How it Works - Virtual Trade Mission Process
1. Collect the Registration Form
Once the information is obtained from the registration form, it is time to proceed to determine the subsectors of the industry that apply to the interested companies. The major subsectors are outlined below;
- Raw Materials (Suppliers/Manufacturers/Distributor)
This area deals with the raw material of cosmetic products. These can be ingredients used formulation of cosmetics. They are derived from natural or synthetic origins.
- Packaging (Suppliers/Manufacturers/Distributor)
This area deals with the packaging of cosmetic and cosmetic raw materials products. These can be bottles, boxes or cartons.
- Laboratory and Analytics
This area deals with labs and analytical services. These services perform testing and quality control on cosmetic formulations, including raw material ingredients.
- Academics and Research
This area deals with academic institutions and their research. These institutions often look for international collaboration with various corporations and other academic institutions. This research can range from cosmetic science to marketing or business trends in the industry.
- Logistics Warehousing
This area deals with the logistics shipping and warehouse storage of cosmetic products, packaging and raw materials. This is extremely important for export and import operations.
- Distribution for Retail Products and Professional Beauty Products
This area deals with the distribution of finished cosmetic products. From retail beauty to professional beauty products. Many companies rely on distribution networks to enter a market in a new country.
- Various Services
There is a great deal of consulting services that are useful to companies looking to establish a business in a new area. These consultants can specialize in areas like legal, real estate, regulatory and graphic design. Partnerships can be made with individual firms to make webinars for companies.
2. Interview each company over a video call
This interview will help better assess each company and its goals.
Recommended Platform – Zoom, Whereby, WhatsApp
3. Prepare and present a detailed presentation
The presentation covers the following;
- Statistics and Data on the region
Statistics on product sales and the market overview will highlight the opportunities in the industry both current and future. the data also will be available to give an approximate time frame of market entry for the region.
- Regulatory Requirments
Each country has different regulatory requirements for products, packaging and raw materials. Each country has regulatory boards that require registration and product approval.
- Managing Culture Different and Country Expectations
It is important to be realistic with each company's expectations. Many countries have false beliefs or stereotypes about different countries. Individuals need to understand the mentality of people and the business customs to succeed in maintaining long-term business relationships.
- Key Contact
This will be a list of key contacts for each country to expedite business establishment.
4. One on One Consultation Video
There will be a 2nd video call work session with companies to address any questions following the presentation or any questions leading up to the B2B Videos.
5. Setting up B2B Meetings
The prime purpose of the virtual trade mission is to set up B2B connections for companies between countries. These meetings need to be mutually beneficial. The global cluster will use the databases to assist in setting up the B2B meeting and match clients with appropriate companies.
6. Follow-up After Meeting and 30-day Progress Report
The follow-up report and final call will be 30 days after the last B2B meetings. This will be an adequate amount of time to assess the progress or to give any support to individuals as needed.
Once the information is obtained from the registration form, it is time to proceed to determine the subsectors of the industry that apply to the interested companies. The major subsectors are outlined below;
- Raw Materials (Suppliers/Manufacturers/Distributor)
This area deals with the raw material of cosmetic products. These can be ingredients used formulation of cosmetics. They are derived from natural or synthetic origins.
- Packaging (Suppliers/Manufacturers/Distributor)
This area deals with the packaging of cosmetic and cosmetic raw materials products. These can be bottles, boxes or cartons.
- Laboratory and Analytics
This area deals with labs and analytical services. These services perform testing and quality control on cosmetic formulations, including raw material ingredients.
- Academics and Research
This area deals with academic institutions and their research. These institutions often look for international collaboration with various corporations and other academic institutions. This research can range from cosmetic science to marketing or business trends in the industry.
- Logistics Warehousing
This area deals with the logistics shipping and warehouse storage of cosmetic products, packaging and raw materials. This is extremely important for export and import operations.
- Distribution for Retail Products and Professional Beauty Products
This area deals with the distribution of finished cosmetic products. From retail beauty to professional beauty products. Many companies rely on distribution networks to enter a market in a new country.
- Various Services
There is a great deal of consulting services that are useful to companies looking to establish a business in a new area. These consultants can specialize in areas like legal, real estate, regulatory and graphic design. Partnerships can be made with individual firms to make webinars for companies.
2. Interview each company over a video call
This interview will help better assess each company and its goals.
Recommended Platform – Zoom, Whereby, WhatsApp
3. Prepare and present a detailed presentation
The presentation covers the following;
- Statistics and Data on the region
Statistics on product sales and the market overview will highlight the opportunities in the industry both current and future. the data also will be available to give an approximate time frame of market entry for the region.
- Regulatory Requirments
Each country has different regulatory requirements for products, packaging and raw materials. Each country has regulatory boards that require registration and product approval.
- Managing Culture Different and Country Expectations
It is important to be realistic with each company's expectations. Many countries have false beliefs or stereotypes about different countries. Individuals need to understand the mentality of people and the business customs to succeed in maintaining long-term business relationships.
- Key Contact
This will be a list of key contacts for each country to expedite business establishment.
4. One on One Consultation Video
There will be a 2nd video call work session with companies to address any questions following the presentation or any questions leading up to the B2B Videos.
5. Setting up B2B Meetings
The prime purpose of the virtual trade mission is to set up B2B connections for companies between countries. These meetings need to be mutually beneficial. The global cluster will use the databases to assist in setting up the B2B meeting and match clients with appropriate companies.
6. Follow-up After Meeting and 30-day Progress Report
The follow-up report and final call will be 30 days after the last B2B meetings. This will be an adequate amount of time to assess the progress or to give any support to individuals as needed.