Whenever you are starting an import-export business, marketing strategy and business setup are two very essential elements that you must focus on.
Import-export business is similar to different businesses, but during this, you need to be very much aware as you require handling foreign customers.
Developing marketing strategies are essential as they would lead to an increase in the accuracy of your work and also save your business from unforeseen costs.
What is a Marketing Strategy?
Marketing strategy is a proper setup of the activities that you just execute to develop a product that performs outstandingly in the market. If you have got the correct marketing strategy then your sale is going to reach heights. advertising.
Marketing is a very vital part of running a successful import-export business and to grow the business, you must have various strategies for marketing and developing strong public relations.
4 Types of Marketing
There are four types of marketing used to promote businesses. They are:
- Traditional marketing ways
- Price marketing ways
- Niche marketing ways
- Online marketing ways
1# Traditional Marketing Ways
Traditional marketing is not much used in the import-export business, but this method is likely to offer you an advantage against competitors who do not use it all.
Word of mouth, advertisements, billboards, etc., are some techniques involved in the traditional marketing strategy.
Traditional marketing ways can be used in the foreign trade business by taking part in international trade fairs where you will be able to directly communicate with customers and develop good client relationships so that they end up turning into purchasing customers.
2# Price Marketing Ways
Price marketing includes offering discounts, memberships, promotions, and bulk product prices. Price marketing, also known as cost marketing, is considered to be the most effective marketing strategy of all.
It is because customers always look for an option to save money and when you apply these strategies, you are likely to gain more buyers for your brand. Moreover, this type of marketing also works best in terms of foreign customers.
3# Niche Marketing Ways
If you are a beginner in the field of import-export business, then this is the perfect marketing way for your brand. In niche marketing, a specific group of audience is targeted by looking at their age, location, behavior, and interest.
It involves thoroughly studying your audience and then promoting your product keeping in mind their needs and preferences. Niche marketing helps you to increase the probability of sales.
4# Online Marketing Ways
Online marketing is the most used marketing strategy for import-export businesses. It does not only involve creating an impressive e-commerce site but also creating engaging social media ads, promotion through email marketing, content marketing, search engine optimization, and various other online campaigns.
Online marketing is the best way to make the clients understand your brand message or product ideas straightforwardly.
7 Effective Steps For Marketing Your Import-Export Business
You can follow these steps for successful marketing of your brand and gain more purchasing customers.
1. Know your business well
Before moving forward with your business plan, you must know your business very well. You need to know where you stand in the industry and what things need to be avoided.
You must thoroughly examine all your strengths, potential, weaknesses, and proficiency. You must have a proper analysis of the plus and minus points of your business.
2. Set Goals
Setting up a goal is very crucial when you are planning to start an import-export business. This would determine what you exactly want to achieve through your business and how to achieve it.
It will give you an idea regarding how to manage your business in the future and what things you must attain per year.
3. Examine your competitors
One of the smart ways to grow your business is to keep an eye on your competitors. You must analyze what they are doing and the methods that they are applying to increase their reach.
You must develop your product in a very different way so that it appears to be unique from all your competitors. Always remember to build your product smart and not to get intimidated by your competitors.
4. Conduct marketing research
Conducting deep market research is extremely important for any business. You must figure out what your target market is, and your client’s behavior, culture, and location.
Proper market research can help you get a far better response for your product in the targeted market. When you are indulging in an import-export business you are likely to come across various trade barriers such as language barriers, different cultural norms, complex political relations with the country, etc. You can promote your brand in a better way if you are keeping up with the marketing research.
5. Analyze how much to pay for marketing
Never invest a lot of money in marketing campaigns. When you conduct proper market research, you will be able to determine how much you should pay for the marketing of your brand. Always start with a small amount and invest more only if it appears to be necessary.
6. Try taking part in various trade fairs
Taking part in various trade fairs is considered to be a very effective marketing strategy when it comes to import-export business. Nowadays almost every nation arranges trade fairs with the motive to promote their products and services.
Moreover, trade fairs are often the most effective place where you can connect with potential consumers and suppliers. It is the best place to build contacts for expanding your business and you might even get to collaborate with one of the corporations for trade.
7. Register your business and obtain the vital permits
When you need to get your business on the ground, you will have many options for this but most business owners need a lot of time dealing with paperwork and various forms of bureaucracy.
However, handy incorporation might be for you if you are in a rush to get everything done quickly. Requirements for a business license can differ from country to country. Find out what procedures you need to follow to get this and then get it.
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Author Bio: Mr. Mehul Goyal is a professional DGFT Guru – Advance License with experience of more than 30 years and specialized in the field and is offering DGFT Consulting Services all over India. He is working with many importers and exporters even before DGFT was instigated in the markets.