Apart from the marketplace and the buyer/manufacturer speed-dating, several interesting presentations were given throughout the day. Victoria Boldison, founding member of Bolst Global Ltd., spoke about the methods of exporting abroad. She stressed the importance of what she called the 3Ps, product, pound and people, when exporting. Indeed, you should think carefully about which products they would like to export; exporting your whole range of products can be very costly and strategically unfortunate. Pricing is a key issue as well: adapting your prices to the competition is essential, and your UK prices are your reference, but if the foreign consumers are willing to pay more than consumers on your domestic market, then by all means take the money! Finally, people are at the heart of exportation, as commerce is a question of building relationships
Do not feel forced to engage in a commercial partnership with a foreign buyer if you do not feel comfortable with them, even though their purchasing price suits your needs. Your subjective appreciation of your business partner is not to be undermined. Additionally, Victoria reminded us all that language barriers do persist although English has become a global lingua franca. When writing a professional email, avoid colloquial phrases or very informal talk. The UK has a relaxed, informal, business correspondence but other countries value a higher level of formality. Just on the other side of the Channel, your French business partners will generally not appreciate you starting an email by just saying “Hello” and calling them by their first name. The Germans and the Austrians will also appreciate very formal emails. Further away, in the Gulf, formality is even more important and a certain level of deference might even be expected.
Finally, this event was highly beneficial to the Export Exchange European-funded initiative efficiently promoted by our team at Bolst Global. This initiative aims at putting into contact exporters, manufacturers, transporters and government employees in the Leeds area to facilitate the international expansion of the Made in Yorkshire. We organise networking events amongst other things to help you and your business have the keys to invade foreign markets with your amazing products.