Choosing your export destination: the German market – big and on your doorstep...
There seems to be increasing support available from Government advisors on some of the more unusual export markets. Does it make more sense to focus your business resources on reaching a new market far away or on an established, thriving market close to home?
Following the 2016 UK referendum vote to leave the European Union there has been a lot of talk about the potential of less well known export destinations. You can probably guarantee that somebody somewhere in the UK will be working up an idea now to start trying to export their products or services to Tibet, Mali… anywhere in the world.
Businesses need to make the most impact with the least resources. With exporting there’s a lot to be learnt about every single potential market you target…
Eight key questions to ask - before you look to enter any potential export market
- Can you get hold of effective, detailed online and on the ground research in the target country to look at possibilities?
- Do you have access to genuinely bilingual support to ensure market information and contracts can be seamlessly and accurately translated into English?
- Can you get hold of well-researched, factual information about opportunities in the target country to work out your best strategy for that market?
- Can you produce promotional material in the native language that meets local expectations?
- Can you identify key potential clients and organisations?
- Can you visit the country easily to maintain relationships?
- Do you have up to date, good working knowledge of the native languages and business culture in your organisation - or have access to help with that?
- Can you handle direct communication/enquiries from the country or do you have cost-effective access to ongoing specialist support?
Before, during and after Brexit, the largest, nearest, most important single market for your products or services could well be Germany.
With a population of 82 million, Germany is currently experiencing its highest consumer confidence for 15 years – and it is rising (while the UK’s is down and falling).
Germany remains the world’s third largest exporter and a massive importer from the UK. The economy is doing consistently well with growth now forecast for 2017 at 1.8% and 2018 at 2.0% (Munich-based Ifo economic institute). Inward investment in 2016 was at record levels – including significantly from the UK which is the 4th largest investor in Germany.
If you are in a position to supply world class German manufacturing companies you may well find your products or services being re-exported on across the world. Even to unusual export destinations – but seamlessly for your organisation.
So, if you are considering exporting to Germany, Eureko’s Language Bridge offers you genuinely bilingual support. With our first-hand experience of the German business culture and mentality, we can produce appropriate slogans and promotional materials in German.
For more details of how we have helped our UK customers in the past, see our Case Study: Hands-on Help with Exporting Checkpoint® to Germany
Posted: 20th July 2017