Santander’s John Carroll: What it takes to export
INTERVIEW
What traits do companies that successfully export tend to have?
Ambition is a huge driver of success. But having a product or service that has a competitive advantage over domestic and other international competitors is also vital. A company may have been very successful in the UK, but when trying to penetrate a new market where there is no brand awareness and where the company does not have a solid track-record, competitive advantages play a crucial role. Businesses also need to take export markets seriously. Companies that succeed internationally have invested the resources (time, people, budget) to identify opportunities, studied the market’s trends, and adapted their products. Finally, it’s important to choose the right partners. Export champions surround themselves with the right professional partners, including banks, consulting services, accountants, law firms and logistics companies. These partners help them in their international journey by having local knowledge, assisting companies to address the challenges that arise from exporting into new markets.
Do businesses of particular sizes have higher success rates?
While bigger companies can sometimes benefit from economies of scale, we also find that smaller businesses, due to their flexibility and ability to adapt more quickly, have great success. For all sizes, it is instrumental to have the right partners on board. This is where Santander can help, owing to its alliance network, International Desk Capabilities, Trade Portal and Trade Club network.
Are there any particular exporting hotspots at the moment?
UK businesses from a wide variety of sectors have a “GREAT” potential to sell their products and services to foreign markets. The British brand enjoys an excellent reputation internationally and is associated with quality, durability, and creativity. Entering mature markets will be a relatively easier option for first-time exporters, and Britain’s biggest trading partners remain developed economies like the USA, Germany, Netherlands and France. In terms of growth potential, however, emerging economies such as China, India, the UAE or Mexico will see faster growth in demand for international products and services and should not be overlooked by UK exporters, despite the added sense of “unknown” associated with these markets.
John Carroll is head of international at Santander. For more information about trading internationally, visit Santandertrade.com