Foreign Trade and Competitive Intelligence
What is foreign trade and competitive intelligence? If you start to ask this question, it means that you have a good vision and you will be able to expand your business internationally soon. The whole world has become a single market as a result of globalization today, which is called the big data age. As a result of shrinking domestic markets, declining profitability and increasing competition on a global scale, it is not possible for businesses that remain local to survive. As we have always heard and known, export is a very important and indispensable form of trade, a matter of survival for the future of both companies and countries.
With the advancing technology, it is now possible to access exact information using the internet through desktop secondary data research. In the light of this information, the common goal of both international companies and SMEs is to enter emerging markets where sustainable profitability is achieved as soon as possible and to increase the share and profitability in the markets where they exist.
Today, there are approximately 230 countries that can be exported depending on your product. However, it will not be possible and efficient to try to export to each of them at the same time. In addition to this, the lack of target market determination of the companies, the lack of use of different marketing channels, the lack of financial intelligence, unplanned action, not knowing the state aid, deficiencies in the self-recognition of the competitors and the company are the points that frequently encounter problems in exports. The importance of intelligence comes into play at this point. Now, as a result of the rapid development of the Internet, access to commercial information, which is the source of intelligence, has become much easier. The importance of the concepts of foreign trade and competitive intelligence has been discovered long time ago around the world.
Today we see the foreign trade figures by product HS codes all over the world to determine the increasing import and export markets, and reach foreign trade data and statistics for related products in the world. Some countries have opened their customs registrations to the whole world at certain rates. Also, there are resources where financial intelligence of companies can be made and companies can be seen. Company information resource sites and qualified market researches where you can access commercial information have increased. The way to win in the increasing competition all over the world goes through exportation with commercial intelligence.
The aim in foreign trade intelligence work will be to know yourselves, to know your competitor and to know the area in which you will work. For this reason, target market determination, analysis with target customer and competitor intelligence should be followed, and then export marketing strategies to be applied in the determined area should be developed. The concept we call point shot export consists of these 4 main elements.
Target market selection
Target country market research
Target company and competitor intelligence
Determining operational and marketing strategies in the target country
As a result of these studies, the whole power will be given to a single point and it will be inevitable to get much more effective results. Consider the return of fairs with booths in any country in terms of customers and gains. Also, consider the gains obtained as a result of a visit to the relevant country or a fair, after making an appointment by reaching the companies that have previously imported in selected target markets by interpreting the foreign trade data of the past years and today. The difference will be greater than expected.
Likewise, it is very important to create export marketing strategies by taking into account the cultural characteristics and business practices of the target country. For example, advertising in a magazine to be distributed at a fair in Europe gives the impression of how big the advertiser is, but it does not give the same effect in Central Asian countries. While social media channels such as Facebook, Instagram, LinkedIn and local B2B websites are very effective in some countries.
It is also very important to investigate the international trade culture of the relevant country before making a visit. There can be many different points to be considered, from pricing policies to business card presentation styles, gift traditions, the meaning of colors, and business dinners. For example, a discount on the price after bidding in Japan has a negative effect and causes the product to be considered to be of poor quality. On the contrary, Central Asian and Middle Eastern countries will tend to bargain for a long time. For this reason, it is necessary to pay attention to all these criteria before pricing.
Commercial information and foreign trade intelligence are the keys to sustainable profitability for companies. As a result of the work to be done, you can save both time, effort and expenses, and you can reach much more profitable export markets by directing all your strength to the determined targets with the strategies to be implemented. Supexport is ready to serve you for it. Don't hesitate to demand our service.
Finally, as the famous commander Sun Tzu, author of The Art of War, said: "Know yourself, know your opponent, know the field. You will be victorious in all wars. The main thing is to win without fighting. "