Whenever you start an import/export business, marketing strategy and business setup are two very important factors that you must focus on.
Import and export operations are similar to other operations, but you need to be careful as you need to deal with foreign customers.
Developing a marketing strategy is essential to improving accuracy and protecting your business from unexpected costs.
What is marketing strategy?
A marketing strategy is the proper set-up of activities that you carry out to develop a product that performs exceptionally well in the market. If you have the right marketing strategy, your sales will peak. advertisement.
Marketing is a very important part of a successful import-export business and growing a business requires different strategies for marketing and strong public relations.
4 types of marketing
There are four types of marketing used to promote your business. they are:
- traditional marketing methods
- price marketing method
- niche marketing methods
- online marketing methods
1# Traditional marketing methods
Traditional marketing is not often used in the import/export business, but this method can give you an advantage over competitors who are not using it all.
Word of mouth, advertising, billboards, etc. are some of the techniques involved in traditional marketing strategies.
Participating in international trade fairs allows you to use traditional marketing methods in your foreign trade business. There, you can communicate directly with your customers, build good relationships with them, and ultimately convert them into purchasing customers.
2# Price Marketing Methods
Price marketing includes offering discounts, memberships, promotions, and bulk product pricing. Price marketing, also known as cost marketing, is considered to be the most effective marketing strategy.
This is because customers are always looking for options that save money. Applying these strategies can lead to more buyers for your brand.In addition, this type of marketing works best when it comes to foreign customers as well.
3# Niche marketing methods
If you are new to the field of import-export business, this is the perfect marketing method for your brand. Niche marketing looks at age, location, behavior and interests to target specific groups of audiences.
You should thoroughly research your audience and promote your product with their needs and preferences in mind. Niche marketing can help increase your sales potential.
4# Online Marketing Methods
Online marketing is the most commonly used marketing strategy in import and export business. It includes not only creating an impressive e-commerce site, but also creating engaging social media advertisements, email marketing promotions, content marketing, search engine optimization, and a variety of other online campaigns.
Online marketing is the best way to get clients to understand your brand message and product ideas openly.
7 effective steps to market your import/export business
Follow these steps to successfully market your brand and get more buying customers.
1. Know your business
Before moving forward with your business plan, you need to have a good understanding of your business. You need to know where you stand in the industry and what to avoid.
You need to thoroughly examine all your strengths, potentials, weaknesses and proficiencies. You need to properly analyze the pros and cons of your business.
2. Set goals
Setting goals is very important when you are thinking of starting an import/export business. This will determine what exactly you want to achieve through your business and how you will achieve it.
It gives you an idea of how to manage your business in the future and what you need to achieve in a year.
3. Research your competitors
One smart way to grow your business is to keep an eye on your competitors. We need to analyze what they are doing and the methods they are applying to extend their reach.
To set yourself apart from all your competitors, you have to develop your product in a completely different way. Always remember to build your product smart and not let your competitors threaten you.
4. Conducting marketing research
Conducting deep market research is very important for any business. You need to know what your target market is, your client’s behavior, culture and location.
Proper market research can help you get a better response to your products in your target market. may encounter significant trade barriers. to marketing research.
5. Analyze your marketing spend
Don’t invest big bucks in marketing campaigns. Conducting proper market research will help you determine how much you should be paying to market your brand. Always start small and invest more only when you think you need it.
6. Participate in various trade fairs
Participating in various trade fairs is considered to be a very effective marketing strategy when it comes to import and export business. Today, almost all countries hold trade fairs to promote their products and services.
Additionally, trade fairs are often the most effective place to connect with potential consumers and suppliers. It’s a great place to build contacts for expanding your business, and you might even find yourself working with one of the companies for trade.
7. Register your business and obtain important permits
There are many options for this when you need to get your business off the ground, but most business owners need a lot of time to deal with paperwork and various forms of bureaucracy.
But if you want to get everything done in a hurry, the convenience built-in might be for you. Business license requirements may vary by country. Please review the steps required to obtain this before obtaining it.
Also read:
Author bio: Mr. Mehr Goyal I am a professional DGFT Guru – Advanced License With over 30 years of experience, we specialize in this field and provide DGFT consulting services across India. He has worked with many importers and exporters even before DGFT was promoted in the market.
14
