7 Reasons Why B2B Technology Companies Need Expert Export Management
B2B technology companies are often faced with the challenge of expanding their market reach and increasing their sales in the global arena. Exporting their products and services to foreign countries can be a lucrative opportunity, but also a complex and risky endeavor. That’s why they need expert export management to help them navigate the legal, cultural, logistical, and financial aspects of international trade.
Expert export management is the process of planning, implementing, and controlling the export activities of a company. It involves identifying potential markets, developing export strategies, complying with regulations, managing contracts, handling documentation, arranging transportation, resolving disputes, and ensuring customer satisfaction. Expert export management can provide many benefits for B2B technology companies, such as:
Increased revenue and profitability
Exporting can open up new markets and customers for B2B technology companies, leading to increased sales and profits. According to a study by the U.S. International Trade Administration, exporters tend to grow faster, pay higher wages, and create more jobs than non-exporters.
– Diversified risk and reduced dependence: Exporting can reduce the dependence of B2B technology companies on their domestic market, which may be saturated, competitive, or volatile. By diversifying their customer base and revenue streams, they can mitigate the impact of economic downturns, currency fluctuations, or political instability in any single market.
Enhanced innovation and competitiveness
Exporting can expose B2B technology companies to new ideas, technologies, and best practices from foreign markets, stimulating their innovation and creativity. Exporting can also increase their competitiveness by forcing them to adapt to different customer needs, preferences, and standards.
– Improved reputation and brand awareness: Exporting can enhance the reputation and brand awareness of B2B technology companies in the global market. By demonstrating their quality, reliability, and value proposition to foreign customers, they can build trust and loyalty among their target audience.
Access to incentives and support
Exporting can enable B2B technology companies to take advantage of various incentives and support programs offered by governments, trade associations, or other organizations. These may include tax breaks, subsidies, grants, loans, guarantees, insurance, training, consulting, or market research.
However, exporting is not without challenges and risks for B2B technology companies. They may encounter various barriers and difficulties when entering foreign markets, such as:
Legal and regulatory compliance
Exporting requires B2B technology companies to comply with a myriad of laws and regulations in both their home country and their target country. These may include export controls, tariffs, quotas, licenses, permits, certifications, standards, customs procedures, intellectual property rights protection, data privacy laws, anti-corruption laws, or sanctions.
Cultural and linguistic differences
Exporting involves dealing with customers from different cultures and languages than the home market. This may pose challenges in communication, negotiation, relationship building, customer service, or marketing. B2B technology companies need to understand the cultural norms, values,
expectations, and behaviors of their foreign customers and adapt their products,
services,
and messages accordingly.
Logistical and operational complexity
Exporting entails managing the physical movement of goods or services across borders. This may involve coordinating with multiple parties,
such as suppliers,
distributors,
freight forwarders,
carriers,
or customs brokers. B2B technology companies need to ensure the timely,
safe,
and cost-effective delivery of their products or services to their foreign customers,
while minimizing delays,
damages,
or losses.
Financial and currency risks
Exporting exposes B2B technology companies to financial and currency risks that may affect their cash flow,
profitability,
or competitiveness. These may include exchange rate fluctuations,
payment delays or defaults,
currency conversion costs,
or foreign taxes. B2B technology companies need to manage their financial transactions carefully and hedge their currency exposure appropriately.
These challenges and risks can be daunting for B2B technology companies that lack the experience,
knowledge,
or resources to handle them effectively. That’s why they need expert export management to guide them through the export process and help them overcome the obstacles they may face along the way.
Expert export management can provide B2B technology companies with valuable assistance in various aspects of exporting,
such as:
Market research and analysis
Expert export management can help B2B technology companies identify the most suitable markets for their products or services based on factors such as demand,
competition,
growth potential,
or entry barriers. They can also help them conduct market research and analysis to understand the market size,
segmentation,
trends,
opportunities,
or threats in each target market.
Export strategy development
Expert export management can help B2B technology companies develop a clear and realistic export strategy that aligns with their business objectives,
capabilities,
and resources. They can help them define their target market segments,
value proposition,
competitive advantage,
pricing strategy,
distribution channels,
marketing mix,
or performance indicators.
Export compliance and documentation
Expert export management can help B2B technology companies comply with the legal and regulatory requirements of exporting in both their home country and their target country. They can help them obtain the necessary licenses,
permits,
certifications,
or registrations for their products or services. They can also help them prepare and submit the required documentation for customs clearance,
such as invoices,
packing lists,
bills of lading,
or certificates of origin.
Export logistics and transportation
Expert export management can help B2B technology companies arrange and manage the logistics and transportation of their products or services to their foreign customers. They can help them select and negotiate with the best suppliers,
distributors,
freight forwarders,
carriers,
or customs brokers for their export needs. They can also help them track and monitor the status and location of their shipments and resolve any issues that may arise during transit.
Export financing and payment
Expert export management can help B2B technology companies secure and manage the financing and payment for their export transactions. They can help them access various sources of export financing,
such as banks,
export credit agencies,
or trade finance companies. They can also help them choose and implement the most appropriate payment methods and terms for their export sales,
such as letters of credit,
cash in advance,
or open account.
Export customer service and support
Expert export management can help B2B technology companies provide excellent customer service and support to their foreign customers. They can help them communicate effectively with their customers in their language and culture. They can also help them handle any customer inquiries,
complaints,
or feedback and ensure their satisfaction and retention.
By outsourcing or partnering with expert export management, B2B technology companies can leverage their expertise, experience, network, and resources to facilitate and optimize their export activities. Expert export management can help them save time, money, and effort, as well as avoid mistakes, risks, or pitfalls that may jeopardize their export success.
Expert export management can be a key factor for B2B technology companies to achieve their export goals and grow their business internationally. If you are a B2B technology company looking to expand your market reach and increase your sales in the global arena, you should consider hiring or collaborating with expert export management to help you with your export endeavors.# How B2B Technology Demand is Changing Globally
The business-to-business (B2B) technology market is undergoing significant changes as buyers’ preferences, expectations, and behaviors evolve. In this blog post, we will look at some of the key trends and statistics that show how B2B technology demand is changing globally.
B2B Technology Buyers are Becoming More Diverse and Digital
One of the major shifts in the B2B technology market is the increasing diversity of buyers in terms of generation, geography, and industry. According to a survey by Statista, in 2021, **the majority of all B2B technology buyers will be millennials**, accounting for 44% of the total. The smallest B2B demographic is expected to be Gen Z with 2% of the respondents coming from this age group. This means that B2B technology vendors need to adapt their marketing and sales strategies to cater to the different needs, preferences, and expectations of these younger buyers, who are more likely to use digital channels, social media, and online reviews to research and purchase products and services.
Another trend is the **growing global demand for B2B technology**, especially in emerging markets such as Asia-Pacific, Latin America, and Africa. According to a report by McKinsey, the global B2B e-commerce market is expected to reach $20.9 trillion by 2027, with Asia-Pacific accounting for 80% of the growth. This means that B2B technology vendors need to expand their reach and presence in these regions, as well as tailor their offerings and communication to the local culture, language, and regulations.
B2B Technology Buyers are Looking for Omnichannel Experiences and Personalized Solutions
Another shift in the B2B technology market is the increasing demand for omnichannel experiences and personalized solutions from buyers. According to a report by Accenture, **86% of B2B CMOs say that customer experience will be more critical in the industry in the coming years**, and a third of B2B buyers say that their expectations of customer experience have increased. This means that B2B technology vendors need to provide seamless, consistent, and convenient interactions across multiple channels, such as in-person, remote, and self-service, as well as deliver customized solutions that address the specific pain points and goals of each buyer.
According to a report by Demand Gen, the five most important factors for B2B buyers evaluating solutions providers were: **features or functionalities (73%), pricing (72%), reviews (59%), deployment time or ease of use (56%), and the provider’s ability to solve a pain point (47%)**. This means that B2B technology vendors need to showcase their value proposition clearly and convincingly, as well as leverage customer feedback, testimonials, and case studies to build trust and credibility.
The B2B technology market is changing rapidly as buyers become more diverse, digital, omnichannel, and personalized. To succeed in this dynamic environment, B2B technology vendors need to understand their target audience’s needs, preferences, and behaviors, as well as provide them with relevant, engaging, and differentiated solutions that deliver value and satisfaction.
References:
https://www.infosys.com/about/knowledge-institute/insights/Documents/future-customer-engagement.pdf
https://en.wikipedia.org/wiki/Business-to-business#cite_ref-1
https://www.gov.uk/government/consultations/small-business-commissioner-role
(https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-new-b2b-growth-equation)
(https://www.accenture.com/_acnmedia/PDF-112/Accenture-New-Rules-Engagement-B2B-Marketing.pdf)
(https://www.statista.com/statistics/1191527/demographics-in-b2b-tech-buyers/)
(https://www.demandgenreport.com/resources/research/2020-content-preferences-survey-report/)
https://www.trade.gov/export-solutions
https://www.export.gov/Export-Guides
https://www.sba.gov/business-guide/grow-your-business/export-products
Sell on Rexcer.com
