The 3 Ps
There are two aspects when it comes to our first P:
The financial investment and commitment needed for your business to take-off overseas, and
An export pricing strategy that allows your brand to continue growing internationally
Before embarking on an international go-to-market strategy, you need to be 100% sure that this is what you want for your business. Penetrating a new market is a costly exercise and requires long-term investment and commitment. Are you ready for this?
If you are, then there are a number of ways you may be able to seek financial support and grants through various organisations, especially if you are an SME. For UK businesses then you can check out where some current funding opportunities are available here. Bolst Global can help you navigate any grant applications used In conjunction with any of our support services that you wish to engage with. If you’re interested then do get In touch If you’d like to discuss this further.
When developing your international marketing strategy, be sure to think about how you’re going to price your products for export. You need to cover all bases here so make sure you think about this methodically.
For your business to succeed and survive overseas, you need to have the right people onboard, and have the right connections on the ground in your chosen market.
Internally, you need to get buy in from key stakeholders to ensure that your international efforts receive the same level of support as your domestic activities. An internal owner should be identified to drive international export for your business, usually a member of the senior management team.
In the early stages of Internationalisation there can also be benefits to bringing In external expertise In this area to support and grow your understanding of how to take your products out to export markets. Setting up the first few overseas partnerships and deals and ensuring you set off on the right road to long term success can be hugely beneficial.
You should also consider who you will have on your side in-market. Building connections is vital for international trade. Consider working with an experience local intermediary who can help you navigate the market confidently. Find out why you should be working with international business partners here.
When producing goods for export you will need to allow for flexibility in your production process, being able to scale up or scale down to meet the needs of your international customers is key.
In the beginning you should expect to produce much smaller product runs than you may be used to. You may also have to adapt your packaging or over-sticker your product information depending on the legal requirements of your target market – more on this below.
Alternatives for your brand could be to source products from elsewhere or find private label solutions to help manage the production challenges that you could face.