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Five Keys to Entering New Markets

Five Keys to Entering New Markets

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  • Will an existing manager be responsible for the business in the new market or will you need to hire a new manager?Your selection criteria will depend on the resource. I.e. if you hire a new manager you should look at his track record and experience in managing businesses in overseas markets.As exporting can be a drain on resources you need to shape an internal consensus in your business and make sure you have an approved budget.
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    • 1. Export NowFive Keys to Entering New Markets Frank Lavin, Global CEO of ExportNow.com
    • 2. Export Now I. Why and What: Setting your Export Goals II. How: Five Keys to Entering New Markets III. When: Making your Export Strategy Happen2
    • 3. I. Why and What: Setting your Export GoalsWhere’s the World Going? Why has the pace of economic change accelerated in recent years? 1 Three billion new customers 2 The death of distance 3 The erosion of trade barriers3
    • 4. I. Why and What: Setting your Export GoalsWhat does this mean?Growth of world trade It has never been easier for a foreign competitor to enter your market, and it has never been easier for you to enter a foreign market.4
    • 5. I. Why and What: Setting your Export GoalsWhat it means to you? The business impact 1. Every company needs to think about exporting 2. This means a shift from vertical skills to horizontal skills 3. Your business needs to develop a culture of flexibility and innovation5
    • 6. I. Why and What: Setting your Export GoalsWhere are You Going? Self awareness is a key business issue Direct and indirect Motives costs6
    • 7. I. Why and What: Setting your Export GoalsWhere are You Going? Why Export? • To learn and experiment • To broaden the product slate Motives • To diversify markets • To improve scale (MOTS) • To deny territory to the competition7
    • 8. Export Now I. Why and What: Setting your Export Goals II. How: Five Keys to Entering New Markets III. When: Making your Export Strategy Happen8
    • 9. II. How: Five Keys to Entering New MarketsA. Country: Pick the Right One 1. Keep it simple: seek proximity and like markets 2. Align goals with capabilities 3. Have an incremental business model 4. Understand trade barriers 5. Do your research 6. Remember the global channels9
    • 10. II. How: Five Keys to Entering New MarketsComplexity of market entry Final target Build target Initial target Value of the market 10
    • 11. II. How: Five Keys to Entering New Markets Remember the global channels www. .com To help companies sell to Chinese consumers12
    • 12. II. How: Five Keys to Entering New Markets11
    • 13. II. How: Five Keys to Entering New Markets13
    • 14. II. How: Five Keys to Entering New MarketsB. Customers: How They Differ You don’t know the customers and they don’t know you 1. How is your target customer different from your home market customers? 2. What will target customers need before you start selling? 3. Will your proposed product or service offer target customers a superior value proposition? 4. How should you adapt your strategy to deliver competitively superior customer value in your target market ?14
    • 15. II. How: Five Keys to Entering New MarketsC. Competitors: A Different Market Can your company offer Can your company perform potential customers a the critical activities needed competitively distinct to protect a profitable product? position? Key issues Key issues • market segments • leaders and laggards • competitor positions • value chain • unmet consumer • strategic audit needs15
    • 16. II. How: Five Keys to Entering New Markets D. Capabilities: What you Need to WinSelf-knowledge Learning organization Diagnostic skills Tailor your exportUnderstand marketing Maintain a to what Start with strategy to healthyextent your like-minded target the paranoia tostrengths at customers same keep ahead home are in export customers of strengths markets in the competitors globally export market 16
    • 17. II. How: Five Keys to Entering New Markets D. Capabilities: What you Need to WinSelf-knowledge Learning organization Diagnostic skills Strengths at Strengths home globally 17
    • 18. II. How: Five Keys to Entering New MarketsE. Capability Gap: How to Close it Home Market Advantages Joint Ventures Established 1 operating Partnerships position Contract 2 Volume Support From Head Office18
    • 19. II. How: Five Keys to Entering New Markets Home Market R &D Manufacturing Distribution Finance Sales General Corporate Activities Country A Country B Country C19
    • 20. Export Now I. Why and What: Setting your Export Goals II. How: Five Keys to Entering New Markets III. When: Making your Export Strategy Happen20
    • 21. III. When: Making your Export Strategy HappenResource the Strategy • How much capital and management time will the strategy require? • Who will manage the business in the new market? • How should you decide among the potential candidates? • How do you formalize this capital and management decision?21
    • 22. III. When: Making your Export Strategy HappenBridge the Cultural Gap Credibility Pace of business Friendship Gifts Taste Dress Learning Punctuality Caution Traditional Details societies22
    • 23. III. When: Making your Export Strategy HappenBridge the Cultural GapSelf-knowledge Learning organization Diagnostic skills How to adjust to a new culture: • Arrive a day early and observe • Get expert advice • Listen and learn • Don’t fake it23
    • 24. III. When: Making your Export Strategy Happen Take Action! 1. Move incrementally 2. Experiment and test markets 3. Become a learning organization 4. Develop a feedback mechanism 5. Be willing to adjust 6. Remember Global Channels Happy Exporting!24
    • 25. Case Studies 35 case studies from 14 different countries25
    • 26. Export Now Export NowWritten by Frank Lavin and Peter S. Cohan 26
    • 27. Export Now Team: Frank Lavin, Global CEO: Frank@exportnow.com John Hoover, U.S. CEO: John@exportnow.com Seth Lavin, Chief of Staff: Seth@exportnow.com Clare Malone, Marketing Communications Manager, Clare@exportnow.com27