From surviving to thriving: Getting your international sales back after covid
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It is no secret that the current pandemic brought the world of business to its knees, and more significantly, international trade. Global merchandise trade, for example, recorded its largest ever decline in 2020, falling by a little over 14% in the second quarter of the year compared to the previous one. That was mainly due to several restrictions different governments were forced to place to curb the virus’s rapid spread. International travel came to a halt, and slowing down economies made it difficult for most businesses to make international trade a priority, especially those requiring the movement of goods and products.
Even with current vaccinations offering a glimmer of hope, there is still quite a distance to go before any form of normalcy returns. In the meantime, business owners can consider putting some things in place to get their international sales back on track. An excellent place to start is to stay up-to-date with every critical development in the international market. You need to gather sufficient information to build market intelligence.
From foreign exchange news to shipping and air cargo industry news, every bit of information that concerns international sales may come in handy. Try to gain enough information on which of your markets are showing signs of growth. Find out if distributors are beginning to perform better and why.
The international market is not an even one, as some economies are more resilient than other ones. That means some markets will start showing signs of recovery earlier than others. Also, some markets will continue to shrink while new ones emerge. Having this information will help you decide where to turn your attention and when. In addition to this, do not forget to keep a close eye on what your competitors are doing.
While you gather the intelligence you need, you should also review your international strategy and look for new ways to reach out to the customers you still have. To make your recovery effective, you need to tweak your international sales strategy in light of the current pandemic. The gathering of information should show you who is performing strongly on the international market and still drowning under the waves.
It would help if you also made it a priority to contact all your existing international customers first to find out how they’re faring and reassure them of your willingness to continue doing business with them. It wouldn’t also hurt to try finding out how best to serve them during and after the pandemic.
It would be best if you also took the time to develop an export plan in a way that allows you to reach out to new overseas clients or makes your products more appealing to new foreign customers.
Through it all, it will be best if you don’t leave your working team or staff out of the picture, especially when it comes to developing a new export strategy. They are a vital component of your business and should be treated as such.