Export Q&A: How to leverage global trade ventures

For companies looking to expand internationally, global trade ventures are a valuable way to directly connect Wisconsin exporters with potential customers, distributors and partners in markets beyond the borders of the U.S. Find out how WEDC’s global trade ventures can help expand your company’s international sales.
 
Q: Why should a business participate in global trade ventures and trade missions?
A: There are many benefits to participating in a global trade venture or trade mission, but one factor that sets this experience apart from visiting the same market on your own is the customized and individualized schedule of business appointments each company receives. These meetings are designed to meet each company’s specific business needs and objectives. WEDC takes care of all the logistical and transportation arrangements while in country, allowing participants to concentrate on the substance of their meetings. Travelling as part of a trade venture also provides the opportunity for peer-to-peer networking, sharing of experiences and business connections among participants.
 
Q: What’s the difference between a trade venture and a trade mission?
A: While the basic format and structure of a trade venture and a trade mission are almost identical, a trade mission is led by the governor, lieutenant governor or other elected official. It can be beneficial to have these dignitaries as part of the delegation to help gain access to relevant government and regulatory entities or organizations. A trade venture may involve fewer receptions and dignitary meetings, but business participants will still get tailored one-on-one business appointments.
 
Q: What happens on a trade venture?
A: A key element of a trade venture is the series of one-on-one meetings that are arranged for business participants. Based upon the needs of participants, appointments are arranged with potential agents, distributors, end users, associations and multiplier organizations or sources of market intelligence.  Whenever possible, these meetings are held at the local contact’s location so you can evaluate their facility and what other products and brands are in their warehouse or other kinds of companies are in the neighborhood. Companies do not need to have prior export experience in order to benefit from trade ventures. Whether companies are new to a market or are looking to expand their presence, they are invited and encouraged to participate. Companies receive firsthand exposure, market intelligence and relevant business contacts.
 
Q: What does a trade venture offer compared to an individual business trip?
A: The importance of going to the market, obtaining market intelligence and meeting with your current or prospective partners cannot be overstated. While WEDC and their global trade network of authorized trade representatives can support a Wisconsin company’s independent visits to a market, traveling as part of a trade venture does include “built-in” benefits. WEDC will take care of all the company’s logistics, including lodging and transportation arrangements while in country, so that participants can concentrate on their customized business appointment schedule. As part of trade ventures, there is peer-to-peer education that goes on among delegation members at the end of the business day. Even if participants are from different industries, there is valuable information about market conditions and business practices, and sometimes even business leads that can be shared.
 
Q: What is the upcoming trade venture schedule?