Exporting from a position of strength

In over 15 years of consulting I have come across many businesses which have decided that they need to grow faster and that clearly the best opportunity is to ‘go international’.

Perhaps the most extreme example was an in-house IT department which had developed a ‘product’ which they felt had potential in other organisations.  Their requirement of me was a plan to take the business international.  I soon discovered that no one outside the organisation was using the ‘product’ and that it had been developed specifically as an internal tool for the business, which itself had a number of unique characteristics.

The challenge therefore, without dampening the enthusiasm of the team, was to explain that there were a number of key steps to address before even considering whether there was an international opportunity.

Whilst this is the extreme, many management teams can be seduced and distracted by the attractions of overseas opportunities - the huge market, travel, etc and are blind to the downsides which exist.  Often they can be encouraged by the travel grants available for overseas trade missions from organisations keen to promote their region.

Of course for some businesses moving into overseas markets is exactly the right strategy and for others it may be essential.  In my experience however, for many businesses there is a much stronger case for building a more robust platform in the home market before launching into new export markets.

Businesses need to consider a number of questions which should help point them in the right direction including:

• What is limiting the growth of the business?  Is it the size of the opportunity in the home market?
• What share do they have of the home market?
• What is the reputation of the business in the home market?  Are there good customer references, testimonials?
• Are there further opportunities within existing customer accounts?
• Are there other factors limiting growth in the home market? -  e.g. economy, legislation
• Who are the competitors  -  are they multi-national businesses
• Are customers international businesses - and if so do they require support on an international basis?
• Is timing of market entry important? -  being there before competitors can establish a position. 

Most may then decide that there is still more to be done in the home market.  

For those  that decide to address overseas markets this is just the starting point.   Work must then begin in order to determine, which countries, products, distribution channels, partners  etc.

The market does not change annually - why should your business?

For many people in business New Year is a time for reviewing progress and setting new objectives. My business year end is March so the time for setting new targets is still three months away.  But do we need to be driven by diary dates or time periods?  There is never a wrong time for reviewing what we are doing, considering new opportunities, changing our plans and setting new targets.
Of course we need to give time  for any plans to have an impact but this is something we can take on board in the review process. 
The time for a re-think can be driven by a number of factors -  how well the business is performing, competitor activity, changes in the customer base, internal changes in your business, new technology... to name just a few.
The market does not change on an annual basis and there is no reason why your business should.

Balancing Personal Experience with Data

Some fascinating insights from a survey recently published by Accenture.

'When making decisions about what customers want, many organizations are just as likely to rely on personal experience as analysis of data and facts.

Even amongst organizations actively using analytics in marketing, sales and service, most are not applying it broadly across the full spectrum of marketing and customer activities such as pricing, product/service delivery, and product development.'

Of course personal experience is important and how that experience is applied can be the difference between the successful and unsuccessful business. However, there is also the need to balance personal experience with data and to explore carefully any significant discrepancies between the two before taking that final decision.   

Customer surveys are therefore an important tool in ensuring that both data and personal experience are available to support the decision-making process.

Where are the best opportunities?

Where are the best opportunities for your business- under your nose?
Whilst techniques such as telemarketing, emailers, cold calling can be effective for some businesses.  For many, including my own, the best opportunities are much nearer to home.
It is very easy to forget about customers who have bought from you in the past and yet they have the perfect profile -  So look through your database of customers, identify those which have you not spoken to in the last few months, give them a call.  You never know what opportunities you may uncover.

Saying no to new business!

With the UK economy showing no real signs of recovery, for many businesses it is a question of grabbing any new business opportunity in sight, just to keep one's head above water.   However this can be a very dangerous strategy and one that can potentially lead to unhappy customers and the downfall of the business.  


In my early years in business (fifteen years ago) I made the mistake of taking on a project where there was clearly a mismatch between mine and the client's expectations of what we could deliver.  I was so keen for the business that I still took the project on, despite some misgivings.  The project took far longer than anticipated and required significant additional resource, the cost of which I had to bear.  However the client was never fully satisfied with the deliverable and we both walked away from the deal feeling hard done by.


This was however a salutary lesson for me and after a few more years experience in business I began to get a better feel for any potential new project and in particular of the people relationships,  client expectations and our business's ability to meet these and add value.


If you have concerns about any of these factors then it is vital that you explore them in more detail and only proceed with the project if you have satisfied your mind against each.  Often it may just be 'gut feel' that there is something not quite right -  my recommendation would be - go with your gut!

Time for Rethink

I had the opportunity this week to meet up for a chat with someone in a similar line of business to mine. He is just building his business and it was refreshing to hear his plans and to learn more about his business model which was very different from that of 4sight.

These kinds of meetings always set me thinking and I now have developed my own new ideas for 4sight, stimulated by his different approach.

It can often take a meeting such as this to shake up your own thinking and take you down new,exciting paths.

It would have been easy to avoid this meeting but I would have been the one missing out.

It is vital to keep an open mind - new business ideas can come from the most unexpected areas.

Tailoring the Message

The arrival of Google+ on the scene has created yet another 'opportunity' for businesses using on-line networking as part of their business marketing strategy.

Maintaining a presence on the various channels whether it be Facebook, Linkedin, Google+, Twitter or some of the smaller more focused networks is becoming a significant overhead for businesses. It is likely that some will fall by the wayside over time and others will become more relevant to businesses, but what should the strategy be until this happens.

In my view companies cannot afford to miss out on the opportunities presented by these channels however it is important that each is used in the most appropriate way with messages being tailored to the medium. It is becoming increasingly frustrating to come across the same material presented as a blog, tweet, status update across different media. My reaction is to ignore or even block these messages.

Your time will be well spent in tailoring your message to the audience you are addressing. Your comments, blogs tweets etc will be better received and your on-line reputation will grow and along with it your business.