"Research, research, research" was the message that Liz Fothergill, Chair of Bondholder Pennine Healthcare, gave to delegates at a recent Marketing Derby trade & investment event held with Bondholder East Midlands Chamber of Commerce.
Liz was speaking in her role of Midlands Engine Export Champion and told delegates that any businesses considering exporting their products or services should fully research the market they are targeting.
In March 2017 the International Trade Minister announced Liz as being one of 28 new ‘Export Champions’ to promote Midlands businesses to the world and to inspire and encourage other businesses to expand into new markets.
Delegates were encouraged to consider exporting and to maximise their chances of success Liz advised them to focus on her principle of 'four Rs'.
Research – to fully understand the market you wish to export to, from the economy to the culture, the regulations to business methods.
Resource – Ensure that you have the resource in place to cope with the increased orders to make sure you can fulfil the demand. Staff with time and language skills to deal with samples, regulatory qualifications, shopping demands, payment and currency queries.
Relationships – are key to any business transaction but particularly when you are seeking to export to new markets. You need to build trust and the best way to do this is in person, face to face.
Resilience – don’t give up. There will be setbacks. Pick yourself up, dust yourself off and keep trying.
The event was run by Marketing Derby in collaboration with the East Midlands Chamber of Commerce and was the first in this year’s policy events.
The next will be held on Friday 13th July 2pm - 4pm focusing on Talent Strategy.
Further details will be issued in due course.