By 2025 annual consumption in emerging markets will be
better than 30 trillion USD. This statistic should make you think about your
products and where they are needed. Perhaps China or South America are regions
that you haven’t explored yet. These and other emerging markets offer
manufacturers new revenue streams.
Middle class growth in many countries means increased consumers
are probably looking for or using a product such as yours. Consumers around the
world value American made goods because of the quality and status symbol they
impart.
What are these new middle class consumers buying? Now that
they have discretionary income, they are looking at automobiles, appliances,
electronics, luxury goods, and have increased awareness of healthcare goods.
How to develop a new market? There are many steps you can
take to develop a new market and a few are discussed here.
·
Find a region that has need for your product.
Focus on growth clusters. Introduce your product in a growing urban area. Some emerging
cities are growing up to 20 % or better per year. Sao Paulo is a good example
of a burgeoning city. Many 2nd tier cities are experiencing double
digit growth and have need of services and goods to service their population
·
Innovate! Adding diversity to your marketing
efforts cannot happen without research. Know your market. What are their likes,
values, tendencies? Does your current marketing make sense in this region?
Invest in a cultural assessment that will look at your product, brand and image
and help you understand if your new target understands the value you offer. .
Perhaps your product is selling like hotcakes t in the U.S. but needs to be
updated or changed to better meet needs in other cultures. R & D can save
you thousands or tens of thousands dollars investing in a region that doesn’t
match your products target.
·
Build relationships. In-country resources will
be invaluable in helping you navigate your new market. They help you with
introductions, find office space, and other valuable insights that only living
there and connecting there can provide.
The US Commercial Service has a Gold Key Program that helps you build your
connections in other countries. The State of PA has 54 representatives
throughout the world, feet on the street in-country to help you build a
successful business there. The state of Ohio and other states have resources to
help you navigate a new international market. The Small Business Development
Council offers Global mentoring and is in many major cities and universities.
·
Exhibit at international trade conferences. Many
of the resources listed above offer trade missions to international markets.
You can travel with representatives who help you set up meetings, travel
arrangements, etc. At some large international trade conferences, you can
participate as a vendor in their state or US booth. Connect with these valuable
resources to help you understand and successfully start your international
sales.
·
STEP Grants: These grants vary with states and
you may qualify for grants up to $15,000 to finance translations, trade shows, etc.
to develop your international sales.
·
Research and Development: NAMII is now located
in Youngstown, OH. Additive Manufacturing has reduced the cost and time of
developing prototypes and will continue to impact our innovations in
manufacturing. The Oh-Penn region is a prime example of growth in
manufacturing. Innovative technologies like the ones developed at NAMII (National
Additive Manufacturing Innovation Institute) coupled with our low energy costs are
helping manufacturing become stronger, grow and enrich lives throughout the
world.
·
Last but not least, translate your information.
You want to be found, right? 56.2 percent of consumers
say that the ability to obtain information in their own language is more
important than price..
The resources listed below are here to help us develop our
products and sell them throughout the world. These agencies are generous with
sharing their knowledge. Take a webinar, workshop or seminar on exporting, you
will find it a gateway to great possibilities.
Federal and State Resources:
www.trade.gov
U.S. Commercial Service
http://www.sba.gov/about-offices-content/1/2889/resources/14315
- STEP grant information
About the Author:
Linda Richardson is the President of All Clear Translations.
Her team helps companies increase sales through translation and localization
services in all major languages. Areas of expertise include websites, software,
technical manuals and marketing materials. A new technology they employ is
computer generated voice overs in many languages. Companies can now use current
video with additional languages provided by All Clear Translations. Another
unique service includes Plain English to help companies increase understanding
and comprehension while reducing translation costs of safety and operating
manuals and information. She is certified in Localization and Project
Management for Localization through The Localization Institute of California
State University.
Where to find Linda Richardson
March 18-19 PittCon Philadelphia
March 20 NW PA Commission, Erie, PA
March 27 I79 Development Corridor, Dy-Net
April 20 Washington and Jefferson University, Panelist for
International Growth
May 20 AAPG Conference
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