International Markets
The industry for Australian Soybean is small, but from an economic viewpoint it is very valuable, since it plays a significant role in the farming system across Australia. The last decade has seen an exponential growth in export markets and consumption of edible beans domestically (Marketing Soybeans).
The demand for Australian edible soybeans in Asian markets is immense, with Japan the major importer of the Soybeans as it imports half a million tonnes of tofu grade soybeans each year from US and Canada, with the primary reason being the quality and positioning of the Australian product in the soybeans category as a premium soybean product on a global level (Marketing Soybeans).
The key approach to enter the Japan market should be foreign direct investment and genetically modified (GM) product expansion that will entail acquiring plants, equipments, and to manufacture in relation to cleaning and bagging the beans locally and GM plantation. The premise being the Japanese market is already importing half a million tonnes.
For other Asian countries the requirement is there, but not as huge as the Japanese market, thus, partnerships will be export marketing, as the risk and cost are low, with only issue emanating from each government regulations and trade restrictions.
The product quality being premium will carve an instant niche with the target countries, the price will be high in relation to the quality and from a marketing perspective the promotion will focus on the top end of the market of consumers and corporate clientele for restaurants hotels, by using PR activities and brand activation.
The other ways to enter the Asian Soybean market, can be licensing of the products, contract manufacturing, joint venture, acquisition strategy, franchising, turnkey projects, to name a few, however, for Japan foreign direct investment & GM and for other Asian countries export marketing is the best entry route (Trade Start).
The premium quality of the Australian soybeans will entail the selection of a target market that will be ready to pay a premium price; in this regard the primary market will be the top end segment of the respective Asian markets that includes, top managers, businessmen, chefs, with a huge connect with the lifestyle that is focused of health and well being.
Besides, the local trade associations, and manufactures who utilize soybeans in their products such as tofu, natto and miso, will be targeted to create a business niche for the Australian imported premium soybeans.
The marketing from a strategic viewpoint will be done with initiating brand activation, i.e. direct contact by setting up kiosks and set up at key locations such as malls, gyms, food courts, and creating a ‘sample day’ of tofu, natto and miso at a central location to showcase the Australian soybean quality.
For the business class, i.e. chefs, hotels, and business men, PR activities, such as a specially designed box with product profile and a soybean bag with a perusal message will be sent, with the intent to set up a meeting and develop a business way forward on a corporate level.
For every Asian market social media pages on Facebook, Instagram and Twitter will be developed to create awareness and engagement, in terms of topics such as health and well being and an infomercial will be developed that will launch on the YouTube channel.
Trade events in each Asian country will also be targeted for participation to generate business and partnerships.
The advantages of expanding in Japan are tapping the high percentage soybean market in Asia, to carve a business niche, with the organic soybeans, since the market is stable and the consumers are quality conscious, the disadvantage will be the taking on the huge US and Canadian soybeans presence in the market.
The consumer profile for the Soybean market, in the Asian countries from the selected market segments, is primarily based on quality and premium product and also boasting a lifestyle pattern that is focused on healthy eating habits and selection of food such as soybeans, that is globally recognized as a source of quality protein (M’Gee).
The media preference for the target segment will be Print Media, Magazines, Blogs and Social Media, since the selected segment is at the top end of a niche, they usually have less time and the intent is to connect with those media channels that help get them aware of the Australian Soybean, presence and the subliminal impact on a constant basis.
The demographic age of the target segment will range from 24-50, with an income on the higher side starting from $40,000 to $100,000 per annum; the occupation will be the managerial working class and the chefs of the hotels and restaurants, with predominantly urban locations.
The psychographic profile of the target segments, are opinionated in terms of having fun in life with a healthy lifestyle, they want the best and premium things in life, and want to try out new things and have a confident, modern, exploratory and expressive personality, and are intelligent and in control of their lives.
Works Cited
Marketing Soybeans. 21st Century Markets for Australian Soybeans 2015. SOY Australia LTD.
Web 10 May, 2016.
M’Gee, Denis. Soybeans in the Australian and Global Market 2011. Industry Information. SOY Australia LTD.
Web 10 May, 2016.
Trade Start. Market Entry Strategies 2016.
Web 10 May, 2016.
