Export Market Research and Marketing Strategy

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Any business could venture in the business of exporting. But, this field can be tough and complex, and success isn’t always a sure thing. But when it’s approached with careful examination and planning, it could be a financially fulfilling strategy for any business establishment. The following are some helpful tips on market research and marketing strategy:

MARKET RESEARCH

A thorough market research can help you generate good decisions on marketing, providing a good idea of the political, economic, and cultural elements that could affect one’s selling abilities. It could also save you time, effort, and money by lessening possible risks.

There are two main types of market research: secondary market research and primary market research.

Secondary export market research comprises of information gathered from published sources, such as studies, books, periodicals, newspapers, Internet, and market reports. Many websites have an export section which gives essential information for exporters, such as trade statistics, industry and market information, and even trade leads and potential business partners.

Primary export market research could help you fill in the gaps through direct contact with key customers, experts, and other vital sources of relevant information. Usually, it involves personal contact strategies, such as consultations and interviews; and it’s best attempted when you have already understood the potential market using the results of your secondary research.

MARKETING STRATEGY

Global marketing isn’t the same as domestic marketing. People who are not aware of or just ignore this are jeopardizing the success in this line of business. One needs be aware that overseas clients and consumers will often have different tastes, customs, preferences, and needs. Good marketing strategies could help exporters understand and address these differences. Such strategies on marketing are captured in the global marketing plan which is a flexible document that could be reviewed, modified, and revised throughout exporting activities.

Both marketing and market planning are continuous activities. This is because you will never know enough regarding clients and how you could provide their needs. The 4 P’s (product, price, place, and promotion) which is the basic marketing formula is only the beginning with regards to overseas marketing. Your marketing plan should address a number of other aspects, such as partnerships (strategic alliances to reinforce your market presence), payment (currency changes and global transactions), practices (different cultural, business, and social styles), protection (increased risks involving travel, intellectual property, and payment), and many more. Clear understanding on these elements in global export business could make your marketing plan into marketing action.

The right freight forwarding company is also a big contributing factor to your business success. So work only with an expert freight forwarder in Perth. Visit Seatram to get your shipment delivered on time and undamaged, at all times: Seatram.com.au.

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