If your company is looking to break into a new market or is keen to increase its sales in an existing export market then consider participating in an outward trade mission. At the very least you will return with a greater understanding of the marketplace and an invaluable list of contacts to follow up for future business.
Many trade missions are government sponsored and offer financial assistance to exporters travelling as a group (of between 10 and 30 people) provided they are organised by an approved sponsor, such as Business Links, Chambers of Commerce and trade associations. Some missions are privately sponsored.
Trade missions will often focus on a specific industry sector that has been identified as a major business growth area in the target market, while other missions will be open to companies across all sectors. A mission will generally visit between one and three countries over a one to two week period, and may coincide with a major trade exhibition in one of the host countries. Participants will often get the opportunity to meet with key purchasers and distributors in their sector and/or meet with potential partners for joint ventures.
Return on investment
The cost of participating in a trade mission (including hours spent away from the office) should be measured against the expected benefits of participation. While there are no guarantees, you may achieve the following:- Confirmed business
- Potential business
- Sign a distributor or agent
- Agree a joint venture
- In-depth understanding of the marketplace
- Networking, often with people you would not normally get a chance to meet
- Establish new contacts and champions
- Develop relationships with existing contacts
- Receive advice and support from your mission colleagues
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