Marketing tips for Abrasives Companies – successful selling to a global marketplace
Our key tips for companies entering new markets in the abrasives space are as follows:
Be prepared to spend on marketing
Many companies are not prepared to spend enough on marketing. The recommended spend is anywhere between 1 and 10% of sales depending on how well established you are. If you are entering new markets you need to look at a higher rate of expenditure to include localisation costs (translation of marketing materials, website localisation etc), attending trade shows/ events, travel costs, certification etc. The investment can be considerable and is not for the faint hearted.
Do your research
How well do you know your marketplace? Read as much as you can to really understand the global marketplace and where the greatest opportunities lie. Research and Experts provide up-to-date reports with in depth market analysis, listing key companies, average selling price of products, current market status and future trends.
Try to really understand the issues in the market you wish to target. What are the pain points? How can you offer a solution? For Chinese companies selling to the West our advice is to focus on quality and cost. Can you sell an equally high or higher quality product to that market for a lower cost than is already on offer?
Be prepared to travel. Go and visit your potential clients. Take that first step to build the relationship and get to know the marketplace. Maybe combine visiting a few potential clients with a trade show.
Take time to really understand the competition. Are there areas of the market they are not serving? Does your product measure up? Are you manufacturing to the same standards? Do you need to have your product certified by the local certification body?
Make sure you have the language skills required to communicate effectively in the target market. A badly written email, a poorly translated website or a sales team who can’t communicate effectively get a relationship off to a very bad start.
Look to developing in-country relationships with business associates or freelancers who can add credibility to you and your product range. Find someone you can trust through referrals, websites such as Abrasives Hub or online communities on Linkedin.
In the e-commerce age many business relationships begin online. Invest in a high quality website which is optimized for your target markets. Set up Google Analytics on your website and monitor the number of organic, social, direct and referral visits to your website. Also monitor your demographic data. This might give you some useful leads. There are tools for identifying who is viewing your website – very useful for warm leads.
Also, consider promoting your products on a trusted industry platform such as Abrasives Hub. You can have your own website on Abrasives Hub and you can also use it to publish your latest press release.
Start the relationship by building your audience.
Best of luck!