When starting import export business, marketing strategy and business plan are very important. Import export business is just like any other business, but in this, you have to be more conscious because in this you deal with foreign clients. You can create an effective marketing strategy for import export business to run it successfully.
What is Marketing Strategy?
In simple words, marketing strategy is the plan of action that you execute to make your product prominent in the market. If your marketing strategy is good, then your sale is good.
Types of Marketing Strategies
There are 4 types of marketing strategies you can use.
- Traditional Marketing Strategies
- Price Marketing Strategies
- Niche Marketing Strategy
- Online Marketing Strategies
Also Read: How to Find Products for Import Business
Traditional Marketing Strategies
Traditional marketing is not very popular in the import export business, but this gives you the edge over the competitors who don’t use it. Word of mouth, newspaper advertisement, billboards, and another mode of advertisements is used in traditional marketing strategy. You can use this strategy in import export by participating in or attending the international trade fairs where you can directly connect with customers and built relations.
Price Marketing Strategies
Price marketing strategies include discounts, bulk price, promotions, and memberships. Price marketing is one of the effective marketing strategies. Everybody loves saving money, and if you provide such an offer, you surely get orders. Price marketing also works for the foreign customers.
Niche Marketing Strategy
Niche marketing strategy is also very effective for both beginners and pros. In niche marketing, you can target your audience by choosing age, behavior, location, and interest. You can study your audience and then alter your product according to their needs. This will help you maximize your chances of the sale.
Online Marketing Strategies
Making online appearance is the best option for the import export online marketing. Creating a website is not the only marketing strategy it also includes social media ads, email marketing, content marketing, SEO (Search Engine Optimization), and many more. Online marketing makes it easy for the customer to know about the company or the product.
7 Steps for Effective Marketing Strategy for Import Export Business
Following are the 7 steps for effective marketing strategy for import export business.
- Know your Business Well
- Set Goals
- Analyze your Competitor
- Do some Market Research
- How Much to Spend on Marketing
- Participate in Import Export Trade Fairs
- Working Properly
Know your Business Well
Before making any move in the market first know your business well. Where you stand means what you can do and what you cannot do. Analyze your strength, weakness, financial capacity, and potential. You have to know all the ins and outs of your business.
In any business setting goal is very good. It determines what you want to accomplish and how. Same in import export business you have to set goals like what you want to do, how you are going to do, how to manage the business in future, what to achieve at the end of the year. You have to cover your challenges step by step in order to succeed.
Analyze your Competitor
Analyze your competitors see what they are doing and how they are doing. No business runs without competition, you have to be smart, and make your product unique or different from your competition. Don’t get intimidated by your competitor, if he can do good, you can do better. Even if you just started your business analyzing your competitor will help you a lot, you can look at their strategies and product and see what they lack after that you can provide a better product. Sometimes your competition is far better than you then you can follow them and make your product good according to your needs.
Do some Market Research
Market research is very important for any business whether it is import export or local business. You have to know what your target market is, what is the behavior of the customer, culture, location, and age group. The research will help you get your product in the market with a better response. When you do import export business you face language barriers, different cultural norms, and you also need to think about the political relations with the country. You can alter your marketing strategies according to the market research.
How Much to Spend on Marketing
Don’t spend too much on the marketing campaign. Your market analysis will tell you how to spend because sometimes with little marketing you can get your product popular and sometimes you need to market hard. Start with the small marketing budget and raise it if necessary.
Participate in Import Export Trade Fairs
Participating in import export trade fairs is one of the effective marketing strategy for import export business. Every country arranges trade fairs to promote their products, and this is the best place to connect with potential buyers and suppliers, you can build contacts there, and you can even get to collaborate with one of the company for trade.
Also Read: Import Export Documents – The Complete Guide
After considering all the effective marketing strategies, you need to start working on it. You have to work on every single detail whether it is small or big; don’t take chances for your business. Import export business requires lots of attention because you have to deal with other countries. To work properly, you need to organize everything.
These above mentioned effective marketing strategy for import export business will help you make your business successful.