Taiwan is claimed to be the most technologically advanced computer microchip maker in the world. Additionally, the country’s information technology industry has developed a fierce momentum over the last 20 years, peaking as a hub for global computing, telecommunications, and data management. Various server data centres “farms” and connectivity to the global undersea fibre optic network present further proof of a serious Asian powerhouse. A huge role in developing the country’s trading activity on the international level is accomplished by the Taiwan External Trade Development Council.
Taiwan External Trade Development Council (further abbreviated as TAITRA) is a nonprofit trade promotion organization founded in 1970. It is sponsored by the government and various businesses for the noble cause of assisting enterprises to further widen their global presence. Initially, it had the name of China External Trade Development Council (CETRA), but due to historical circumstances, it has been changed to avoid confusion with bodies representing the People’s Republic of China.
At its core, TAITRA is determined to assist Taiwanese businesses in their development on the international market, be it helping them reach a barrier, withstand challenges, or craft promotional materials. They collaborate with the Taiwanese government on trade policy implementation, act as a consultation and connection gateway between international firms and Taiwanese partners, and lastly, seek out and facilitate industry needs and business opportunities around the world under the role of “Smart Integrator”.
While TAITRA may append additional major functions as services, at the time of writing it comprises:
Taiwan Industry Enhancement Project
Promoting the Service Sector
Market Research and Publication
Digital and E-commerce Marketing
Gaining Trade Insights with Trade Data Analytics
International Trade Institute
Taiwan International Trade Shows
Exhibition and Convention Venues
As a trade promotion organization, it is evident that TAITRA requires copious amounts of data to keep executing their core activities.
Furthermore, as a pursuer of international channels and foreign regions TAITRA’s bottleneck lies in its ability to protrude the right avenues, connect with the decision-makers, and trigger engagement based on factual and lucrative data that would compel the other party to display interest or commit to further business discussions. No matter the country in question, the common denominator of these issues is powerful and enabling data providers that can support the wide range of data points needed for successful processing.
TAITRA organizes trade groups to participate in more than 50 international trade exhibitions held overseas annually. Over 1,000 Taiwanese enterprises have had the opportunity to participate in these events.
The Market Research and Publication segment comprises comprehensive market surveys and the latest data and trends with local business people through various channels. In 2019 alone, over 5 thousand companies were implicated in such activities. In the same year, by exploring the global trade opportunities, TAITRA created business opportunities worth US $23.5 billion and worked intensely on enhancing the nation’s image in targeted markets.
TAITRA approached Global Database with very detailed challenges that their current system faces. While the resolution to their problems provided more tools that could be used to better their services, the overview of their issues was as follows:
Little data on contacts in certain countries on the East Asian market available in public access that requires significant manual input by the development team. This would cripple and put an unnecessary burden on human resources and efficiency of time use due to the amount of tedious work required. Also, the quality of data is not guaranteed as TAITRA would have to dedicate several other specialists to verify it.
No single classification for companies working in specific niches of interest on certain markets in Europe and East Asia to evaluate prospecting possibilities. In this case, TAITRA is left with no other choice than employing a database that has such specific data points or selection criteria.
Little to no direct contact details for executives working in select businesses. The strongest barrier in business is the inability to negotiate directly with key decision-makers and wasting time on getting through their channels and gatekeepers.
By partnering with Global Database, TAITRA got the following benefits:
Access to the required markets company directories via Global Database online platform for quick and easy prospecting. The company data we provide contains more than 80 data points on each business listed, showcasing in such a way in-depth profiles that can be used to further promotion of Taiwanese businesses on the international market. Considering the advanced economy of the requested countries, TAITRA can have an easy time understanding and sharing insights with local enterprises.
Classification of companies according to Standard Industry Classification (SIC) codes to pin-point niche markets. The SIC codes-based filter enables TAITRA to cherry-pick companies according to their needs and wants. Additionally, the other 80+ filter options aid them to arrive at businesses with an unmatched accuracy.
Application of the in-house data collection to discover more leads with direct contact details. The more data TAITRA received on companies corresponding to the required criteria, the more opportunities to show the world the prowess of Taiwan’s businesses.
While the benefits are indeed great, the impact was more than outstanding. Here is the initial result of TAITRA’s partnership with Global Database:
Over 8,000 companies funnelled into the outreach pipeline for TAITRA executives to contact
More than 200 niche-specific companies with direct emails to executives identified in one of the requested countries market alone
Significant decrease in prospecting time for the sales and marketing team based out of Taiwan with expected growth in 2021, estimated on existing potential.
TAITRA’s noble cause of promoting local organizations and helping them withstand the challenges arising from trying to set foot in international markets is commendable. However, their main activities rely heavily on accurate data pertaining to countries around the world. Such immense data sets require state-of-the-art filtering systems and timely curation to deliver the necessary value. Global Database was the solution to TAITRA’s regional lack of data, but that was only the initial scope. After having enjoyed a wide range of benefits and lowered time otherwise spent on manual input, TAITRA’s future will only look more promising.