Sri Lanka's Apex Organisation for Export Promotion
Reaching global markets and securing export orders in any industry requires a carefully curated export marketing strategy that will include an extensive strategic analysis and decision making, followed by numerous action items. Such strategy and action plans will differ, depending on the respective industry.
In the context of the Electrical and Electronic sector it becomes extremely challenging to determine your strategic approach and action plans, simply due to the industry dynamics and the rapidly evolving nature of it. Nevertheless, given the enormous potential and anticipated growth in this sector, it is worth investing time and other resources to strategies, and venture into global markets in order to capture valuable market share.
As in any other market driven business opportunity, proper research is an extremely important aspect of how successful your export business in the Electrical and Electronics Industry would become. Not only your entry strategy, but your expansion and sustenance as a viable export business would heavily depend on how well informed you are on an ongoing basis. Change being the only constant within this sector, continuous research into products, market trends, global demand, market requirements, competitor developments, innovation and research into products and services, should be uncompromised. Investing into professional export market research is considered a worthwhile investment and as good as investing in enhancing manufacturing or service delivery capabilities.
As an exporter you should possess a proper understanding of potential markets; global industry requirements; competition; your product differentiation; value for money proposition for a buyer; internal strengths of your manufacturing or service delivery process; emerging market trends; uniqueness of the product and core strengths as an exporter.
Once the market potential and prospective markets are identified, considering the extremely competitive nature of the global Electrical and Electronics industry, formulating your export market entry strategy taking into account the strengths of your product, conformity to global standards, service levels, and delivery capability will be critical in establishing buyer-confidence and securing orders.
In formulating your export marketing strategy, it is equally important that an exporter uses the full potential of the positive attributes, country-specific industry credentials, and reputational strengths that have been established over time by the existing Electrical and Electronic export industry in the country.
A well mapped out communications strategy will be a critical success factor in your export business in the Electrical and Electronics industry. The communications tools you would use will depend on your product or service portfolio; potential markets; buyer profiles; required geographical reach; key messages you want to communicate, and will comprise of digital and non-digital mediums.
Whilst an efficient digital marketing strategy and visible presence on virtual platforms and digital mediums are considered to be effective, in terms of an export business within the Electrical and Electrical sector in-person discussions, demonstration, and trials will be effective. Therefore, a combination of non-digital communications and business development activities such as participating in relevant trade fairs, exhibitions, B2B discussions, will be impactful.
Factually accurate, creative and informative communication will undoubtedly capture buyers’ attention and establish confidence, and will undoubtedly be an impetus in capturing export business opportunities
As a Sri Lankan exporter of Electrical and Electronic products and services, formulating a creative communications content that will convey the unique attributes of the product, service in cohesion with the country-specific unique propositions will be extremely advantageous in drawing buyer attention and generating interest. As much as it is important to highlight the uniqueness of your products or services in your communications, the benefits of presenting the value additions Sri Lanka as a country and other local dynamic could offer, could be immensely beneficial.
Why should a buyer procure your product?
Why should a buyer procure from Sri Lanka?
EDB endures to support all exporters in every possible manner, and hold hands with potential exporters in their journey of capturing global markets to strengthen the export led economy of the country. Capacity building initiatives of local exporters that are carried out by the EDB, is one such support measure.