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| A Global Customer Base |
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Do You Realize That 80% Of Consumers / Customers Are Outside Of The US? Do you realize the enormous potential that the new globalizing economy has created? How can you tap into this new reality and grow your business exponentially? 1. Now more than ever is the right time to enter global markets. Stop focusing on insecurities and looking for reasons why NOT seriously considering this step. Again, 80% of world consumer / customers are outside of the US. Look at the new reality and think how You can turn it into an opportunity for YOUR COMPANY. The world is getting richer and in order to maintain your position you need to consider a more expanded approach. 2. Seek expert advice. Ask for help to avoid mistakes that can be avoided. Seek expert advice from trade associations, attorneys, accountants, marketing and global growth experts. Tap into the wealth of experience and information that is readily available and can open new markets. The people you put together as your team will help you determine what your best expansion strategy is, and provide you with answers. Should you warehouse the products or have an agent or distributor? Should you outsource production, acquire a company or build a facility overseas? How will you address issues such as product labeling, pricing , currency fluctuation, shipping, packaging, employment issues, and more. 3. Define your product/service. Do the research necessary to seek out and identify your target customers, and determine whether there is a market for your product/service as is, or whether you should consider modifications. Needs and perceptions may be different in other parts of the world. You may need to rebrand your product/service to fit local needs. Branding, advertising and PR practices in other parts of the world are different, however, on-line presence makes it much more attainable. 4. Focusing on the right region and/or country mix. What would be your best target country or region mix? Make sure your research covers market conditions as well as cultural and political issues. Do your homework and conduct the appropriate research to help you match your entry strategy with your budget and other capabilities. 5. Make sound commitment to expand globally. Make a commitment and allocate a budget. It is going to take time and money to build the right relationships in various parts of the world. Develop a strategy and execution plan consisting of a reasonable budget, measurable actions and a realistic time frame. Be aware that it takes longer to open global markets and you may need to be very patient. Adapt a long-term outlook. 6. Be aware of the cultural gap. Consider language, negotiation styles, gender issues, body language, way of doing business and many other differences that when professionally addressed, lead to successful business growth. To compete effectively in the ever-emerging global arena, one must think beyond the borders of the US. The web makes it easy to reach and connect with people and companies worldwide; however, many forget that culture and language still set many of us apart. 7. Are you ready to travel? Whether you are planning to export or open an office abroad, be prepared to travel. And this is no vacation. You will need to set up a network and build the relationships that will lead to growth. The locals have to know who stands behind the business and who is in charge. |