Figures show an improvement in business performance
North East England Chamber of Commerce members gained a valuable insight into how to develop stronger overseas sales growth at the launch of its Quarterly Economic Survey.
Setting the context for the international trade presentation, Chamber policy director, Jonathan Walker said the latest figures had shown an improvement in business performance but export sales had flatlined. He also said there was a marked increase in business concerns and significant worries over inflation, staff shortages and supply chain issues.
Guest speaker at the webinar was Professor Xinming He from Durham University Business School who leads a research team in the World top 10 for publications, judged by the Journal of International Marketing. In his presentation he explained with exporting there were challenges of short product life cycles and the possible threat of imitation in foreign markets.
He said: “Innovation is central to helping exporting firms compete internationally. There are two channels for this. They can either be experiential and improve the quality of goods or services or experimental by increasing the range of what goes to market, in their approach.”
Professor He’s advice to members was to try and exploit both approaches for maximum impact as experiential techniques were most useful in the short term and experimental in the longer term.
The event also discussed the vital role that cultural knowledge and exposure played in helping companies to explore new markets and the importance of developing export-specific skills in business.
The Quarterly Economic Survey is produced in association with Durham University Business School.