Hardly a day goes by when the subject of UK’s membership of the the European Union is raised. With the upcoming referendum, everyone has a different opinion on the matter, but one area for concern amongst some of the UK’s biggest exporting companies is the impact on business.
The EU is the world’s largest trading bloc, with a combined estimated value of £3.17 trillion a year (or €4 trillion). This value includes imports and exports, services and foreign investments. Being part of the EU gives Britain and the EU’s 27 other member states the ability to trade as a single bloc with the rest of the world. Those backing a ‘leave’ vote cite the cost of EU membership as a huge drawback, whereas those wishing to remain a member argue that the benefits of trade and investment massively outweigh this cost.
Leaving the rest of the world aside for one moment, the EU alone presents huge potential for UK businesses, not only with its buying power, but also access to a wealth of international expertise and investments. Taking into consideration the array of cultures, beliefs, 24 official languages and lifestyles in such a condensed area to that say of Australia, the EU is truly unique in its offering.
With a 500 million strong consumer market readily accessible to UK businesses, a successful export strategy is crucial to sustainable and profitable growth.
Greater Manchester Chamber of Commerce have created an ‘EU referendum fact sheet’, with a breakdown of the costs of EU membership, how funding is allocated, what a reform deal could look like, and other economic impacts.
Download the factsheet here.
If businesses and exporters are going to capitalise on the global buying opportunity they need to have a localised sales strategy and a multicultural understanding of their market. Even in the most diverse companies these skills can be hard to perfect which is why having an experienced, globally minded localisation partner can allow businesses to develop their export strategy and achieve their company growth objectives.
According to UK Trade and Investment, businesses who are already exporting noticed that, along with the natural business growth of expanding their customer base, innovation and efficiency rates improved as confidence and ambition within those businesses increased.
85% of UKTI clients surveyed said exporting led to a ‘level of growth not otherwise possible’.
However effort and costs can easily go to waste if businesses do not take the time to understand how these target markets operate. It stands to reason that buyers across the globe are loyal to a brand if they make the effort to make them feel like a valued customer; this includes speaking to a customer in their language. This makes localisation and not simple translation the key differentiator. After all would you buy from a website where you couldn’t read the supporting content?