5 Questions You Need to Answer with Export Marketing
For most people not in business, marketing and advertising is basically the same thing. The supposed purpose of all that activity is to make your product and your company more well-known and more trusted by your target customers. Ultimately, you want to sell more of your products, so that you make more money.
And marketing is one way to do that. Most people are aware that advertisements provide a very effective means of answering questions from potential customers. But marketing is not just about promotions. It’s also about research, and finding out crucial data that can form the basis for your decision.
For example, let’s say you are a wine or alcohol manufacturer. So if you are going to start in export marketing, here are some important questions that you really need to find answers for:
1. Is there a demand for your product?
Do people in your target country drink? If so, do they usually drink the type of liquor you offer? Sometimes the people in one country or geographic location may heavily favor one type of alcoholic beverage.
2. Who are your target customers?
Do you plan on selling to a younger crowd, or do you plan to target the older and more successful drinkers? Perhaps you plan on marketing your beverage for women. You can also try to see if you can market your drink as the celebratory drink of choice for special occasions such as birthdays, holiday seasons, and graduations.
3. Who are your main competitors?
Here, you need to see who the players are who sell the most alcoholic beverages in the country you are trying to move into. Then you should also focus on the companies there who sell the same type of beverage as you do. By getting the answer to this question, you can devise an export marketing plan that will convince the drinkers in that country to try out your product. You can highlight the differences which makes your product superior.
4. Where and how do your target customers buy the types of product you serve?
Some products are mostly bought online, while others are bought in shops. You need to determine how your potential customers buy alcoholic beverages, and that includes knowing where these target customers live and shop in the country you are aiming for.
5. At what price should you market your drink?
The price depends on a lot of factors. It’s not just your manufacturing costs plus a reasonable amount of profit. You have to take into account the budget of your target customers and the price of the drinks offered by your competitors.
And it’s not always a good thing to keep your price low. There is one famous case in which one manufacturer of alcoholic beverages discovered that raising their prices actually improved their sales—the higher price made the drink seem classier!
Once you get the answers to these questions, you can then formulate a proper export marketing strategy to advertise and promote your product.
Leadxpress Global Importer & Buyer Directory Editor