Why is it important for companies to expand fast?
Here is one dilemma, should you anchor your sales in your local market and make it your stronghold or should you try to expand as fast as possible to conquer as many markets as possible?
Although the right answer might differ from one company to the next, the reality is that it is probably somewhere in between, but certainly leaning towards going fast.
How to expand fast?
The idea here is of course not to be reckless and blindly expand in countries where there is simply no market for your product, snowblower in Dubai anyone? or to turn a blind eye on your business ethics to win over a market or to make agreements too fast that will hurt your business in the long run.
That is of course the basics, but the idea is to methodologically and strategically enter new markets at a rapid pace. Get the right funding, surround yourself with the right team and explore the opportunities out there as soon as possible.
That brings us back to the original question: why is it important to expand fast?
First of all, because the world itself goes fast. The times when creating a product in one country would not be known on the other side of the world before years is long gone. The multiple platforms and medias allow for a rapid sharing of information and your product will not escape this reality.
As a result, if your idea is great, if your product is great, there is someone out there that will try to copy it and reap the rewards of your hard work. If you are not in that market first, taking it all or a significant share early it will open up the door for competition to settle in. First mover advantage.
Being first will allow your brand to set the standard, but there will surely be copycats trying to undercut you, offer a similar product at a (lot) cheaper price. Setting the standard allows you to bring your product and your brand more favourably and will help your company get better margins. Everyone trying to take your place will have to prove that they are better than the original. It is better to have that burden on them than on you.
There are multiple examples of innovations getting destroyed in the market from copycats producing and distributing their version of a product much faster in new markets than the original company, making it harder for the original company to enter these markets at a higher price. Retailers and distributor will find your product online and if the internet is flooded with much cheaper look-a-likes, why would they pay premium price with you if you are not the standard?
It is clear that you have to go fast, but how fast and what’s the right time? We have a team of experts with years of experience in the industry that can help you answers these questions for your business.
Are you ready to grow internationally? Sign up now for free as brand on Tradesnest. If you are not sure how to grow your business internationally, book a consultancy call with one of our experts here.
The United Nations Development Goals and how Tradesnest is making an impact
According to the United Nations Department of Economic and Social Affairs, over the past decade global manufacturing growth has been steadily declining due to tariffs and trade tensions. Moreover, in many developing countries basic infrastructure such as roads, sanitation, electrical power and water remains insufficient to sustain growth.
We, at Tradesnest, are aware of these global problems and we believe that providing the right technology that gives access to the same distribution channels whether the innovation comes from a developed or a developing country will help alleviate these problems and support economical growth. Tradesnest is a global B2B online platform allowing innovative products from anywhere to reach new markets by connecting them with recognized distributors and retailers internationally and we have made it our mission to contribute to the UN development goals by providing access to distribution channels to products from the developing world.
Disrupting the Trade Show Industry and helping the environment
Tradesnest online platform helps SME’s build business relationships with buyers around the world and reduce or remove the need for the trade shows or other commercial fairs where buyers and sellers would traditionally meet. As a result, the CO2 footprint these events create would be significantly reduced. We are digitizing the trade show industry while increasing trade and help reduce carbon emissions as a result.
Tradesnest Has Been Recognized for Disrupting the Trade Show Industry
We are excited to share that Tradesnest has been nominated as an innovator in the Industry & Infrastructure category for the Blue Tulip Awards by Accenture!
The Blue Tulip Awards are based on the 17 United Nations sustainable development goals whereas Tradesnest is selected in the category based on number 9: Industry, Innovation and Infrastructure. For those who do not know number 9 stands for building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation.
Tradesnest is being recognized for its focus on digitization by disrupting the trade show industry and additionally:
- Helping SMEs from developed and developing countries to generate business that will allow them to grow, create employment and income.
- Levelling the playing field by providing companies in developing countries the same access to new markets.
- Striving to help reduce carbon emissions by digitizing the trade show industry while removing trade barriers.
Thank you Accenture and Blue Tulip Awards team for this nomination for the Industry, Innovation and Infrastructure award! We are excited to participate in this event and continue contributing to the UN Developments goals.
More information about 17 United Nations sustainable development goals you can read here https://sdgs.un.org/goals
For more information about Blue Tulip awards and their nominations you click here https://bluetulipawards.nl/themes/industry-infrastructure
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