UK Export Finance (UKEF) is the government department that works with companies, banks and overseas buyers to support financing of UK exports and investments across the world.
Exporting is not only a vital engine of growth for the UK economy, it also tends to bring positive benefits to individual companies by making them more productive, more innovative and more profitable.
UKEF achieves its goal by sharing financial risks that the private sector is unable or unwilling to accept on its own. Helping smaller and medium sized businesses is a big part of their mission.
Government support for export finance is likely to be seen as a new concept for many exporters and awareness of its availability may be a barrier to success. This was confirmed in a recent survey of 400 UK exporters commissioned by UKEF. The survey revealed that only 2% were aware of UK Export Finance.
The objectives of the campaign were:
To create a database of potential customers for UKEF products with turnovers of £2.5m and upwards.
To deliver 200 qualified referrals to our team of regional Export Finance Advisers (EFAs).
To build a pipeline for future opportunities where UKEF can provide support.
With low awareness of UKEF and the services they provided, a key recommendation from Beanstalk was to develop a comprehensive contact list of potential businesses that not only have an immediate requirement but also companies that have the scope and ambition to develop export markets. Building awareness at an early stage ahead of a need will assist in delivering a pipeline of future opportunities that could be developed beyond the campaign end date.
The campaign strategy was to build a comprehensive database of relevant prospects, then utilise Email marketing and Telemarketing to engage, nurture and identify prospects. This was supported by inbound call handling to capture those with an urgent need.
The initial data analysis was used to identify suitable prospects for the UKEF services. Types of companies included exporters of capital goods, semi-capital goods and related services, engineering and general manufacturing. Key sectors were aerospace, construction, oil and gas, petrochemicals, transport and telecommunications.
A total database of 20000 businesses was identified. Awareness emails were sent to the database with telemarketing follow-up to identify the relevant senior management contacts – MD, FD and Export Leader.
In addition to identifying the right contacts, Beanstalk qualified whether they currently exported, the frequency, sales value and whether they had live projects.
211 opportunities were identified during the 3-month campaign.
Database of 20000 businesses identified in the target sectors.
Contact database of 1300 records qualified with a potential future need.
What UK Export Finance Say About Beanstalk
“Our decision to partner with Beanstalk was based on their robust processes, a solid history of achievement and the professionalism of the team at every level of the organisation. Our meticulous selection process paid dividends, with a well- managed service and a great campaign performance.“
Campaign Project Manager, UKEF