This article has been submitted by Wolfestone.
Entering into international trade is a great way to access a large consumer base, attracting a more diverse market whilst gaining your product exposure. While an attractive route to market for many Welsh businesses, there are plenty of risks to take into consideration. From political sensitivity and culture to language barriers and price. For these reasons, a holistic strategy that supports your export plans is required.
Capitalising on a weak pound against global currencies, now is a great time to consider exporting out of Wales. In light of this, we thought we would take a look at what makes an effective export strategy.
The Welsh export industry
The value of exports from Wales for the year up to and including December 2016 was £12.3 billion, an increase of £725 million compared to the previous year. Dominated by machinery and transport equipment, which makes up close to 50% of all exports, Welsh Government reported some interesting statistics regarding the Welsh economy.
In the four quarters up to and including June 2016, USA (including Puerto Rico) was the largest export market for Welsh products followed by Germany, the United Arab Emirates, Ireland and France.
Showing there to be potential to enter both EU and non-EU countries, now is certainly a suitable time to consider international expansion especially in growth areas such as manufacturing.
Alex Parr, Managing Director of Wolfestone says:
‘For 2017/18, manufacturing is an industry sector that is likely to continue benefiting from the drop in the pound and Wales is well placed within the advanced manufacturing sector to see substantial success. Many Welsh companies are currently employing less than 10 people and are going through a rapid period of growth.
Generally speaking, globalisation is having a huge effect on businesses of any size, and judging from the 23% increase in website translation and marketing material for our clients based in Wales, the funding from UKTI and Welsh Government is having a positive impact on Welsh exporters from a range of industry sectors.’
While you may have enjoyed success in Wales and the rest of the UK, each country you aim to enter requires bespoke marketing attention. Showing respect to their culture and delivering a more defined marketing message, investing in multi-strand marketing is essential.
In order to cement a well-rounded plan in place, we recommend honing in on your position within the market, creating an action plan that reflects your legal position while concerning itself with cultural marketing trends.
Localising your marketing material simply pushes you further down the sales pipeline, creating an instant affiliation between your product and the consumer. In reality, this can only be achieved through presenting to your target market in their own, preferred language.
How can translation enhance my export strategy?
Phil Hales, Barclays’ trade director for Wales, says:
‘Once you have decided on an appropriate overseas market you will most likely discover that there are buyers and competitors who are already there.’
‘You should also carefully consider the potential linguistic and cultural challenges doing business overseas may introduce’.
Agreeing with Hales, we believe it takes a true translation professional to provide the support businesses need to succeed overseas, using the findings of market research to create a tailored export strategy.
With linguistics playing a huge role in how we connect with products and brands as a whole, incorporating such a focus into your strategy is simply a must. Translation services can be used to enhance export plans through translating content within the following:
- Legal documents
- Marketing materials
- And much more!
To conclude, successful exporters find that trading internationally with a solid plan gives them advantages over their competitors.
Here at Wolfestone, our linguists are called upon to bring their experience to export strategies. Whether looking at the European market or wish to make waves in Asia; be sure that we can help. Understanding both where you are from and where you are heading, we can add real value to your trade plans. Contact us today for more details on how we can assist – http://www.wolfestone.co.uk/contact/