Don’t guess your way to the US
To enhance the likelihood of success in the US, or any overseas market, it is vital that businesses are aware of both the opportunities and challenges. Many UK businesses believe that taking their product or service to the US is a simple option. However speaking the same language is not necessarily enough to break into the US market. Businesses must look at the bigger picture – first looking at whether the market is right for their business and then developing an export strategy to ensure successful entry. Marketing research is just as critical when dealing with English speaking nations such as the US as market and cultural differences are still very much prevalent.It is essential that businesses assess organisational objectives, research geographical challenges and target markets, and build a strategy to overcome language and cultural barriers.
When opportunity knocks
In some cases the export journey may begin when approached by an overseas company interested in including your product in their portfolio. This opportunity may seem attractive but you could waste time pursuing enquiries that do not fit your export strategy and that add value to your business. Marketing research allows exporters to take a step back and consider the market as a whole before engaging with such enquiries. By keeping focused on your long term organisational objectives, your business could discover untapped markets.
Different States, different markets
With 50 different states, nine different time zones and varying legislation, rates of taxation and technical standards across the country, exporting to the US can be an overwhelming experience. Every company seeking to find a market in the US must overcome these geographical barriers, and those that succeed tend to set out with a clear market focus. Businesses should identify and concentrate on areas where the chances of success are highest. This can be achieved by carrying out marketing research in the first instance. This ensures efficient use of precious time and resources in the early days of business and, if those efforts are successful, provide a credible base for gradual expansion into new areas. The US can be broken down according to individual states, or parts of states, or based on areas where specific industry sectors tend to be concentrated. In addition, specific geographical focus will always depend on issues like industry sector and potential customer groups, so thorough research is essential. US trade associations offer a good starting point.
Speaking the same language
Although an English speaking country with good relationships and shared history with the UK, there are subtle differences in language, communication and approach which must be considered when doing business in the US. The UK and US adopt very different business styles, therefore your sales approach, website design and the marketing messages used in collateral should be adapted to suit your target market. There is a thin line between success and failure when taking your product or service overseas. It is those companies that invest in initial market research that are more likely to succeed. Guessing your way around a market is simply not enough to grow your business overseas.
If you are looking to export to the US, there is a wealth of information and support available to your business. For further details visit www.britishchambers.org.uk.
