There has always been a special relationship between the UK and the U.S., and has transcended the political spectrum. It has certainly extended to trade and commerce, with American firms often extremely interested in buying British products as they are perceived to be high in quality and carry an exceptional reputation.
This relationship will become even more important in the years to come, as not only is America the single biggest import export market in the world but it is also set to become a key ally in the post-Brexit era.
With this in mind, it’s imperative that companies are well-placed to export their products to the U.S. while remaining profitable in the near term. Here are some ways in which you can achieve this:
Understand how Exchange Rates Impact on Exports
When importing, a weak domestic currency means that businesses must pay more to procure goods from overseas. This is an important consideration, as you’ll need to monitor exchange rates in order to achieve value for money and time large currency transfers successfully.
From the perspective of exporting, however, a weak currency creates more competitively priced products that may drive more demand in competitive markets in the U.S. This can be leveraged to excellent effect, as businesses look to increase volume and claim a larger market share.
It’s therefore crucial that you understand this relationship as an exporter, and take care to monitor relevant exchange rates when looking to plan your businesses overseas shipments.
Partner with Reputable Couriers and Logistics Experts
The next step is to partner with reputable couriers, so that you can easily exports products in bulk across the Atlantic.
In simple terms, you’ll need to identify couriers with an established infrastructure and network, that you can tap into quickly and build your business. This is particularly important if you’re a new or independent firm, as it enables you to get your product to the international market quicker.
It’s also wise to target firms that have established networks in USA and across the globe, as this makes it easier to scale your venture and breach new international markets without switching suppliers.
Seek Out Local Distributors in the U.S.
On a similar note, you’ll also need to identify and partner with local distributors in the U.S. market. This will enable you to build partnerships with individuals that have established access to key vendors in the states, making it possible to deliver your product to the market in the quickest and most efficient way imaginable.
The best approach is to target distributors that operate in specific industries, as these individuals have an innate knowledge their market and the viability of your proposition. You can even employ such individuals as brand ambassadors, who network on your behalf in the States and ensure that your products receive maximum exposure.
To build these relationships, it makes sense to attend a high volume of relevant trade shows, where you can meet with global distributors and enter into a mutually beneficial relationship. At this stage, you can present your proposition in detail, while determining what type of terms you want to offer to customers in the U.S.
