Why is Wire Belt successful in export?
Wire Belt is successful in export by concentrating on the key target markets (not a scattergun approach), recognising that entering and building a market takes effort, time (1-2 years) and use of the correct resources. Once we have identified a potential distributor working with them on a trial base (1 year) to see if they and Wire Belt are good fit.
The other important element of building a successful distributor is creating a jointly agreed business plan, product training, customer visits, clear understanding of the USP’s of the products and services, industry sector knowledge and commercial support with transnational and national groups and lastly understanding of the importance of customer service.
What markets have been recently successful and why?
Turkey has been seen by Wire Belt as a very strong market for our products, however the current distributor has not been performing in line with the known growth and market trends.
Wire Belt formally cancelled its distributor contract (we use the ICC contract) and have now appointed after further research of the market potential three distributors, these are focussed on three different channels.
What trends in your industry have you seen over recent years?
The trend for reusable packaging is growing. The problems of throw-away packaging are growing. Firstly in the up front purchase costs, but secondly in the additional costs in ordering, storing and then disposing of the throw away envelopes etc. Additionally, many corporations are moving to Versapak as part of their corporate environment and sustainability strategy.
How did the idea for your business come about?
Versapak began by supplying the Royal Mail with mailing bags in 1973. Indeed many companies may still have at their offices two small bags for first and second class mail at their premises. As the concept of a durable, reusable, secure bag grew the applications extended to; cash handling (think of how retailers move coins and notes from the cash till to the finance department) and medical (Versapak bags are used to secure; blood, vaccines, pathology samples etc. etc.).
In the 1980’s Versapak moved into the manufacture and supply of sports doping test equipment and have supplied many major sporting events including the Commonwealth games.
CommonwealthFirst has returned from its highly successful trade mission to Kuala Lumpur and Singapore, which saw our talented delegation of outstanding UK SMEs make new business and invaluable connections within the ASEAN region. The thirteen-person delegation was led by Richard Burge, the newly appointed Chief Executive of Commonwealth Enterprise & Investment Council with Export Champions representing industries of manufacturing, defense, health, technology, education, science, engineering and consulting.
The intensive programme commenced with a first stop in Kuala Lumpur where the Export Champions received a briefing at British High Commission before going on to meet the British Malaysian Chamber of Commerce, Malaysia Investment Development Authority (MIDA) and take part in a on-site visit to Malaysia Digital Economy Corporation (MDEC). They then met with Mr Zaky Moh, Senior Director at the SME Development Corporation before meeting with Hon Mustapa Mohamed, Malaysia’s Minister of International Trade and Industry.
This month we learn about the home of ‘The World’s Original Marmalade Awards’, fibreglass composite structures, innovative fire safety solutions and hospital and healthcare medical lighting.
This month we learn about lasers, digital health, organic waste technology and smart technology to reduce energy consumption with Quantum Laser, Advetec International, Babylon Health and Extreme Low Energy.
The inaugural CommonwealthFirst trade mission will see a delegation of twelve outstanding UK SMEs travel to Delhi for the India-UK Tech Summit on 7-9 November.
The India-UK Tech Summit will be attended by UK Prime Minister Theresa May on her first bilateral visit since her appointment in July 2016.
The delegation will be led by Manoj Ladwa, Member of the Commonwealth Enterprise and Investment Council Advisory Board, who said “the India-UK Tech Summit will be a fantastic opportunity for these fast growing UK SMEs – many of whom are exploring the Indian market for the first time.”
The first cohort of Commonwealth Export Champions was selected in July 2016 and represent the best of what British business has to sell to the world. Companies are drawn from the manufacturing, healthcare, education, technology, food & beverage and fashion industries.
The Export Champions will be accompanied by CommonwealthFirst mentors including representatives of the Confederation of Indian Industry, De La Rue, JCB, Taylor Rubber and Clarks Legal to provide guidance for entering the enormous Indian market.
During the mission, interactions are being hosted by the British High Commission, British Council, Confederation of Indian Industry, Ministry of Commerce and Industry and the India Observer Research Foundation.
UK SMEs can apply to become part of the second cohort of CommonwealthFirst Export Champions via: www.commonwealthfirst.org. Applications close on 4th December and the second cohort will be announced in January 2017.