There is always an element of extra excitement for a firm when it claims that their products or services are exported. The image generated is one of global acceptance of a company's offerings. And, the notion created is that the offerings are so good that they have universal appeal. The exporter's halo is a glittering one especially when you project yourself as a net generator of foreign exchange in a country starved of this precious resource. Therefore, firms are constantly vying to win customers outside national boundaries.

Winning new customers from alien geographies presents its own set of challenges and unique concerns that need to addressed. Let's look at a few of them.

Trade barriers: Impediments to global trade have always existed – which is why an exporter was given special status in most economies, as he was one who had surmounted these obstacles. In days past, difficulties of physical access were compounded by language and food barriers, to stress the most obvious ones. After all, many explorers were traders at first guise and a vast number did lose their lives in venturing forth boldly. Today, the barriers are economic in nature, as tariff walls are raised and lowered depending on the intensity of the political gusts under leaders with differing ideologies. At its height, globalization charmed the world with its concept of a flat earth and stories of products getting built by multinational firms with components sourced from different markets. But the days of ABB and GE's hegemony are over and barricades have arisen to build and protect national markets. The rallying cry of 'Make my country great again', is now echoing across the world with protectionist tariffs focusing on saving domestic jobs over economic efficiency. Be that as it may, countries continue to cultivate markets through their own bilateral preferential trade partnerships (witness the recent ones that Indian has signed with UAE, and the European Free Trade Association - Switzerland, Norway, Iceland, and Liechtenstein, all four non-EU nations). These signify major opportunities if your firm is in the right space, and being alert to begin early discovery is a business development skill worth cultivating.

Quality parameters that you swear by are perhaps a non-negotiable aspect of being a global exporter. Unless of course you are an exporter of second-hand products that are dumped into war zones or the poorer, bottom-of-the-pyramid markets of the developing world. Yes, do not be astonished to learn that the global market for second hand clothes is worth over a 100 billion USD! The biggest exporter is the United States (over 700,000 tonnes), followed by Germany, UK, and China. The most frequent destination for these goods is countries in Africa and Latin America and this represents a growing business. But it is not clothes alone. The overall global market for second-hand products is growing at a CAGR of 13.6% and is projected to reach 1.3 Trillion US dollars by 2031, up from USD 400 Billion in 2022. Second-hand machinery has always been an attractive business for Indian firms, and estimates are that India is a leading exporter of second-hand machinery. The Foreign Trade Policy of 2023 has recognised this as an opportunity to exploit further and allows import of second-hand goods (including engineering, electronics and IT products) which are meant for export after repairing, refurbishing, re-conditioning or re-engineering them – all calculated to contribute to India's USD 1 trillion exports target by 2030. The bottom line for all this is product performance. Hence, failure to deliver to quality standards is usually a death-knell as the message goes out that you are an unreliable party who cannot be trusted to live up to commitments.

Relationships matter. Reputation is a very powerful currency in business, more important than pricing. Investment in building a relationship of trust and goodwill with partners (customers, collaborators, distributors, financiers, et al) are sine qua non to an exporter, nay to all businessmen. Smart businessmen look beyond today and build pipelines to the future. For them it is never about events or transactions, it is about future trends. You could fill a book on building bridges with an overseas partner – but never neglect that over time there are inevitable vulnerabilities that creep into any firm bond. Stay wary of natural erosion that is an accumulation of changing expectations drawn though the very affiliations that brought you together in the first instance. It would be wise to recalibrate business terms periodically lest there be an unforeseen abrupt rupture. Be prepared for this eventuality in any case as exports by definition are foreign businesses where extraneous issues and seemingly irrelevant or trivial aspects can bring a happy co-existence to a crashing halt.

A final tip on foreign exchange. Admit to yourself that you are not the master of your destiny when it comes to global exchange rates. There are past masters in this game who dictate outcomes. It is best that your forecasts of revenue are conservative as markets will fluctuate without warning. The best of bankers, economists, and commentators in the media are apologists or experts at post-mortem rather than soothsayers. Prudent dealers in foreign markets always hedge their bets as the most optimistic prognosis is tossed overboard when whimsical political events can bring to life the principles of chaos theory. The most telling recent experience that we all have lived through is the pandemic. Barely four years ago, the world felt as surreal as a science-fiction movie but short memories are already painting for us visions of the coming go-go days. Cash is king, we are reminded, and so it should be when you deal with export businesses as you must keep a reserve, ready to be deployed when necessitated.

The charm of the export market cannot diminish despite the inherent risks involved. Which is why smart marketers will continue to gravitate towards it. The rewards too are usually higher to trade-off with the risks involved. Businesses cannot but be enamoured by such markets – so the bottom line is 'handle with care'!

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Vinod Dua is a seasoned professional with vast experience in the pharmaceutical sector. Currently, he holds the position of Advisor to the Chairman and Managing Director at London United Exports Ltd. (LUEX), a pharmaceutical company headquartered in London, UK, with operations in Africa.

Previously, he served as Chief Marketing Officer at BDR Pharma International Pvt Ltd, where he played a pivotal role in launching three distinct market verticals focusing on oncology, critical care, and antifungal products. He also served as Chief Consultant at ALTTITUDE Consulting Works, offering strategic input and branding solutions to pharmaceutical clients.

Vinod Dua is academically qualified with a Master's degree in Zoology specializing in Entomology from Agra University and a Master of Marketing Management (MMM) from JBIMS Mumbai. Additionally, he holds a certification in Independent Directorship from the Institute of Directors (IOD) New Delhi. Apart from his corporate engagements, Vinod has also contributed to academia by lecturing BSc and MSc classes at Hindu (Post Graduate) College, Moradabad, specializing in Zoology and Entomology during the academic year 1974-75.

A recent sales training session to which I had the privilege of being invited highlighted the importance of always putting the customer first. In the ensuing mock sales pitch sessions, I must add, I failed miserably; in my defence, I do not hold a sales profile, so how can one possibly win at sales? That being said, the learnings of this workshop highlighted two key principles, among many others, that can help in clinching a sales deal -- to listen to and empathize with your prospects/customers. Know it or not, we are always selling even in a non-sales profile.

Brittany Hodak's book is a reminder of the basic sales principles and experiences that need to be borne in mind while interacting with prospects and customers who will become your super fans. She begins with a powerful foreword that sets the tone for the importance of customer-centric practices in business. It draws parallels between historical instances and modern-day customer grievances, emphasizing the enduring significance of word-of-mouth marketing and customer experience. The foreword encourages businesses to prioritize customer experience and highlights Brittany Hodak's expertise in the field.

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Overall, the book provides a comprehensive guide to prioritizing customer experience, fostering loyalty, and creating memorable interactions that turn customers into enthusiastic advocates of brands. Through practical insights, compelling stories, and actionable strategies, it offers a roadmap for businesses to thrive in today's competitive landscape.

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