How To Grow My Business in America
Let's face it. Managing a successful business in your own country or region is hard enough as it is. Venturing into a foreign market like the United States can be extremely challenging!
Sure, the US is one of the most coveted markets for any business. This does not, however, mean that the success of your product in the domestic market guarantees a similar performance overseas.
Indeed, many businesses have fallen flat on their faces after venturing into foreign markets. Having the required finances is essential, but money alone without a strategy doesn't guarantee it'll work for you.
While hundreds of business growth strategy variations exist, the following 6 are some of the basics for getting your foot in the US door.
Understanding Market Potential
When you're looking to get your offer to the masses, you need to research the demand for your product in that environment.
Various elements constitute market potential. The first is market size. The others, growth rate, demand and profitability. These factors determine the market potential for any product and they are crucial prior to taking that step into a new market.
There is a likelihood of dozens of new opportunities you could pursue with the proper analysis. It is essential to know who your competitors are.
Stiff competition implies that you may be forced to lower your prices even if you have a superior product. It requires vast pockets to survive in such an environment.
Low competition could be good for business; it gives you an easier opportunity to influence the buyers. Either way, you must have a clear plan on how you plan to deal with the competition and understanding what competitors in America look like compared to competitors in your own market.
You cannot expect to be successful in business unless you truly understand the cultural and demographic differences in your new market. These differences will likely require a company to make changes to their marketing and communication. Sometimes even changing the name of some of the products in order to achieve the feel that the name was achieving in the country of origin.
Big international corporations have the luxury of standardizing to appeal to universal needs, but as a small or medium business trying to spread your wings into new markets, brand adaptation is a must.
Like everything else in life or in business, you need to identify your target customer and device a way of reaching them with an actionable strategy.
A detailed action plan that outlines how the company plans to reach its customers is what is known as a Go-to-Market strategy (GTM strategy). In short it come down to the following three things regarding your product, markets and customers:
What to sell
How to sell it
Where to sell it
You have to imagine your marketing strategy in the midst of all of this.
You're already in the American market and now it's time expand and take it to the next level. You have to do so by strengthen your market position and ultimately increasing revenue. This can be done by introducing new innovative products to your existing line or simply by ramping up your marketing.
Investing more into performance marketing, social media and influncer marketing can be clutch in inducing this growth. One thing about the American market is that it is bigger than most and there is likely room to grow with the right strategy.
Measure and Re-adapt
How well are these strategies performing?
There has to always be mechanisms in place to measure growth and with any results comes the necessity for the measure and reevaluation of your plans.
Go Global provides monthly reports that show all KPI's and offers suggestions for the adjustment that should be made to optimize your return on investment.
Transition Successfully and Reap the Rewards.
Having an experienced partner like Go Global Agency can be the difference between diving into the US blindly vs having an optimal plan. Get in touch with us and we will do everything possible to help you conquer the American market!