Global Market Penetration – Taking Exportation to a New Level
The United Kingdom is well known in the export market for products such as cars, crude and refined petroleum, pharmaceuticals, and gas turbines, to name a few. The UK currently ranks 9th position based on the statistics of top exporting countries worldwide.
These statistics indicate the UK exported $466.45 billion worth of products in 2015 alone,
nearly tying with Italy. It is no news that the governments of quite a few countries are setting up policies to discourage import of products, and even banning some in a bid to encourage local production.
With the increasing competition locally for certain products, the next level for most UK exporters and business owners will most likely be to penetrate the local market of their targeted countries, and secure a permanent position. Global market penetration will entail increasing the market share of the products being exported. This is achievable through
bundling and carrying out various advertising strategies such as public speaking, putting up door hangers, flier distribution, and event sponsorship. These are all to promote sales and build up a solid foundation in the targeted country.
As a UK exporter, you may have successfully exported your products to a few countries, and are wondering where next to “pitch your tent”. Let’s use frozen yogurt as a case study. If your product sells well in the UK, it will probably sell more in Malaysia where the climate gets really hot. Basically, you would want to research extensively on countries where your
product will be in high demand, even if they don’t know it yet.
We are talking about effective market penetration, so it will not be business as usual. You will have to roll up your sleeves and think “strategy”. For a country where your product has successfully penetrated into and is ready to move to the next level, you will need a work force to get the desired outcome, which is most likely; hitting your sales target per annum. You will need to have an extensive plan. In the case study example above, you will need a considerable number of sales reps to carry out event sponsorship in schools; teaching the kids and parents the health benefits of yogurt as opposed to ice-cream. A customer care unit will come in handy too.
You might wonder, “how is it possible to employ workers in a country where my business has no establishment?” Well, there are companies that specialise in global employment. Such companies have the necessary permit to employ foreign workers in over 150 countries legally. With the necessary help, your business can become a multinational company in no time.
A set-up in your target country or region will be beneficial for your business because working with the local talents will get your desired results faster. They understand their country better than you do, and they know the preferences of their people. For instance, a Muslim dominated country may not allow public dance concerts as a form of advertisement due to their conservative nature. In situations like this, the locals will be
in a better position to give you guidance on the best strategies to achieve your advertising goals.
Soon enough, your sales target will be met and you will start strategizing on your next region to penetrate. Perhaps you are a new business owner thinking of how to start exporting your products. With adequate planning and relevant knowledge on what you need to know about the exportation business in the UK, you will be well on your way to your desired globalized business.