If there is one thing that the financial crises has taught businesses of all sectors it’s that being based solely within the domestic market can be nothing short of perilous. However rather than seeing exportation as somewhat of a backup plan, savvy engineering companies are seeing export as opportunity – but only 1 in 25 are doing it!
Rather than relying on overseas markets for stabilisation, engineering companies are increasingly seeing industry-changing growth rates and, as we’ll explain, there are many reasons why engineering companies who export are looking set for their best year yet.
Why Export in 2014?
An existing infrastructure awaits
Currently engineering and manufacturing exports account for 55% of all UK exports (EngineeringUK), resulting in a fully established network of complex logistics, country to country trade agreements and established trade bodies that are ready and waiting for the newly exporting engineering company of 2014.
Export encouragement – The one thing that the Government looks set to get right
The Government may have many questions to answer come election time in 2015, but criticisms about their efforts to encourage exports will certainly not be a focus. With extensive work that includes a £5 billion investment in fostering export rates and a realistic goal of doubling exports by 2020 the groundwork certainly looks laid for engineering companies looking to enter the world of exportation.
The fledgling signs of economic recovery
Despite the promising economic landscapes of the emerging markets, developed regions such as the US and the Eurozone still account for top export destinations for UK companies; and with the Eurozone and US hinting at economic recovery, there has never been a better time for engineering companies looking to export.
Becoming one of the few
Despite the overwhelming majority of exports being based in the manufacturing and engineering sectors there are surprisingly few companies who make up such a large percentage. Recent research has found that in fact, only a mere 4% of UK manufacturing and engineering companies export.
Getting started in overseas markets
So with the conditions being seemingly perfect, how can you start looking beyond these shores? And how can we help?
Market research
Market research is probably the singular most important activity for engineering firms looking to expand overseas. Frequently companies across all industries have found that not only are there unparalleled opportunities in export markets, but additionally that other markets require a unique solution or approach, resulting in 53% of companies having developed completely new products or services for trade overseas. We’ve helped many engineering companies translate their market research documents and many more global brands understand their customer base in new and exciting geographies.
Go Digital
A great way to start the export journey is to begin by translating your existing digital assets into the target language. By translating your own website, targeted SEO keywords and using a translation service to help you understand the social media landscape – you can decide more quickly (and cost-effectively) if that particular regions is right for you.
Get Help!
There are few resources as valuable as the Government’s official body for exports: The UKTI (UK Trade and Investment). They provide both online and in person resources both in terms of general exportation advice as well as specialist information and resources for specific industries such as engineering.
There has never been a better time than now and no better industry to be placed in to explore the possibility of exporting; with so many promising prospects for the engineering company that exports in 2014 it may not be a case of whether you can afford to export, but rather whether you can afford not to?
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