Why go on a Trade Mission?
A Trade Mission is a vehicle that businesses use to help reduce their time, cost and risk when exploring business opportunities overseas, by ensuring they get the opportunity to meet key decision-makers and stakeholders and receive assistance every step of the way. Businesses go on trade missions for many reasons. They include:
- Fact finding/observing the market first-hand
- Establishing contacts/developing a network
- Evaluating market/export opportunities
- Finding a business partner
- Promoting their brand
- Promoting their company via the mission brochure and potential press interest
- Building and strengthening existing relationships/network
- Meeting key decision-makers/stakeholders/government officials
- Networking with their fellow delegates, sharing expertise and/or providing leads to one another
- More impact in the market than the lone business traveller
Each company’s objectives will differ, depending on whether they are an SME or a MNC, whether they have short term or long-term goals or whether they already have a market presence outside of the UK.
Each country will also present differing risks, challenges and obstacles, depending on whether it is a new market or an established one.
The trade mission itself is unique in both its timing and who is taking part. High-profile companies and high-ranking figures will bring more gravitas to the mission; in other words, no two trade missions are the same.