| Some things remain the same despite
globalisation, technological revolutions and the depletion
of the ozone layer. Taking your business across the
Atlantic is a classic example. It’s surprising
just how ill-prepared business people can be to take
on such a move, and this includes some of the big guys
who you would assume should know better.
It’s hard enough starting up a new company in
the US, even if you are based here. Competition is probably
the fiercest it’s ever been and the US is a target
market from every corner of the globe.
But don’t be intimidated, the US is not perfect
– not only did GM build the Aztec, but they actually
found customers for it! A scatter gun approach will
not turn your international expansion dream into a financially
successful reality. Each one of those pellets can cost
a fortune. Some devil-may-care players also blindfold
one eye before they pull the trigger and then wonder
why they join the list of failures. Remember "ready,
fire, aim"?
The US market is receptive to new players; even apparently
crowded sectors have room for new entrants to give it
a try. But trying is one thing. To actually succeed,
you have to get your act together and that means getting
informed and facing up to the complex world of business
intelligence.
Ditch that scatter gun and discard that blindfold. Intelligence
is vital in today’s business world. It means being
highly aware, focused, targeted and knowledgeable about
every aspect of the business terrain you are about to
enter. Only then can you create a well-informed action
plan, launch your initiative and be successful.
Trying is one thing – to suceed you have to get
yourself informed and stay informed. Don’t abdicate
too much to others. Your campaign will probably take
time and the world keeps changing. Thanks to technology
a fabulous amount of data is now available and it can
swamp the human being. It really is a "data rich,
knowledge poor" world.
The wonderful plan from January needs to be kept fresh
if you are still using it in July. Critical changes
have happened with competitors; a pricing war has broken
out and your revenue model needs a refresh; key contacts
have moved on and some relationship building needs to
start again. You can’t stop change, but you have
to stay informed during such a critical period to avoid
nasty surprises and unpleasant, avoidable, consequences.
Who has time to deal with the facts, the details, or
the changing reality? Just do it. None of you will,
of course, fall into this category so you can all relax
and pity the other guy.
Maybe it’s like those gamblers who brag about
their winnings over and over and yet conveniently forget
any losses along the way? An ignorance-based venture
wastes time and money right from the start. Insidious
innocent little expenditures quickly add up, $20 here,
$500 there and so on. $25,000 later, the penny drops
and a revised action plan is needed. A business venture
into the US can be a gamble and the prize can be spectacular.
But let’s not douse those wonderful roaring flames
of enthusiasm – become the sniper. Plan, prepare,
practice and then move forward when the time is right
and the plan is ready. Now you will hit the target missed
by the one-eyed scatter gun expert.
Do you really know the market? Is it national or regional?
Are there a few dominant players or many small ones?
What do you know about the movers and shakers in this
space? What are the competitors doing with new products
or services? Is there any consolidation taking place?
Where is the real R&D money being spent? Who are
the targeted customers, the names and contact details
of the key people? What is going on with others in this
supply chain?
And don’t forget the bureaucrats: by the way,
who is winning the race for world champion regulation
manufacturing – Brussels or Washington? A dead
heat?
Details and facts help a lot. How do you get the attention
of US prospects for your new IT wonderware? Define your
value proposition in very specific categories, map it
against your likely prospects and you get a list of
10,000 prospects. Next, refine your mapping and introduce
more filters such as geography, annual sales, profitability
and get your list down to 500. Now you can dig deeper
into this smaller group. What is its IT spend? When
did it last update software like your wonderware (last
year, then forget it!)? What are its burning business
issues that you can address and create a value proposition
that will get you in the door?
Test your idea out as much as you can from your home
base, get some focus groups organised, do some market
studies, talk to people who know the market well and
get them to rip your plans apart.
By the time you go to market, you will be ready. When
you eventually make contact with prospects you will
impress with your knowledge level and the relevance
of your proposal, and in the US you will have to impress
them quickly!
 |
Many of your competitors may be
“local” and you need to know about them
so you can enter their space on more even terms. What
makes them successful? How might they respond to a new
kid on their block? How are they viewed by their customers?
One thing is for sure, US customers will switch their
loyalty if the product, service, price or some factor
X is perceived to be a better deal.
Some of this has to be approached in steps. Leverage
technology after 9/11 woke up the US corporate world
to use technology instead of flying, and is now widely
accepted as a good business practice. There is some
terrific stuff around today, which at modest cost, can
help you before you cross the Atlantic and after you
get there. For example, there are web–based focus
groups, web meetings and presentations, some terrific
data mining and analysis tools, managed chat rooms,
and can we ever ignore e-mail (oh, for the good old
days . . . )? As your intelligence base grows, keep
reworking your proposition and refine it. New intelligence
may lead you to start up in a different state, partner
with somebody you originally perceived as a competitor,
resolve some key organisational issues, fix your pricing
model, the list goes on.
So, once you arrive and get going, what happens then?
You need to pay even more attention to the detail. How
is the market really reacting? Just how effective is
your advertising? What are competitors going to do in
response? And are your early clients totally satisfied?
When you have been successfully doing business in the
US for 10 years, you can sit back and relax. Nope. The
need for detailed intelligence for making the right
business decisions is insatiable. Done properly, it
makes you a winner and the guy with the scatter gun
is corporate history.
To win the intelligence war, the devil is indeed in
the detail.
Contact:
Ray Barratt,
Brivea, USA
Tel:
+1 609 452 2828
|
