stock
o To advertise your business by creating awareness among buyers/importers
If you’ve developed the appropriate strategies for export marketing, you could be able to enter and expand your international market more quickly and sustainably export sales increase.
Step 3: Creating Tools for Marketing Communication
After you’ve created strategies based on the target market’s demands, the third stage is to design attractive and informative marketing communication tools such as Sales letters, Company Profile brochures, Catalogue of Products, Brochures websites, and so on. that aid in promoting and positioning your business. The tools you use for marketing communications must be well-designed as well as informative, professional, and appealing, which can provide all the information needed about your company’s products and services to potential buyers/importers and affect their decision to initiate communications with your company.
Step 4. Promotion
After you have created tools for marketing communication, the next step is a promotion which is a crucial element in the success of export marketing. The main goal of promotional activities is to increase awareness among buyers and importers of what you’re about and what you can offer. The promotional mix you choose to use should be affordable and provide the correct message at the appropriate time and in the proper place. Promoting should cause buyers and importers to draw attention, increase attention, and then take the necessary steps to initiate business communications with you. Internet is the most speedy and cost-effective promotion instrument in current export marketing strategies. It has been observed that significant importers and buyers use B2B portals, search engines as well as directories to search for and get in touch with genuine suppliers. The presence of your business profile and your products/services on the major search engines such as Google or yahoo, as well as B2B portals such as Alibaba.com, can give your international business exposure and raise awareness among buyers/importers. Participating in trade exhibitions, fairs, and catalog shows can be an effective offline marketing strategy that will result in immediate and direct contact with importers and buyers.
Step 5: Generating Export Demands
A successful export marketing campaign starts with the creation of genuine inquiries about exports from potential importers and buyers. This requires the expertise and focus of marketing, finding genuine buyers, and addressing them professionally. You should research the buyer’s profile or buy leads to determine whether you are able to provide them with what they need. It has been observed that many suppliers reach out to the most buyers/importers who do not have a desire for their products/services without knowing their needs and profiles. Buyers and importers can make inquiries only if he requires your services or products to be superior to the current supplier, in terms of quality, price, services, or developing additional suppliers, or due to other reasons. Contact them with advantages that make them respond to your inquiries, which could be transformed into export orders through talking and negotiating professionally.
The above steps are all linked and will only yield results when each step is executed or is performed. The process of export marketing can be a continual process. All of these critical tasks can be examined and altered periodically in line with changes in the market and economic conditions.