How To Increase Sales In Export Markets?
Is your sales and marketing team failing to drive sales in increase sales in export markets? It happens with each food and beverage brand who follow a half-baked approach or do not have the right resources. Such brands fail to leverage the benefits of export markets. Imagine your food brand driving humongous sales in the international market.
The concept is difficult to conquer. However, if conquered can make you a potential tier 1 food product manufacturer and distributor. In this guide, we will help you understand the basic concept of export markets and learn how to approach these markets as a foreign brand.
How To Enter The International Food and Beverage Market?
Entering the International food and beverage marketplace is a challenging feat to achieve. However, you will be able to make it if you follow a strategic approach! Furthermore, there are a few factors to consider before attempting to enter the foreign market.
Make sure that you evaluate market size, understand the legalities, calculate cultural differences, prepare a budget, analyze the competition, and understand the local language. It will help you to increase sales in export markets at a large scale!
You can fast forward your international market entry in unique and different ways. Some of the best options include selling franchises, taking over an existing food and beverage brand, and piggybacking (Piggybacking is like using the support of local business’s distribution channels and resources).
You can find helpful tips like these in our “Tips For Effective International Market Entry For Food & Beverage Brands” blog.
Why Exporting Your Food Products Is A Good Choice?
Food and beverage brands can choose to export products for gaining profits of their unique selling points. As a quality brand you would want to capture the market before your idea gets leaked and copied. Hence, here are few of the benefits of exporting your products:
Increased Sales: Investing in export means that your products will be available for purchase in various different regions. It will directly give you the opportunity to drive sales.
Risk Mitigation: By diversifying your market existence, you will be able to reduce the risk of economic crisis, and natural disasters.
Increased Profits: Your food and beverage is set to have more sales due to the differences in demand and competitiveness in various markets around the world.
Reduced Manufacturing Costs: When you will produce in large quantities, the amount of manufacturing cost will go down scalewise. Hence, reducing the average cost of materials.
Increased Public Relations: Exporting will create jobs in the nations, which means that the nation’s local media would love to cover your food and beverage brand.
Step-By-Step Guide For Building Your Successful Export Strategy
Figuring out everything about exports and then curating a strategy to increase sales in export markets is not an easy task. Therefore, we have listed out a six step guide to assist your successful foreign market launch.
Understanding Your Export Goals
To begin with, you need to understand and set goals of exporting your food and beverage products in the international market. Without a clear goal and readiness, your products would just suffer while being widely available. Now that you’re saving out the things, make sure to write down the steps you will need to get the plan in action. Start with a self-assessment to be future ready!
Conduct Deep Market Research
Once you have made up your mind to enter the international entry, you will need to conduct market research. It will act as the first step towards exporting your products internationally. Market research is immensely important to be aware of the export market and what impact will your products create in a specific market. You need to understand the demand of various consumers, region by region. If you want help with how to move forward with exportation, then you can have a free 30 minute consultation call with one of our international market entry experts.
Decide On Entry Markets And Make The Second Move
Now based on your dedicated market research, the next step is to choose the international markets for exporting. Depending on the market type, and uniqueness – you will have to adjust the products. Additionally, make sure that you’re targeting the right markets with ample opportunities for your business niche. Also, checking out on your inventory, product plans, and understanding the differences in culture will also leave a good impact.
Building Your International Market Entry Plan
Now that we have done the market research and chosen the foreign market to enter. It is time to get down to building an international market entry plan. You can refer to our guide on International market entry to learn about brilliant ways to make a foreign entrance. Some of the most popular methods of foreign market entry are piggybacking, franchising, building a partnership, etc.
Figure Out the Export Distribution Network
You need to hire an entire team to manage the distribution of your products in foreign markets. Start by recruiting distribution partners and prepare them with information for taking part in promotional events. Additionally, you need to figure out about the hiring criterias, and agreements. Also, evaluate ongoing export distribution efforts to make constant changes while the landscape evolves.
Market Your Food And Beverage Products in The Foreign Market
Now that you have everything lined up, the time has come where you give your all to promote the products in foreign markets. You can hire a marketing or branding agency to get this done. Or, have a dedicated team setup which will work on promoting your products in a specific region. With the right strategy you will be able to increase sales in export markets and establish your brand in the world market.
5 Effective Tips For Increasing Sales In Export Markets
Now comes the real part of the blog, here are 5 unique tips to help you increase sales in export markets:
Be A Follower Of Market Trends and Consumer Demands
Starting with the first tip, we have the pointer for understanding market trends. While it is obvious that staying updated with trends and demands are like naturals for businesses. You should make sure that you are conducting a regular study of consumer demand and behaviors. You can scale your food and beverage products and their packaging elements using the above mentioned insight. Which will directly boost your sales in foreign export markets.
Establishing A Strong Brand Presence and Spreading Awareness
One long term effective tip to increase sales in export markets is to establish a strong brand image. The fact is, people generally connect with a brand more when they get involved while reading their story. It is more about relating to the brand in a certain way which becomes the uniqueness for the brand. You need to focus on your branding activities to ensure enjoying long-term export sales!
Some tips for effective branding:
Create amazing graphics, run advertisements, and attend promotional events.
Collaborate with influencers for effective marketing.
Streamlining Operations Like Distribution and Logistics For Maximum Efficiency
Streamlining Operations Like Distribution and Logistics For Maximum Efficiency
One of the best tips to increase sales in export markets is to streamline your distribution and logistics efforts. For that, you will need to ensure that you’re sourcing quality ingredients at reasonable prices, partnering with local distributors, and negotiating logistics costs. Additionally, you have to use apt packaging to adhere to your quality standards. Quick tip: Consider having an eco-friendly packaging policy – you will be able to target the environmentally conscious customers. Lastly, keep up with the good inventory management work.
Boosting Customer Experience
It is one of the most important factors for driving sales in export markets. The number of sales is directly related to providing excellent customer experience. You can offer them customized products to build a connection with your audience. This way you will earn loyal customers in export markets who will keep on returning to buy your food and beverage products. Having a good customer support team at work will be able to establish a good image of your brand in the market.
Leveraging International Trade Opportunities
Increasing sales in export markets gets easier when you seize the international trade opportunities. We suggest you participate in trade shows, establish partnerships, and explore new areas of business. Moreover, you can figure out the countries with favorable trade policies to have a fruitful business.
The Secret Sauce For Maximum Food Brands Global Sales
While majority food and beverage brands fail to acquire the feat of global sales, only a few possess the true skill of a F&B brand owner. However, we have described the sauce you need to prepare for maximizing global sales and entering the right export markets.
Innovation and Passion
No matter the technicalities of your food and beverage business, an important reason why your business is still thriving is because of your unwavering zeal. More importantly, your desire for innovation must be greater than your love for food. With the right ideas and a strong mindset you will be able to build a successful food and beverage brand. You can relate more to this paragraph if you understand the phrase “following your passion will always be the stronger element for you”.
Standing Strong and Maintaining Tenaciousness
Challenges like economical calamities, change in trends, and unavoidable factors always try to crack your determination to run the F&B business. However, a true entrepreneur must understand that they need to hold out and face the unavoidable challenges like a boss. It’s about getting your hands dirty, falling down on the ground but keeping the vision to stand up once again!
These tips will not directly help your business grow and increase sales in export markets. However, you will be able to learn something new and adapt to the attitude of never giving up. The most powerful words for a business owner struggling to find success in the foreign markets.
Practicing The Art of Patience
While you master the hunger of innovation, passion, and perseverance; you would require a lot of patience. Patience is an important skill required to maintain a thorough approach in building a food and beverage brand. We live in a world where people have forgotten to put efforts in achieving things (majority). Patience is like the ultimatum you need to endure failures, start fresh, and generate ideas. You need to understand why McDonalds survived the market challenges and has still managed to be one of the best in today’s competitive times. Additionally, surviving COVID-19, and global economic turmoil.
How Athena Will Help You Boost Sales In Export Markets?
Athena Marketing International (AMI) is an expert in launching and growing food and beverage brands in global markets. Our dedicated team of veteran marketers have the skills it takes to build a plan to increase sales in export markets. Creating and depending on a full-international team would incur huge costs. Which makes one of the reasons for why it is better to hire export management services.
Additionally, our 16 years of experience in working on various sales channels makes us a top tier food consultation firm. Our clients benefit from our expertise – we have experience in working for unique food and beverage brands. More importantly, AMI has worked closely with large U.S. nutritional supplements manufacturers, Global Pet food Brand, International Food Conglomerates, and many more. You can learn more about works in the case studies section.
The Bottomline
Increasing sales in food export markets requires you to follow a collaborative approach of high-level market research, distribution, finding international trade opportunities, etc. Hence, you can utilize the information presented in our guide to increase sales in export markets. Also, be ready to take challenges head on and solve them using analytical skills. Or you can contact the professionals such as Athena Marketing International – we can help your food and beverage business find the right export markets and multiply sales!