British business has always had a central role in providing solutions to the global oil and gas industry, from the early shipping innovations of the Shell Transport and Trading Company in the 1800’s to the present day North Sea industry.
AnTech has been developing technologies for the industry since 1992, with the exporting of technology a major part of the business from the start. The firm started out by making bespoke products before developing its own line. These are primarily focussed on smart drilling equipment for boosting oil well production and equipment that allows data to be safely transmitted to engineers on the surface. The former is exported as a service whereas the latter is a combination of service and goods export.
Our international growth has been a real success of the business, and there are fantastic opportunities to export and grow your business in all industries. AnTech’s experiences in the oil and gas industry are transferable across all industries and can be adapted to your specific business.
Whatever your current experience of exporting, expanding your international sales effort will lead to new opportunities and revenue streams.
Here’s three key tips for expanding international trade that can apply to any business:
- Use your network
If you are new to a country there will be laws, customs, and general business practices to be understood. The fastest way to get your bearings in a new location is to speak to someone who has done it before.
Every company learns lessons as they enter new markets and the more you speak to experienced people you trust the more you will understand about the market you are trying to enter.
The only limitation on who you should speak to is that they should have some experience in that market, otherwise, the broader the group you survey the better armed you will be.
- Start slow but plan to accelerate
It’s easy to become overcommitted to new markets. If you have an offering that others want, you won’t struggle to be drawn into markets but once you are committed it’s hard to row back. For example, certain countries require annual licence fees or office leases which are hard to unwind later if sales fail to materialise. A poor international sales strategy can lead to a death by a thousand cuts.
But a balance must be struck. There are significant opportunities for growth in international markets and you won’t achieve anything without some focus and commitment. There are stages of commitment that you can progress through as your understanding of the market develops. Some questions to ask yourself: Can you operate from the UK whilst you find your feet? Would a local agent provide value? Are their key targets who can assess interest from before you commit?
- Work with key partners
Business is rarely a zero-sum game. If a market is attractive for you to enter then there are likely going to be others that will also benefit from your entry. If those companies already have an established footprint you can work together for mutual gain.
With the right partners you can develop a strong and mutually beneficial relationship that allows you to access all your key markets without the need to commit yourself to a local entity until you really need to. The relationship will also supercharge your sales network.