Post by account_disabled on Mar 11, 2024 4:37:41 GMT -5
The global entrepreneur considering participating in a trade mission must carefully weigh the possibilities of net profit against the investment of time and money in meeting clients and/or partners, and in obtaining insight into the unique characteristics of the target market. However, it is advisable to include this possibility within the growth and expansion plans of any SME.
With the proliferation of free trade agreements, and the range of resources for communications, transport and logistics becoming greater and more within the reach of SMEs, there is much less reason to limit oneself to local market prospects if these are not suitable for maintain and grow. At the same time, entering and establishing a presence in a new market continues to present numerous risks, requiring much preparation and deliberation of the company's possibilities and limitations.
This is where a well-organized trade mission is of interest to an SME, by increasing the chances that the contact will be more fruitful, by developing an interview agenda with contacts selected according to the needs and characteristics of the participants; In addition to this, the organizing entity must provide support in terms of due diligence efforts , and obtain a vision of market prospects and local business culture. On the other hand, making a visit as part of an organized delegation of companies helps to present an image of greater solidity and seriousness to potential partners or clients, and to serve as support to entrepreneurs with less experience in the foreign market.
In order to get the most out of prospecting for contacts and vital information about the market, and about its potential for the company, its products and/or services in it, we offer some notes to take into account.
Before leaving…
Missions are usually coordinated by national and/or regional organizations (Chambers of Commerce, ICEX, etc.) within the framework of national objectives of foreign trade and bilateral relations, or by various private entities. In any case, the organizers provide help to obtain the information necessary to evaluate the business possibilities of different contacts, their degree of (possible) interest in your proposal and their financial and legal capacity to make commitments; In addition to this, their work includes establishing and maintaining contact with local institutions and/or officials whose management is necessary to operate in the country, and the marketing and promotion of the event in the visited market.
Look around and check everything, both Portugal Mobile Number List with the organizers and with the participants of previous missions. What were the results they obtained? What is your opinion about the organization of the event? What is included in the mission registration cost, and what is paid separately (such as plane tickets and/or transportation upon arrival, translators, etc.)?
Among your initial preparations, it is also good to remember that your possible contacts (and competitors) in the area will do the same, starting with the online presence of the visiting companies and those who represent them: the company page and all the profiles. in RRSS they must be correctly updated; Any professional recognition or award received must be clearly visible. Try to obtain recommendations from clients, partners or contacts with whom you have previously worked to include in your presentation arsenal during the round of visits.
Ready, set... business agenda
In the case of a direct commercial mission to obtain clients (as opposed to a study mission, or a reverse mission to visit possible suppliers), the first thing before participating is to analyze the degree of preparation of your company to enter a new market. Regarding internal factors, it is advisable to start with the following questions:
Do you have enough resources for registration and travel?
Do you have the necessary economic base to adjust your product or service to the necessary specifications?
Do you have enough samples ready to send? (If it is possible for you to send the samples earlier than agreed, the better)
Which of your products or services do you want to promote, and how do they fit into this market? Can you introduce modifications to prototypes, would you adapt products to suit the tastes of the new market?
Do you have previous experience or contacts, or are you familiar in any way with the market in question? What type of companies do you want to contact?
Once the above has been analyzed, the external factors come:
Do you have all the verified information necessary to comply with the regulations on components, measurements, and labeling?
Have you calculated the cost of risks arising from fluctuations in exchange rates, transportation costs, competition, etc.?
What type of clients are you interested in working with: SMEs or large companies, government agencies?
Are you prepared to answer the questions potential clients will ask you?
What will your introduction strategy be: working with a local distribution partner, licensing a product or service to a local company, doing a joint operation, etc.?
As for the trip itself, are you clear about where you are going, and the possible travel and logistical difficulties that may arise? The agenda normally contains a series of visits more or less packed into a few days, so evaluate the schedules carefully and do not hesitate to ask the organizers if you have any questions. It is better to concentrate and focus on a few than to try to cover many.
Having all this information well defined is vital for communication with the entity in charge of scheduling the agenda, in order to get the most out of the trip and avoid misunderstandings. The organizers of the mission will be in charge of creating, according to the characteristics and needs of the participants, the agenda of visits and interviews to each company (date, time, person and contact information, profile of the company to visit, etc.). ), as well as prior information sessions with the participation of experts in the target market, etc.
Representatives of participating companies must keep in mind that, even when the organizers of the mission provide a complete market investigation, they must take the trouble to investigate on their own about everything related to market behavior, customs, taxes, fees and tariffs. , transportation, storage, available resources and services, companies in the sector, etc., in the target market; All this is done both to make the most of the question sessions in the briefings offered by the organizers before leaving, as well as to collect more information during the meetings scheduled in the visit agenda, and to minimize surprises during the trip.