Page 42 - Horizon Han22

And yet business is not done in a uniform way or confined to one region – each region has its own culture and specificities. New York is all about fast decisions and firm handshakes whilst LA is business casual and friendly greetings on a Monday morning.
Research for Your Market Visit Plan:
Do great desk research up front. Do this yourself or commission a qualified and experienced market researcher in your sector – universities can also be a good place to source additional support.
Research Checklist
Set clear objectives for your market visit plan
Get clear about your research questions and write a robust research brief, even if you are doing the research yourself, such as:
What demand there is for your product/service?
Who are your direct competitors in the USA?
What will be required of your company to enter fully into the market – legal and regulatory? Culture, climate or region trends to be aware of when entering the USA?
Check out the following resources to support your own research:
www.comtradeplus.un.org https://en.abrams.wiki/tools/marke tintelligence https://www.cia.gov/the-world- factbook
www.oecd.org https://www.great.gov.uk/markets/ united-states https://www.similarweb.com https://www.lloydsbank.com/busine ss/resource-centre/international- trade-portal.html
Prepare your research questions for when you arrive in country and can do personal in country investigation to validate your desk research.
Be aware that each region may have its own unique market. Where does your business need to focus?
Have a solid meeting schedule and build in contingencies. Prepare key points, questions and minimum / maximum expectations for each meeting.
Prepare your follow up approach and content in advance. This will ease the burden of work on your return to the UK and increase conversion rates.
How to reach out to your customers:
Many businesses depend on word of mouth as their main marketing strategy, but this will not necessarily get you far in the USA. Everything happens on a bigger scale, so you need to prepare your marketing.
Horizon - Taking your international trade further.
What to get clear on:
Kelsey Knight Photography
Horizon issue 2.indd 42 14/12/2022 14:50:07