Guest Spot: Going international - BIC Innovation
Going international BIC Innovation In our modern connected world, where we’re bombarded by content from all four corners of the globe, it remains surprising how few businesses develop their brands and products on the international stage. Invariably, exports or international sales within a business are seen as a problem child – slightly hard work, needing time and attention, and rather daunting. So the response is often: ‘I’ll put that to one side with my ‘other accounts’.’ And as a result, Britain ranks below Greece in the proportion of small and medium sized enterprises (SMEs) exporting their goods and services.
Brand attractiveness:
On the positive side, Britain has a long tradition of trading and historical connections with many parts of the world. International businesses like doing business with UK companies. We have a reputation of high standards of manufacturing, leading-edge innovation, first-to-market product development and stand-out design.
• Is my brand relevant to that market? Conduct market research • Where is there already a consumer need for my product? • What are the barriers to entry? Competition, environment and regulatory requirements.
So how can you establish an international market for your brand or product? The cornerstone to building a rewarding international business base is to develop the right strategy. Don’t expect to rule the world from the word go; having a clear, step-by-step plan for international sales is key to getting stakeholder engagement across the whole business. Being clear about what you are looking to achieve, how you plan to achieve it and – most importantly – what that success will deliver, will help with the journey. The word ‘export’ doesn’t really do justice to what you are looking to achieve. What you are really trying to do is market your brand to an international audience. So start with the basics, just as you would in your domestic market, and break the strategy down into manageable pieces.
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• Why is my brand unique? • What are my brand’s strengths and its distinctiveness • Will my brand’s unique selling point (USP) translate to an international market?
Market attractiveness:
Operational review: • How do I want to service the market? • Do we have the capability to manage the market direct? • Should we adopt a distributor-based model and conduct distributor search and assessment? • Pricing strategy – what do I need to invest to gain scale/brand awareness, and what will be the return on our investment? Once you’ve identified the three or four key markets where you are looking to develop international sales, remain focused on getting to know these markets, their consumers, your partners or your customers. Spend time in the market – you can’t grow that market by staying put in the UK. If you are working with a distributor or partner, make sure they share your brand values and become part of your team. Get
