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Gaining mindshare in US market
- 4. Introductions: Me DP INTERNATIONAL CONSULTING Sales process and lead generation • Intercultural training • Economic development DP INTERNATIONAL CONSULTING Sales process and lead generation • Intercultural training • Economic development DP INTERNATIONAL CONSULTING Sales process and lead generation • Intercultural training • Economic development DP INTERNATIONAL CONSULTING DP INTERNATIONAL CONSULTING
- 6. How Big Is My Market?
- 8. How Big Is My Market: GDP Comparisons California Italy, UK New York China, Brazil Texas Canada, Mexico Florida Australia, Russia
- 11. Market entry strategies: Agents, Distributors, Reps Pros Cons Speed of set up Work for other companies too Existing client base Strengths may be regional Knowledge of market Little embedding – hired hand
- 12. Market entry strategies: Outsourced Support Pros Cons Good visibility/”own brand” image Focus on specialist elements, not holistic Demonstration of commitment Different companies doing different things Employees focus on your company’s needs Little direct exposure to market for company staff
- 13. Market entry strategies: Direct representation Pros Cons Own people on ground High cost – financial & human resources React in best interest to market needs Steep learning curve – employees know company, not market Assess strategy & next steps better High risk if not done right
- 14. Market entry strategies: JV/Acquisition Pros Cons Buy existing book of business High failure rate Resources on ground, momentum Very high management commitment needed Established name/brand/presence Costs and consequences of failure significant
- 15. Slicing and Dicing The Market: Company Size 500 < SME 20 - 49 Small 50 - 99 Medium 100 - 500 Large
- 22. Showtime! Trade Shows & Missions Immediately after show 2 weeks after show 3 months after show 6 months after show 1 year after show 18 months after show 2 years after show
- 23. Buddying Up – Available Support
- 25. Buddying Up – Available Support Date Market Sector May Barcelona Multi-sector June Philadelphia Multi-sector September Rio de Janeiro Geoscience/engineering (Oil & Gas Expo) September South Africa (2/3 centres) Engineering, Automotive, Professional Services November India (2/3 centres) Medical/Environmental November L.A. & Las Vegas Multi-sector to LA; IT sector to COMDEX, Las Vegas December Poland & Czech Republic Multi-sector
- 29. Buddying Up – Available Support
Notas del editor
- 21 years in international business Private & public sectors, companies in UK and US Range of industries from bricks to clicks – steel packaging, economic development, localization, telecomm e-commerce Moved to US in 1994, returned to UK October 2001 Executive Director WDA operations in N.A.: Full range of marketing activities: events, conferences, trade shows, PR, advertising, sponsorship Britannia, BAM, Metropolitan Opera House VP Sales & Marketing, IC 44% increase year 1 Managed & expanded sales team thro2 acquisitions, maintaining sales revenues Director, Int. Bus. Dev. TeleGea Direct & indirect sales, included license negotiations Cable & Wireless, Australia & distributor agreement with Italian SI DPIC range of international business development services including: US market entry & marketing strategies US sales intelligence & lead generation (Impole) Intercultural training (Intercultural Business Center) Software globalization for Asian market (SymbioSys) Economic development – investment location training & other services
- Everything is big in America. 4 th largest country in world – area & pop. Largest economy in world. Economy is huge: 2001 GDP $9.3 trillion. (UK by comparison: $1.36 trillion) Of top 50 economies in world, 50% are N. American UK & US each other’s biggest trading partners US accounts for 49 of top 90 most knowledge competitive regions in world (Definition: “capacity to create – innovate new ideas, thoughts & processes & products & to translate them into economic value & wealth”) Reasons for attractiveness include: Political & economic stability Shared history & culture “ Favoured nation” status & UK reputation for good quality Increasing global sourcing of US manufacturers US not big exporter (% GNP ‘89): Ireland 70% Germany 28% UK 18% US 7%
- Many of its states have larger populations than other countries
- Many of its states have larger economies than most other countries: California Italy, UK, China NY China, Brazil Texas Canada, Spain, Mexico Florida Australia, Russia
- Go West? (9) Trading overseas not to be used as safety valve for fluctuations in UK market Is business activity that must be part of company’s overall strategic plan for growth Senior management commitment because of time & resource needed to deal with complex issues: Different time zones, language, measurement, culture, systems, expectations, business practices & etiquette (BT/MCI failed merger- Harvard v public school) All take time & management span
- Different definition of SME: US (Commerce Dept, Ex-Im Bank; SBA): less than 500 employees Europe (EU definition): 20-49 small 50-99 medium 100-500 large medium
- Sectors Trade Associations key to breaking down sectors into smaller, more manageable units TAs provide members with info, training, seminars & workshops, lobby government, arrange trade missions E.g. MassMedic – lobbying Congress re speeding up FDA approvals for devices; arranging mission to UK; setting up link on web site to WDA Welsh Medical Device Forum site & members
- Probably most commonly used vehicle for market research/entry One of most common tools of EDAs in UK & beyond Possibly the least effective (if not done properly)
- 80% firms – though subsidy only .2% of export sales
- No shortage of support, guidance, information Public & private Free and for fees Principal public sector help: WTI WDA Trade Partners US In US: US Commerce Dept 44 states have 163 offices worldwide 28 states have offices in UK Services include: Trade shows & missions Attracting FDI Seminars Visiting buyer assistance JV matching Directories of agents & distributors In Massachusetts alone: BABCNE Mass Software Council Mass Telecomms Council MassMedic Mass Alliance for Economic Development Massport
- WTI core services: Internationalization of SMEs (IOS – 250 employees or less) Support for development needed Identification of opportunities Focus on developing target clusters of companies, but work with any company Tailored Market Information (TMI) reports – fees of £100-1200 Trade Mission programmes – e.g. Philadelphia in June £522 per company (IT. Healthcare, Creative industries) International Business Opportunities – finding opportunities and matching US companies for Welsh companies Have representation in Boston, Chicago, Newport Beach (Los Angeles). To come: NY & SF
- Trade Partners UK is Export USA – research, planning & prep for small companies, particularly with innovative products, services or processes Mentoring with named Trade Officer in one of US posts Market assessment to set right strategic direction at outset 2/3 day British university run course focused on needs of US market Inclusion in New Products from Britain service Cost £1000 incl. VAT including 1 year membership of British America Chamber of Commerce
- Est 1982 Mission – to serve private businesses in their int’l business development Services include: Access to int’l business opps Matchmaking Seminars, networking events 250 members Import & Investment initiative Experts, information & resources to provide solutions, programs, education & business assistance for cos wanting to import or invest into NH Database of experts, specific & general expertise NHITA clearing house function Assistance: Importing into US Market research Real estate & relocation US subsidiary sourcing Transportation & logistics Assembly & warehousing Immigration Consultancy & referral services – legal, financial, cultural, research
- GSA opportunity: Govt tech market = $32 billion in goods & services GSA schedule set up to make market benefits available to private industry Company bids its services. Govt reviews. If accepted, goes on GSA list. From the on, any govt dept can buy from supplier Cos need presence or partner in DC to market effectively to govt depts. Best chance is with govt depts already “lined up” Specialist companies to help with initial qualification Other support provided by GWI: Bus Dev staff to help potential investor PI enquiry forwarded to partners GWI prepares response/proposal back to PI Dialogue between PI/GWI/EDOs narrows choice of locations, partners etc Visit by PI. GWI facilitates itineraries Once PI identifies EDO(s) wants to work with, GWI back seat Further from DC, better the incentives. Some jurisdictions don’t provide incentives
- Understand approach & where they’re “coming from”: Death is optional = optimism that things can get better & belief that money can put things right Only c. 6% of pop has passport, less than 25% of Congress Understand time: Be brief Prepare “elevator pitch” Understand the language: Sporting terminology: Step up to the plate Whole nine yards Home run Terminology: Bomb Stink Quite Walk the talk Localize: US A4 letter 8.5” x 11” & envelopes Int’l dial Int’l address E.g. German translation team for recent economic summit – went to Monterey, CA, not Monterrey, Mexico! Understand business etiquette: Personal hygiene & dress Open, direct communications & questioning Action & results oriented. Bottom line Impatient Expect to be actively sold to. Concentrate on benefits, not features. Identify $ savings Assertive & demanding as customers & consumers Be positive. Don’t preface comments with “the trouble is” “the problem is” “we can’t do that because” Faster pace of business, info exchange, doing deals. Action now discuss later Use of lawyers & litigious nature of society Informal – first name terms from telemarketers! Patriotism Americans believe in flag. Celebrate July 4 th religiously. Particularly sensitive after Sep 11 th .