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Dealing with the British… Heiki Pant Export Advisor Enterprise Estonia UK Bird’s eye view • Population of 63 million • Density of 276 persons per sq km(Estonia 30,5) • England 53 mil; Scotland 5 mil; Wales 3 mil; NI 2 • Currency – the British Pound, 1£ ~ 1, 25 € UK’s position in the world • 6th largest Economy in the world (7-8) • In 2012, the UK was the 10th largest exporter in the world and the 6th largest importer • In 2012, the UK had the 3rd largest stock of inward foreign direct investment and the 2nd largest stock of outward foreign direct investment UK public deficit From Lehman’s collapse to date • Financial crisis hit hard • Banking bail-out unprecedented~ £ 500 bn • 2012 economic turnaround • Outperforming other economies in G7 • Population boom Spread of economic activity Economy at a glance • Services sector dominant, contributing • 78% of GDP • Share of financial services significant In the UK around 2,06 mil people work in financial services ( London on world stage alongside NYC) Bankers bonuses and Muscles from Brussels Creative industries (London) • • • • • In London 697 000 jobs in creative sector 223 movies released last year UK Design– £ 15 bn UK Fashion industry - £ 26 bn 14M Theatre attendances per year Education • 435 000 overseas student in UK every year • 2011 higher education contributed £ 17,5 bn Automotive industry • Employs 700 000 staff • Mass production reduced • High end of value chain Defence Industry • £ 35 bn turnover • ~ 7 bn £ = export • World second largest defence equipment producer after US • 300 000 people in sector Pharmaceutical • • • • • Employs 72 000 27 000 in R&D The UK’s pharmaceutical sector invests approximately £11.8 million every day in R&D Indirectly employs round 200 000 IT • The merge of new Hubs: - Shoreditch Silicon Roundabout - M 4 corridor- Panasonic, HTC, Vodafone, Microsoft, Adobe, Google Challenge Rental market out of control • £45 000 p/W • 195 000 pcm • 2,34 mil p/a Construction market and wooden houses • During the last 10 years the share of wooden and timber houses has grown • Quarter of newly built = wooden houses • (Timber loving) Scotland- 2/3 of newly built properties are timber frame • Share of timber frame and modular houses has grown in Ireland and NI Historical element • 1666 Great fire of London • 1667 construction of Timber Frame multi storey residential buildings banned • 1990 the ban was • overturned Entering the UK market How to start Preparatory work Is my product fit for market Competitors Mapping Pricing Certificates Mapping potential partners Google search Databases, lists from EAS Linked In Industry associations, webpages, members links E-commerceE-bay, Amazon, Backround information search Webpage Articles, Charity work etc Facebook Linked In Twitter That all important first call • • • • • Who am I contacting? what is the nature of the call What do I know already about the company What is my product/ service- why should I be listened to What are my strengths and possibly weaknesses. How do I turn them into strengths • Further steps Panso • Practice Practice Practice • Elevator speech- jogging, walking Gate keeper • Secretary, receptionist, PA • She/he will keep the lines clean e-mail sales letter • The chances of getting response are extremely low You will not hear word „no“ • British usually refrain from saying no • „Got too many suppliers“ is common Before „send“ THINK „Excuse me, I don’t understand your reaction about our telephone conversation. But if you are too busy and you are not interested my proposal then please answer to me. Other way I will continue disturb you in the future, or who I should conact.“ SwSwSwNxt Kontaktid HEIKI PANT TRADE ADVISER Enterprise Estonia UK Estonian Embassy 16 Hyde Park Gate SW7 5DG, London Tel: + 44 (0) 207 838 5395 Mob:+ 44 (0) 750 865 8091 [email protected]