3 Promising Export Opportunities for 2018
Tit-for-tat trade wars; economic instability; emerging markets establishing themselves as global incumbents – these are just a handful of the considerations exporters have to face in 2018.
But what are the most promising opportunities for those looking to expand operations?
China: A Growing Appetite for Foreign Goods
China remains of primary interest for the majority of exporters: its vast population and an ever-expanding middle class means breaking into this Asian behemoth would represent a significant win for any business with global interests. While there are mounting concerns about the sustainability of the nation’s economic growth, the population’s appetite for imports remains strong; so, exporters just need to devise a robust go-to-market strategy.
The Chinese market is notoriously difficult to break into with idiosyncratic consumer trends, restrictive regulation and cities spread far and wide. However, now is a good time to consider this as a potential export market. British goods are seen as premium quality and anything with Made in Britain or the Union Jack on it tend to be popular. But be prepared to invest in a significant marketing push in order to make headway. Securing the services of a reliable translation supplier becomes critical to success given the scale of the challenge. Particularly with the linguistic nuance of the region when compared with Western cultures.
The majority of existing marketing will not be appropriate; however, with the guidance of a transcreation specialist, businesses can likely identify suitable campaigns that – with a level of creative adaptation – would resonate with the local audience.
South America: A Vast Pool of Diverse Consumer Trends
South America appeals for its incredible variety: every consumer imaginable sits on the continent and – as the economies evolve into more established markets – there is increasing appetite for foreign goods.
Latin America has a strong record for export. Imports, on the other hand, have played a smaller role, until more recently; in Argentina, for example, years of protectionism might be finally coming to an end; while the transparent, economically open Chile remains a likely point of entry into this vast market.
Primarily Spanish-speaking – bar Brazilians, who employ a Portuguese variant – the language barrier may seem less of a hurdle. However, linguistic differences present plenty of scope for embarrassment should companies pick the wrong word. Given the continent spans twelve countries, it is certainly no small task to tackle.
Our advice: work with a specialist who can assist with translation.
Africa: Developing Markets Seeking New Consumer Goods
Spending power is on the up across Africa, and so is demand for consumer goods produced beyond the continent. While the barriers to entry may seem daunting – red tape, corruption and social inequality to name but a few – get your strategy right, and you have a cohort of ready-and-waiting consumers.
The more evolved economies of Kenya, Nigeria and South Africa have a higher proportion of internet-enabled urban populations; while emerging markets present less competitive landscapes meaning an attractive proposition for those willing to move early.
Despite the fact much of the continent has a grasp of English, never underestimate cultural differences, making the art of transcreation vital for breaking the market; what works in one country might fall flat across the border, which is where the transcreator comes into their own.
