Now that you’ve put in all of the hard work in researching, designing and testing your newly adapted product(s), you’re ready for the big payoff – time to launch them into the market and bring in the revenue!

But before you pop open the champagne, you need to make sure you stick the landing on this launch. So what do you need to do to get it right?

Read on for an outline of the steps to a successful launch, and a summary of the whole product adaptation process.

This article series explores the four general stages of product development:

1. Innovation
2. Design
3. Testing
4. Launch or commercialization

This article will focus on Stage 4: Launch or commercialization!

Organizations launching new (or adapted) products may start in a few selected markets with a small run of product, and a sales and marketing campaign that will monitor product uptake. This initial sales data can be used to determine whether to proceed with more production, to increase both domestic and foreign markets, and to expand the sales and marketing program.

Want to learn more about tailoring design considerations and policies to suit customer preferences? Check out the FITTskills Product Development online workshop!

10 Practical Steps for a Successful Product Launch

1. Start early: Begin outreach activities six to eight weeks before the official launch date to maximize opportunities for coverage.
2. Make the product available to influencers: Offer the product to existing customers, prospects or bloggers with online presence to garner early reviews and articles.
3. Brief industry analysts: Promote your product early in the process and present a compelling case for your offering.
4. Create buzz online: Use social media to generate interest with strategic “coming soon” and “sneak peek” posts along with photos or video to build interest.
5. Plan a low-key release: The official launch date could simply be when the product is available to customers, rather than a splashy launch event.
6. Have a rolling release: Publish regular content about the product, its benefits, case studies and reviews to build momentum in sales and marketing.
7. Grab their attention: During the release cycle, do something unusual that will make people talk about the product, such as a witty video, a clever infographic or a publicity stunt at an industry event.
8. Involve partners: Have your marketing team engage with stakeholders who will benefit from a successful launch (such as your distribution channel) to encourage the informal promotion of the product, and spread the word about the product release.
9. Make it easy for customers: Offer free trials, downloads, product videos and demos so consumers can learn more about the product.
10. Focus on meaningful engagement: Rather than focusing on a general social media audience, connect with the users who are talking about your product and explore how they might promote it within their social circles

The development and commercialization of totally new products is very risky, even when an unmet need is identified. It may require a significant investment of resources, but if carried out well it can also reap significant returns.

With a totally new product there is no ability to ride the success of an existing product platform. A new product is launched and initiates the very beginning of a product life cycle. All aspects of the global value chain need to be carried out, generally on a small scale, increasing in scope with the growth and success of the product.

Elements of Product Development and Adaptation Processes

There are other product development and adaptation processes that can be used. Typically, they include the following nine steps, although some variation in steps may occur depending on the organization’s products.

9 Typical Steps in Product Development and Adaptation

The emphasis and resources spent on each of these steps will depend on the characteristics of the organization, the product type and the market. Although the ability to screen out ideas will depend on the quality and nature of information collected, research is separated here as a distinct stage to highlight its importance.

Organizations should not underestimate the value of primary market research in the early stages of development and adaptation.

It is at this stage where the processes of product development and adaptation start to strongly align with the marketing function of an organization. It is through talking to potential customers that ideas for new and adapted products can start to be narrowed.

Figure 1.4 – Core Elements of Product Development and Adaptation – originally published in FITTskills Products & Services for a Global Market ebook.

Check out the rest of the product adaptation article series:

1. Innovation
2. Design
3. Testing

The post Revitalize your business through product adaptation: Stage 4 – Launch appeared first on Trade Ready.

Resilient businesses are constantly looking for opportunities, even among challenging economies and difficult times. One way to turn lemons into lemonade is to re-imagine your products for a new niche or market.

This article series explores the four general stages of product development:

1. Innovation
2. Design
3. Testing
4. Launch or commercialization

This article will focus on Stage 3: Testing!

By this stage, you’ve put a lot of research and creative energy into revamping your product to fit a new market or meet different need. Now it’s time to provide validation of the product, the production/manufacturing process, customer acceptance and the resource allocation.

There are different types of testing to consider.

Market or concept testing is a process involving quantitative and qualitative methodologies to evaluate consumer response to a product or product idea before introducing the product to the market. Questionnaires administered through marketing survey agencies in person or online are some of the ways companies garner market/consumer input.

Organizations should be prepared to assess their product objectively and critically, and test in all markets in which they intend to distribute the product.

Below are 15 essential questions to ask during your research.

15 Point Market/Concept Assessment Questions

1. Is there a need or consumer desire for the product?
2. Is it practical?
3. Is it unique?
4. Is it the price right?
5. Is it good value for the money?
6. Can the organization make money on the product?
7. Does it appeal to a wide enough market?
8. Is the market segment interested in the product too small?
9. Does it have a long life cycle or is it just a passing trend?
10. If it is a trend, can the organization sell it quickly enough to make a profit?
11. How great is the threat of competition?
12. Is there a ready, reputable and reliable facility to manufacture, package and get the product to market?
13. Does it have a market that can be effectively and efficiently reached by advertising, sales promotion and/or public relations?
14. Does it conform to rules, regulations, product standards and other legal requirements?
15. Is the payoff worth the time and money involved?

Want to learn more about tailoring design considerations and policies to suit customer preferences? Check out the FITTskills Product Development online workshop!

Prototype and test marketing

Prototype and test marketing offer opportunities to test the product and its performance, and to put the product into a limited, but real-life field situation to collect data for product and marketing plan modifications or improvements.

Some techniques that can be used to evaluate consumer response to new or adapted products are:

• The use of select groups of product users to test prototypes (often referred to as beta-testing)
• Tasting panels
• Product demonstrations at select venues
• Follow-up with consumers after purchase

Try using these test marketing questions to tease out the insights you’re looking for:

1. Do you prefer this product over the product you are currently using?
2. Does this product meet the need you thought it would?
3. Does the way the product works provide an important benefit?

As part of product development and adaptation, product testing is carried out throughout the product life cycle to ensure compliance with specifications and regulations.

There is a wide range of product tests including:

• Life test: This is one of the most common manufacturing tests. In a life test, a product or component is used repeatedly until it fails. For example, drawers in a cabinet will be opened and closed repeatedly by machinery until the handle falls off.
• Highly accelerated stress screening: A product is mounted on a vibrating platform in an oven and is subjected to progressively more extreme vibration and temperatures until a component fails. The failure is then isolated and engineers design an improvement.
• Usability testing: A product and its user instructions are tested for ease of use. If a product is awkward to use or too difficult to operate, the manufacturing system will be redesigned and reorganized.
• Product safety testing: This test looks for issues such as the level of dangerous substances in products, or whether goods such as toys will pose a hazard to users because of poor design or shoddy workmanship.
• Drug and chemical testing: This involves testing substances such as cosmetics for allergic reactions and other harmful effects.

Address any potential product hiccups through Total Quality Management systems

Product testing is generally a component of Total Quality Management (TQM) systems that are designed to address the issues that matter most to consumers and regulators. These quality controls help identify the most appropriate testing methods and independent testing organizations for those issues. TQM system departments must be aware of different product issues, testing methods and testing standards when manufacturing and exporting to foreign markets.

Testing can last from a few weeks to several months, depending on the product, the market and the evaluation method and criteria.

Organizations can gauge the effectiveness of their product and marketing strategies on an individual market and a global perspective through market, concept and prototype testing, as well as product and test marketing. There are many tools and testing services available for organizations to use when they are ready to test their products.

The 4 key reasons for product testing

The new product testing phase can range from simple to complex. There are various approaches a company can take when testing, most of which can be used in combination in order to meet specific corporate goals. When designing tests, it is important to consider specific marketing objectives.

There are four key reasons for product testing:

1. Advertising claims: If an organization wants to claim that its product is, for example, the best tooth whitening toothpaste, it will have to be able to support these claims.
2. Cost savings/Process testing: If an organization needs to reduce manufacturing costs or use a new manufacturing process, it must test the resulting product to see if customers rate it as the same, better or worse.
3. Product improvement/New product: When an organization seeks to improve a product, it must test the resulting product to see if customers notice the difference, and whether they consider it to be better than the original product. The testing of new products will reveal whether customers like the new product, and whether it satisfies a want or need.
4. Competitive threat: When a competitor launches a new product, an organization should test it against an existing product or a new product that is designed in response to the competing product.

Hands on testing process

There are two types of tests, which are frequently used in combination. Often the testing process begins with sight and handling, and then progresses to the more detailed use tests.

• Sight and handling: Users are given the product or prototype to evaluate. This type of test is especially important when tactile or visual elements are key components of the product. It is also used when a prototype or end product is not available for use tests.
• Use tests: Users try the product, either during an in-house testing session or in their own home for an extended period.

3 different testing models to explore

There are a number of standard approaches to testing product concepts and the preference between these concepts and their potential competitors:

1. Monadic: Users go through the testing process—either sight and handling or use tests, or both—for one product, which they then rate.
2. Sequential monadic: Users go through the testing process— either sight and handling or use tests, or both—for one product, which they then rate. Then they go through the process again for another product. This sequence continues for as many products as the organization wants to test.
3. Paired comparisons: Users go through the testing process— either sight and handling or use tests, or both—for one product and then another. Finally, they choose which product they prefer.

For organizations introducing products to multiple foreign markets, it is essential to conduct all the different forms of testing in each specific market to ensure the product meets the needs of each.

Check out the rest of the product adaptation article series:

1. Innovation
2. Design
4. Launch or commercialization 

The post Revitalize your business through product adaptation: Stage 3 – Testing appeared first on Trade Ready.

In a challenging economy, agile businesses are the ones who come out the winners. Adapt or die, as the saying goes. This article series explores the four general stages of product development:

1. Innovation
2. Design
3. Testing
4. Launch or commercialization

This article will focus on Stage 2: Design!

Once you’ve made the business case for adapting your product to a new market or niche, and passed through the heady innovation stage, it’s time to get to work on the development of your adapted product.

Want to learn more about tailoring design considerations and policies to suit customer preferences? Check out the FITTskills Product Development online workshop!

The Stages of Product Development and Product Adaptation

Product design is much more than the appearance and function of the actual product. It incorporates all product features, including labelling, packaging, design and colour, and takes into consideration culture, regulations and shipping, as well as sales and marketing. Product specifications must comply with regulatory requirements and suit the consumers in the specific markets.

Adaptations to product features have implications for production costs, sales pricing and consumer acceptance.

As a result, the 12 product features should be reviewed as an organization considers developing a new product or adapting an existing product, including:

1. Sizes, weights and measures

What is the standard size of similar products in the foreign market and how does this impact complementary products? What is the standard unit of measurement and does the size deviate from how the product is currently packaged? For example, in Ecuador, beer is most commonly sold in 1-litre bottles, which deviates from common North American packaging conventions. Apparel and footwear sizing also differ dramatically around the world.

2. Packaging preferences

How many units are commonly sold in a package in the target market? What material is preferred in the packaging (e.g. cellophane, plastic, paper, glass)? What level of protection needs to be provided? Protective and uniform packaging can reduce the costs of distribution by facilitating packing for shipping and reducing breakage.

3. Labelling

What regulations must products comply with pertaining to language and labelling requirements? Must labels include ingredients, allergen listings and nutritional facts? Should they state the contents of packaging and product origin?

4. Pricing

How are comparable products priced in the target market? The product to be introduced must be priced competitively and appropriately. A lower-priced product targeted for an exclusive or high-end market may be negatively perceived as being less desirable or of lower quality.

5. Logos, branding and messaging

Should company names, brand names and trademarks be modified for the target market to ensure the logo or trademark will not offend consumers when translated? Modification can also ensure messages are appropriate to the company and the product conveys the same or similar meanings in the language of the foreign market.

6. Quality

What are the regulatory quality standards to sell your product in the target market? What are the cultural assumptions and expectations for quality in your target market? Does the product perform the function it is designed for and does it meet customer expectations? Quality can be a function of commercial viability, current market status or the nature of those supplying the market, i.e. part of the brand and image of the manufacturing exporter.

7. Preferred purchasing method

Where do consumers typically go to purchase similar products? Are they bought locally in markets, in shopping malls, online or at specialty shops?

8. Regulations and prohibitions

What are the pertinent regulations, restrictions and policies concerning import and export controls in the country of production and target markets? These will include regulations governing the recycling of packaging materials, ingredients subject to import controls and prohibited substances. For example, there are strict regulations prohibiting the sale of alcohol in some Muslim countries. Products such as perfumes and mouthwash could include alcohol as an ingredient and should be adapted to be sold in the target market.

9. Design

What are the design preferences of the consumers? How can function be improved through design? The meanings associated with shapes, colours and presentation vary extensively from culture to culture and within demographic segments of the target market. In addition, preferences specific to the target market will also determine the design of a particular product.

For example, a coffee set sold in the U.K. will include a creamer, while sets sold in other parts of Europe will not because Europeans prefer to drink black coffee. Utensils such as knives, forks and spoons are used predominately in Western cultures, whereas chopsticks and rice spoons would be the preferred utensils in Japan and South Korea. Shape, appearance and colours are features that can also apply to packaging as well as the actual product. Japanese consumers’ desire for beautiful packaging has led exporters to redesign cartons and packages specifically for this market.

Design can promote sales by adding value and utility for the consumer. Design policy must also justify manufacturing costs, such as tooling. For example, design might use detachable parts for assembly to allow for standardized packaging and packing that could reduce transport costs.

10. Materials

What are the restrictions, prohibitions and preferences of consumers in the target market? Import regulations will detail materials restrictions and prohibitions, such as ivory. Material preferences will vary depending on the product, regulations, supply and consumer preferences.

11. Engineering

What is the purpose of the product and how will it be used? What are the required product specifications for regulatory compliance for health and safety? The way products are used and ease of installation (if applicable) must be considered and researched carefully. Products must meet the technical specifications and standards of the country. These standards can include power systems, metric measurements and product safety standards. Products are required to meet legal requirements for health and safety, as well as satisfy both industry and consumer quality standards. The technology used must be suitable for the selected market.

12. Warranties and services

After-sales service will give many global companies a competitive advantage. Many companies offer 1-800 hotlines, Internet-based help, low-cost upgrades and extended warranty packages. It would be worth investigating the warranties and services commonly offered for similar products in the target market.

Executing Design Standardization

Whether an organization decides to sell standardized products or adapt products for different markets, there are certain common characteristics that all products should have.

They should be:

• Suitable for the purpose for which they are intended
• Efficient, safe and reliable
• Devoid of features that may offend the customer
• Attractive
• Compliant with all regulations in the target market

National standards may influence consumer tastes, even if those standards are not legislated. Standards can be set by the members of an industry, by the designer or by the consumer. Product designers sometimes work with highly restricted specifications. In the case of large industrial buyers, restrictions may be less technical and more directed by price. These buyers often take an active role in the design activity.

Product design can also address critical supply chain cost drivers. Designers need to balance price as the main purchasing motivation while maintaining product quality.

The quest for better value and lower manufacturing, transportation and inventory management costs may result in:

• Reuse of compatible components from earlier designs
• Uniformity of packaging for more efficient packing/ containerization and handling
• New, cheaper substitute materials
• New methods of manufacturing

Not only does product design meet the needs of the market and the consumer, some changes offer cost benefits for manufacturers.

Administering Design Policy

Design should assist sales promotion by introducing comparative advantage into the product. A product’s comparative advantage might be embedded in a technological advance, increased durability, better value for money or another distinction that will be perceived as a benefit to the consumer.

Organizations should develop a product policy that blends product and services in order to market the most profitable competitive advantage. Such a policy includes the evolution of product lines parallel to existing equipment, human resources, liquid assets, commercial viability and customer goodwill. If the comparative advantage will be short term, it must be offset by outstanding support service to position the product in the marketplace before the competition arrives with similar lines.

For international trade, policies may have to be made to accommodate individual foreign markets, where standardization is not feasible.

It is important to examine the motivation of buyers and include their priorities in any design policy.

Motivation can be either rational, such as convenience, economic benefit or ergonomic advantage, or it can be emotional, such as colour, sex appeal and trendiness. Industrial buyers with strong leanings toward the rational can also be influenced by emotional appeals, especially when products offer similar features at similar cost.

For international trade, the motivation for buyers in each foreign market needs to be assessed.

Check out the rest of the product adaptation article series:

1. Innovation
3. Testing
4. Launch or commercialization 

The post Revitalize your business through product adaptation: Stage 2 – Design appeared first on Trade Ready.

When businesses face hardship, either due to market forces, missteps, or force majeure, there are two ways to proceed. Stanch the bleeding and focus on existing products and markets being served – or buckle down and find a way to reinvent your brand, offerings, and consumer base. For those eyeing option number two, adapting products to reach new areas of demand requires research, ingenuity, and resilience.

Here’s where to start.

The Stages of Product Development and Product Adaptation

When entering a new international market, organizations may develop a new product or adapt an existing product to guarantee regulatory compliance and ensure their products remain relevant to their consumers.

To determine whether to pursue either of these options, organizations need to assess the market based on research findings and identify and analyze opportunities. Should they decide to proceed with developing or adapting a product, the general process begins with generating and scoping ideas and determining whether they represent feasible and profitable opportunities. Once a business case has been made, organizations begin the formal development process, designing the operations or production process required for full scale production, testing the product and finally launching into the new market.

The four general stages referred to in different product development models are:

1. Innovation
2. Design
3. Testing
4. Launch or commercialization

In this 4-part article series we will cover each aspect of product adaptation, starting with Stage 1:

The Innovation Stage

An approach to managing the product development or adaptation process has been put forward by Peter Koen from the Stevens Institute of Technology.

Koen begins with the front end innovation stage (also referred to as the fuzzy front end or FFE). This is the period in which an opportunity has been identified, but before formal product development begins.

The stage includes tasks such as strategic planning, concept generation and pre-technical evaluations.

These activities tend to flow in an unpredictable, unstructured and often chaotic manner. Despite this, it can be a valuable stage, as the analysis and testing often lead to a successful product development activity.

During the front end innovation stage, market research is used to understand the influencing factors; this can be the catalyst for idea generation and idea screening. Once a product concept is generated, a decision is made on whether this concept is feasible and merits further investment of resources.

Want to learn more about how to evaluate customer response to new offerings with concept testing, prototypes, test marketing and product tests? Check out the FITTskills Product Development online workshop!

Koen outlines five different elements that pertain to front end innovation:

1. Identification of design criteria: Criteria and guidelines are discussed and decided.
2. Idea analysis: Identified ideas are explored in the context of the business and related implications for the company. Some market testing might be conducted to understand how/if the concept will translate into a solution for the end user.
3. Concept genesis: An idea becomes a concept, through an incremental and iterative process, which is either formulated internally or externally (e.g. through a specific customer request or the availability of a unique material from a supplier).
4. Prototype: If there is a strong business case for the development of the concept, there is generally a decision to pursue the creation of a prototype of the product.
5. Product development: A formal business case is developed based on factors such as available market share, customer requirements, required resources and competitor analysis. This is often treated as the first step of the formal product development process.

Although there may be iterative and less formal processes during this front end or pre-development stage, it is still critical to establish quality early on. Filter out flawed product strategies in the early stages of product development to avoid costly consequences at a later stage. Quality should be measured both quantitatively and qualitatively.

Ensuring quality in front end innovation

Focus of innovation stage: Idea screening

Focus of innovation stage: Business case

Best Practices for Front End Innovation

• Senior management is committed and involved in early stages.
• Business executive champion is identified and involved in early stages.
• Work culture is collaborative and encourages knowledge creation.
• Communities of Practice are established to share, acquire and develop new knowledge.

Stay tuned for parts 2-4 of the product adaptation article series:

2. Design
3. Testing
4. Launch or commercialization

The post Revitalize your business through product adaptation: Stage 1 – Innovation appeared first on Trade Ready.

A product’s stage within its life cycle influences the need for product development and adaptation. Organizations selling products internationally to multiple markets need to know exactly where the type of product they sell is in the product life cycle, for each different market.

This knowledge, combined with research on competitors’ products, current regulations and market demand, will help determine whether they need to adapt a current product or develop a new product before entering a new target market.

In many cases, products need to be changed before they can be introduced into new markets. Depending on the life cycle stage, this may involve marginal changes to product labelling or packaging, or involve alterations to design and functionality.

For example, infant car seats have reached the maturity period in North America, but the pioneer period in China. A French manufacturer looking to expand into the U.S. may need to adapt its product based on regulatory differences, as well as on competitors’ products, trends and consumer preferences. It may need to considerably differentiate its product to break into the competitive American market, and perhaps even look at developing a new, cutting-edge car seat.

To establish sales in China, the manufacturer would also explore whether regulations would require adapting its seat, but would face far less competition and lack consumer feedback. It may wish to conduct surveys or focus groups, and it may need to change its packaging to outline how car seats reduce injury and death.

Product Life Cycle

For a product at the end of the life cycle, organizations could consider the shift away from quality and toward price as a product’s underlying technology becomes commonplace and imitators enter the market. To reduce its costs, an organization may need to adapt its product to include cheaper components or require less labour to produce. Companies will continue to offer a product only as long as they can do so more cheaply than their competitors, and no alternatives emerge to make the product obsolete.

Learn more about regulatory compliance and getting your products ready for global markets, check out the FITTskills Products & Services for a Global Market online course.

Should you adapt your product, or is it time to let it go?

Organizations must also consider whether it is worth investing resources in adapting or developing a product if it is at the end of its life cycle. Many obsolete or marginal products linger in the market until their inability to generate profit becomes too hard to ignore. Such products may:

• Involve expensive, short-run production as demand declines or becomes sporadic.
• Take up an inordinate amount of management and sales time.
• Project an image of a non-progressive and technologically backward company.
• Delay new product development in hopes that things will improve.

Before eliminating a product, the organization must assess the overall international value of the product to the company, as opposed to simply monitoring the product’s performance in individual markets.

Products should not remain in the international market simply because a few overseas markets still want them. Product elimination procedures and controls, such as a product review committee, are more significant in international markets than domestic ones since the company may have many markets, products and modifications to consider. In addition, the international marketer may need to consider product elimination from the exporter’s viewpoint (one production source) or the multinational viewpoint (several production sources).

There are exceptions to every rule – including the product life cycle

There are some products that transcend the product life cycle, normal economic models and consumer trends.

Customers expect standardized products to be the same for various reasons. Luxury (also known as Veblen) goods may have a special cachet, a brand affiliation or an image that infers a certain status to its owners. Think of Louboutin shoes or a Porsche automobile. Some of these products can hold or even increase in value over time. The sales of luxury products would lose customer value if they were widely available and the price lower.

Customers may also want a standardized product to eliminate uncertainty. For example, a McDonald’s Big Mac hamburger is the same worldwide. Products with specific technical functions, such as a tape measure that uses a standard unit of measurement, are the same wherever that standard measurement is used and function for as long as the product lasts.

The post How understanding your product life cycle should influence your product development decisions appeared first on Trade Ready.

Small business is bigger than you think. In many ways, the internet and social media have welcomed a new age of entrepreneurship. It’s easier than ever to start a business on an international scale, even from the comfort of your own home. Yet, that doesn’t mean there aren’t still rampant myths and misconceptions.

Today, over half of all Americans either work for a small business or own one themselves. Still, many small businesses continue to fail every year and even more fail to even make it off the ground in the first place. Despite more tech tools and trade agreements breaking barriers between countries and the global trade professionals within them, there is still a lot to learn about the realities of small business today.

In this article, we’ll shed some truth on what it means to own a small business in this global economy.

Myth 1: Only large companies succeed internationally

The biggest and most persistent myth in small business is that international trade is best left to the biggest players. Big-name businesses set the rules, and the smaller players can’t even get off the bench, right? Wrong. In fact, since 2006, the number of small business exporters is up 24.3% according to the U.S. Small Business Administration.

While it’s true there are challenges to selling services and products abroad, these are not insurmountable. New trade agreements make it easier for international trade to take place between small and mid-sized businesses, and this means expanding profits from the ground up.

Today, more than 70% of the world population’s purchasing power is outside of America. If you want to scale your organization’s profits, you need to scale your research and your market entry strategy.

It’s time to shed the myth that only large companies succeed on an international scale, since this is simply untrue.

We live in an increasingly global world, and it’s time for a new era of global small businesses to match.

Myth 2: Health insurance is challenging

One of the most pervasive myths in the United States in particular is that health insurance is too tricky for small businesses. This is especially true for businesses that conduct work internationally, perhaps hiring employees abroad on a remote basis. As a small business, it’s hard to balance this amongst your other expenses. Can you even afford the expense of health insurance, and is it worth all of the trouble?

In short, yes you can afford it and yes it’s worth the trouble. If you have over 50 American-based employees full-time, you’re required to provide insurance thanks to the employer mandate. Offering insurance is an effective way to boost employee morale, appeal to talented job seekers and build a positive work environment with healthy workers. Not to mention, you need health insurance yourself to guarantee you’re equipped to keep working years into the future.

Not sure where to start your search? Using licensed insurance agents with experience in business health insurance is be a great place to begin. These professionals can lead you down the right path in terms of finding a plan that’s right for your employees, budget, and scalability needs.

Myth 3: Being first is always best

With small businesses, there’s a common belief that you need to always be first to the market to succeed. While it’s true that being first with a new product or service has its advantages, don’t make the mistake of thinking this is always the most effective strategy.

In reality, improving upon a product or service that already exists in the market, or offering a similar product or service at a lower price, is usually the most successful avenue.

What exactly does this mean? Let’s take a well-known example for a ride. While Netflix might have been the first business to offer streaming services on an international scale, they mainly left this system as-is. Their competitor Hulu, however, stepped in with a similar service but advanced features like live TV, local channels, and more. Hulu is also priced at $5.99 USD per month, as opposed to $8.99 USD per month like Netflix. As a result, Hulu grew its subscriber base by 8 million people in the U.S. in 2018, compared to growth of 1.1 million people in the U.S. by Netflix during that same time.

Don’t let the myths hold you back from small business success

It’s time to break free from the many misconceptions that surround small businesses in international markets. Don’t let the fear of competition with the big players keep you from trying in the first place. Small businesses, in fact, have many advantages over the bigger ones.

First, they’re better equipped to reach their audience more effectively, since they operate on a smaller scale. Next, they can more successfully address employee needs by investing in key things like health insurance. Finally, they’re in a position to innovate with new technology through their products or services.

Let’s defeat these myths once and for all. Small business is big business, and it’s time to prove it once and for all with your own goals.

Ashley is a writer from Studyclerk and super-connector who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition. You can learn more about her here: https://studyclerk.com/research-paper-writing.
Original article: https://tradeready.ca/author/ashley-lipman/

The post It’s time to overcome these 3 common small business myths appeared first on Trade Ready.

Exporters will never have a perfect product. Their products will always be at the mercy of competitive pressures, changing market preferences and emerging new technologies. Success depends on understanding and anticipating change through continual improvement. Developing products for new international markets is a continual process.

Staying competitive and increasing sales in international trade means investing in new product development and product adaptation. This investment ensures products meet the regulations, needs and expectations of the new markets, better positioning the venture for success.

New product development for foreign markets

In international trade, product development refers to the creation of new products specifically designed for foreign markets. Product adaptation refers to the redesign or modification of an existing product to meet the needs of one or more overseas markets. This includes any customization required for the consumer.

The steps to develop a new product and those to adapt an existing product are fundamentally the same, with only slight differences. Although product adaptation can be simpler since an elemental design already exists, adaptations must also be designed, employing the same rigour and strategies used when designing or developing a new product.

Product development and adaptation is the continual process of bringing goods to the marketplace as products move through their life cycle, such as replacing discontinued products with new or adapted products.

Different types of products can serve different purposes:

• Innovative products are a means to enter an existing market
• Additions to existing product lines supplement and expand options for consumers
• Improvements or revisions to an existing product line can improve market share and re-engage past consumers
• Repositioning products allows companies to target new markets
• Product development and adaptation can be used to reduce production costs and sometimes reduce prices for consumers when a similar product can meet the same needs at a lower cost

Using market research to make the right decisions for your products

Organizations selling products internationally to multiple markets need to know exactly where the product they sell is in the product life cycle, for each market. This knowledge, combined with research on competitors’ products, current regulations and market demand, helps to determine whether they need to adapt a current product or develop a new product before entering a new target market.

In many cases, products need to be changed before they can be introduced into new markets. Depending on the life cycle stage, this may involve marginal changes to product labelling or packaging, or involve alterations to design and functionality.

For example, infant car seats have reached the maturity period in North America, but the pioneer period in China. A French manufacturer looking to expand into the U.S. may need to adapt its product based on regulatory differences, as well as on competitors’ products, trends and consumer preferences. It may need to considerably differentiate its product to break into the competitive American market, and perhaps even look at developing a new, cutting-edge car seat.

To establish sales in China, the manufacturer would also explore whether regulations would require adapting its seat, but would face far less competition and lack consumer feedback. It may wish to conduct surveys or focus groups, and it may need to change its packaging to outline how car seats reduce injury and death.

When introducing a product into a foreign market, an organization can choose from several options:

• Sell the product as is, with no modifications or changes
• Create modified versions of the existing product, each one aimed at a different market. For example, modifying products for safety and functional requirements like power requirements that need to change from 110 volts to 220 volts
• Incorporating locally induced differences into product offerings, known as “glocalization”
• Create new products for different markets
• Modify the services accompanying the product to better accommodate market requirements

The mode of product introduction will depend on the information gathered about the target market as well as market intelligence findings.

Want to learn more about how to establish a competitive advantage with the best design options for adapting products? Check out the FITTskills Products & Services for a Global Market online course.

When is product adaptation necessary?

Occasionally, modifications to products or processes might not be necessary. The company might be able to export the same product and use the same processes as it does for its domestic market, as in cases where the company:

• Deals with customers who want a product because it is the same in all worldwide markets, such as jeans, records, photographic equipment
• Supplies generic components for export without modification, such as tires or computer chips
• Produces a unique product that is sold based on its status or foreign appeal such as brand-name luxury items
• Produces a product that is sold exclusively on a commodity or price basis, such as iron ore or wheat

In other cases, intelligence gathered with research will indicate that a product is unsuitable for a market and cannot be modified to make it suitable.

In some markets, companies have no choice but to adapt a product before exporting it. Climate and geography are perhaps the most fundamental factors – for example, cereal must be sold in foil packaging in humid climates. Adaptation may also be necessary due to legal requirements, tariff structures, taxation or other types of government regulations that affect components, raw materials, technical specifications, product standards, quality control, brand protection, testing and approval procedures. For example:

• Perfumes sold in the Middle East cannot contain alcohol
• Germany’s beer purity regulations forbid the sale of beer containing anything but water, hops, malt and yeast
• Fertilizer formulas must be adjusted to match soil conditions in the importing country

Some product-market mismatches might be eliminated over time. For example, many Asian countries do not commonly use milk or milk products, but this could change with the right product and marketing approach. However, such an attempt would likely require a lot of time and investment and would have no guarantee of success.

Research and the resulting product adaptation processes are not a one-time project. Applying market intelligence should be a process of continual improvement.

The relationship between market research findings and production operations is crucial for maximizing product life cycles and to build upon product platforms, enabling the successful development of products for new and existing markets.

The post Why exporters will never have a perfect product and what to do about it appeared first on Trade Ready.

In business, establishing an edge over the competition is the holy grail. Once you have it, sales and success are sure to follow. But actually achieving this minor miracle, especially in a new-to-you international market, requires a significant investment in research, marketing and product development.

Since this is what business all strive for when they go global, and there is no magic formula for success, we thought it was the perfect subject for this month’s #TradeElite Twitter chat.

FITT’s monthly Twitter chats bring together an expert panel – the “#TradeElite”, typically with diverse geographical, sector and focus backgrounds, and ask them to answer questions about the topics that matter most to you, out there making trade happen. Though we feature a panel, we open every chat to participation from all. And through these interactive chats a wave of useful insights and advice pours in and we share it with you here.

Enjoy, and join us next month (scroll to the bottom of the article for details)!

Panelists:

Rob Ward (@1robward) Co-founder of Grocery Accelerator Ltd, the UK’s leading provider of investment funding, coaching and mentoring for early stage FMCG products in the food & drink grocery market, based out of Norfolk, UK.

Simon Slyper (@SimonTradeBuzz) International Trade and Compliance Specialist for Amscan, the largest designer, manufacturer and distributor of decorated party goods and party accessories in the world, based in New York City, USA.

Kevin Sullivan (@KPSully448) Regional Account Manager / Food & Beverage Sector Lead at Export Development Canada, based in the Greater Toronto Area​, CA

Audrey Ross (@tresAudrey​) Logistics & Customs Specialist at Orchard International Inc, a full-service provider of turnkey solutions and sourcing for private label cosmetics, beauty, and bath products, based in Toronto, CA

Here’s a good place to start: What does it mean to have a competitive edge within a market?

A1. @FITTNews It means you are the leader / hold the market share / have the most customers / have the most expertise in that market. #TradeElite

— audrey ross (@tresAudrey) May 24, 2018

A1. Being first to market is a way to gain competitive edge. Innovation & strategy play a big role in being first product to market. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

What are some strategies that your business can take to develop close relationships with local businesses in the new market you are trying to enter?

A1 first learn their etiquette: Body language, customs, manners…

— Rob Ward (@1robward) May 24, 2018

A1 eating habits, routines, flavour preferences, timing…

— Rob Ward (@1robward) May 24, 2018

A1: Do any of your existing customers have subsidiaries in this new market? If so, can you leverage your relationship and track record with this customer to ask them for a shot at quoting business in this new local market?

— Kevin Sullivan (@KPSully448) May 24, 2018

A1 @SimonTradeBuzz Building relationships often means One on Ones. Get your passport ready! Connecting on social media, at tradeshows and maintaining communication build up a relationship. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

What legal strategies and concerns must your business take into account when entering a new market?

A2. You want to get an expert local representative. THis is one of those areas you cannot skimp on. Rules are very different in different markets. Save yourself a mess and get an expert. That said, there is a lot of research you can do up front for free #TradeElite https://t.co/qNTfBeocI8

— audrey ross (@tresAudrey) May 24, 2018

For UK & EU, significant homework needed to be clear about on-pack claims. Also worth considering joining protocols if you’re compliant https://t.co/N8xMtPRHki

— Rob Ward (@1robward) May 24, 2018

A1: Take advantage of consultations with @TCS_SDC and @ExportDevCanada trade advisory teams to source information at free of charge before finally consulting with your own legal team.

— Kevin Sullivan (@KPSully448) May 24, 2018

True! @ExportDevCanada & @TCS_SDC are SO helpful to Cdn biz! @USTradeRep can help out American biz. UK has some amazing chamber of commerces, like @NEEChamberJac plus @tradegovuk! Every country wants to facilitate business! #tradeelite https://t.co/ImwdASGAxF

— audrey ross (@tresAudrey) May 24, 2018

the best legal strategy is knowing and learning the rules of the game of the target market, never step in before analyzing the risks. It takes time but not following a structured strategy may be detrimental to your success. Ask for advice an incorporate it into your X’s BP

— Adriana Carrillo (@acarrillo2016) May 24, 2018

We’ve got “do your homework” & “Due diligence” & “do the math” on the board in this chat already. What if you don’t want to do stuff to go global? Hire a CITP who’s been trained & qualified by @FITTNews #TradeElite

— audrey ross (@tresAudrey) May 24, 2018

Is it necessary to design new products/services in a new market?

A3: Yes and no. It depends on the product/service. @McDonalds, for example, does a great job of not necessarily inventing an entirely new product, but adjusting it to meet local tastes. Some markets may call for radical change, but market testing is essential #TradeElite

— Simon Slyper (@SimonTradeBuzz) May 24, 2018

A3: what @SimonTradeBuzz said. In many cases you may realize terrific returns with existing product offering. Of course, budget for and be prepared to pivot to adapt to local market. “Test orders” using online platforms in markets like China work well for gaining a pulse

— Kevin Sullivan (@KPSully448) May 24, 2018

A3. It is not necessary. It IS necessary to ensure your product / service is compliant to meet product safety standards, or local regulations, is usable for a customer unfamiliar with the product. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

How important is speed to market when it comes to being competitive?

Speed to #market is very important, even critical in many instances. There are narrow windows of opportunity for market success depending on the product or service. Cost/benefit needs to be weighed. @TradeElite

— Simon Slyper (@SimonTradeBuzz) May 24, 2018

Being #competitive depends on how different you are from the others, how well you fit in the needs of the target consumers. Innovations are just popping up every day make sure to differentiate as much possible to allow you not to have to speed on

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A4. If you are trying to be 1st- then it’s important. Try not to lose sight of what may be needed post-launch. If you don’t have cust service or supply chain or delivery established you could ruin all of your hard work. (Case Study: Target Canada) #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

What about marketing, messaging and local endorsements? How important are these and what are some success strategies?

A5: Local endorsements are important, but conduct #duediligence on your potential local partner. What is their reputation in the local market? #YouTube #influencers in local markets may be a powerful tool to attract buzz for your product/service. #TradeElite

— Simon Slyper (@SimonTradeBuzz) May 24, 2018

key ingredient – how well you mix the local culture flavour with your own marketing flavour. Hiring a local marketing agency may also be the right step

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A5. Another area where research & local connections are key. Culture has a huge influence on what we find funny / appropriate / catchy what works in one market & one language may not be well received in another. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

A5. Work with locals on your marketing / advertising strategies. When hiring people look for recommendations & get them to present actual numbers. Have they done new product launches? new brands? #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

Do you need to have boots on the ground to compete in an international market?

A6: Not necessarily. You may even be able to leverage contacts in your local market who are already well entrenched in your target market. Partner with these sourcing companies to help you build a beachhead and penetrate the market(s). Expand organically from there.

— Kevin Sullivan (@KPSully448) May 24, 2018

I will always recomend having a high level of collaborative relationships in the target market. Join local chambers of commerce and have a presence in their activities.

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A6. Not really in the age of the internet but if you want someone executing your vision you may need to establish a presence. Or at least the perception that you are simply a flight away & can & will be there to ensure things are running well. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

Need to be the right boots! Ones that truly listen and learn, yes. Ones that kick… get knocked out! https://t.co/hb0H5UmD6S

— Rob Ward (@1robward) May 24, 2018

What are some warning signs that you may have trouble competing in a certain market?

High competition of similar products and lack of differentiation. Also, no actual bilateral protocols for new products accessing new markets

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A7. If you don’t see a lot of foreign brands being successful or if you come across regulations (or lack of regulations) that leave you open to IP risk or investment risk. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

A7. There is a fine line of governing to protect your national interests & being unreasonably unfair to foreign biz. Often markets w/ limited infrastructure or inflated bureaucracy can be unfriendly. There are still ways to succeed, it’s just a more effort. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, June 14 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How can your business get a competitive edge in global markets? appeared first on Trade Ready.

• New product that opens an entirely new market for the company and meets a new consumer need
• Product modification that improves the product, engages new consumers and re-engages existing consumers in the market
• Product that replaces an existing company product
• Product that significantly broadens the market for an existing company product
• Existing/old company product introduced in a new market
• Existing/old company product packaged in a different way
• Existing/old company product marketed in a different manner

Product development and adaptation is a continuous process. It requires full liaison between the manufacturer and the agent or end user to ensure the product meets market requirements and profitability is maintained.

In seeking to satisfy new markets, companies have several options available, including:

• Selling standardized products as is, i.e. the same product and promotional message
• Modifying products for specific safety and functional requirements, e.g. for some countries or regions, product power requirements may need to change from 110 volts to 220 volts
• Designing entirely new products for foreign markets
• Incorporating locally induced differences into product offerings, known as glocalization

Different types of products can serve different purposes. For example:

• Innovative products are a means for companies to enter an existing market.
• Additions to existing product lines supplement and expand options for consumers.
• Improvements or revisions to an existing product line can improve market share and re‑engage past consumers.
• Repositioning products allows companies to target new markets.
• Product development and adaptation can be used to reduce production costs and sometimes reduce prices for consumers when a similar product can meet the same needs at a lower cost.

With these goals and strategies in mind, here’s 4 of the many examples of how adapting products or developing new ones has paid off in spectacular fashion for companies worldwide.

1. The evolution of the razor

The cartridge safety razor was first introduced in the 1960s. These razors were a popular and cheaper alternative to the electric razor introduced in the 1930s. Made from moldable plastics, the cartridge razor contained a disposable, replaceable cartridge head. Each cartridge generally held two blades and would slide on and off a straight plastic handle. This version is the basis for today’s disposable razor.

The cartridge of a modern safety razor generally has three to five blades, with lubrication strips on either side of the blades. The handle is contoured to fit the hand; some vibrate, while others have a ball in the handle and a flexible cartridge to better glide over facial contours.

These product adaptations have taken the simple safety cartridge razor to a higher-end product without losing the usefulness of the first simple model.

2. So much more than just “a coffee”

Consider the American coffee company Starbucks. The service provided by baristas making and customizing Starbucks beverages for the desires of individual customers is an integral part of customers purchasing the company’s products. In 2015, service generated USD 19.2 billion in revenue for Starbucks.

Starbucks entered the market offering a coffee shop experience. The company sells its signature fair trade coffee perfectly ground, brewed and served in their coffee shops all over the world. In 2016, Starbucks had baristas serving coffee in fifty countries. In terms of continued growth, it expects to have more than 37,000 stores by 2021.

Starbucks continues to innovate both in terms of its products and its brand experience.

Starbucks offers coffee-based drinks, such as lattes, as well as teas and smoothies. It also sells coffee paraphernalia, such as mugs, coffee beans and coffee makers. Customers can also buy food products. Starbucks uses these associated products to enhance its coffee service and offer more to customers with a “one-stop-shopping” strategy. Customers can go in for coffee and also have a snack or lunch. Starbucks has also expanded its home brewing by selling beverage pods for consumers using single cup brewing systems.

3. Going “glocal”: It’s the same, but different

In business, the term “glocal” describes activities that take into consideration both local and global concerns. There are many examples of brands that enter into emerging markets by adapting their products to local tastes, attitudes and values.

For example, McDonalds, a brand built on providing high quality beef products, has adjusted its menu in India, where the cow is considered a holy animal. Its localized menu items include McAloo tikki burgers (mashed potato patty) and Chicken Maharaja Mac with Indian spices.

4. Wait, you can do that? The future of manufacturing

A Dutch design company called MX3D is collaborating with a variety of partners, including Autodesk and the Amsterdam City Council, to 3D print a metal bridge over one of the city’s canals.

Designer Joris Laarman says the project will free the world to think about craft in new ways.

“I strongly believe in the future of digital production and local production, in the new craft,” says Laarman.

This bridge will show how 3D printing finally enters the world of large scale, functional objects and sustainable materials while allowing unprecedented freedom of form.

This is not the only project of its kind. In 2016, Michigan Technical University built an open-source 3D metal printer for under USD 1,000; and in the 2015 “Launch Tennessee Master Accelerator Program”, a startup called Branch Technology took inspiration from nature to develop 3D-printed walls for homes and buildings using a “cellular fabrication” process.

The post Learn to adapt your products from these 4 success stories appeared first on Trade Ready.

It’s no secret that starting a business from the ground up comes with an abundance of challenges. Founders must face and overcome challenges in financing, risk mitigation, market entry and recruitment, to name only a few. But global entrepreneurs add to that laundry list of obstacles with cross-border shipping, global supply chain management, international laws and regulations, language and culture differences – I could go on!

Fortunately, there are some brave, ambitious souls out there who face these challenges head-on and boldly stride into the global marketplace. To get a glimpse into the situations global entrepreneurs face and put our fingers on some great solutions, we assembled a panel of experts who have been there, done that, and are helping others successfully enter international waters as global business owners.

They shared their insights in this month’s #TradeElite Twitter chat. Here’s what they had to say.

Moderator:

Sara Haq (@SH_Intl), Founder and Principal of SH International, helping entrepreneurs build profitable multinational businesses through training, and partnerships, based out of Washington, DC.

Panelists:

Nicole Verkindt (@OffSetMarket) – Founder, OMX, “Dragon”, Next Gen Den, Panellist, CBC News, The Exchange based out of Toronto, Canada

Tanita Alexandridis, CITP (@TanitaAlex1) – Sr. Associate, Advisory Services, Export Development Canada based out of Ottawa, Canada

Lynnette Wennerstrom (@thisisLynnette) – Globalization consultant and project management specialist based out of Washington, DC

Amy Karam (@AmyKaram) – Author, speaker, instructor and global expansion and competitive strategy consultant based out of Ottawa, Canada

Adam Wood (@Woody_at) – CEO of GCS Group, Co-founder of Certifiedby.com specializing in helping businesses with credit, risk, and compliance based out of Melbourne, Australia

Let’s get it all out there – what are the biggest challenges faced by global entrepreneurs?

One of the biggest challenges for global entrepreneurs is getting an international deal. #tradeelite

— OMX (@offsetmarket) July 13, 2017

A1: blinded sided by power of politics and govt influence in closing business abroad and lack of long term perspective are two #tradeelite

— Amy Karam (@AmyKaram) July 13, 2017

A1: ? entrepreneurs start as local ones. Understanding how to create a local experience for their users is one challenge #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A1: Need time & money to do the research, make the connections in #export markets, but SMEs often lack both. #tradeelite https://t.co/1Hhwe6cDdy

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

A1: Ambition v knowledge and learned trust. Experience teaches us to know who your dealing with, before trading #tradeelite

— Adam Wood (@Woody_at) July 13, 2017

A1: I also found that getting tech working in certain emerging markets can be … an adventure! #TradeElite

— Eric (@KantJungRand) July 13, 2017

A1. Finding customers who want your product and not having to make too many adjustments to it for int’l compliance #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

How I feel overcoming obstacles selling abroad #TradeElite pic.twitter.com/xAbWOXjEre

— OMX (@offsetmarket) July 13, 2017

That’s a lot of confidence. Off to a good start.

What do you see ALREADY working for global entrepreneurs in terms of overcoming their challenges?

A2: ? entrepreneurs are often at the vanguard of using and developing new technologies to overcome hurdles…out of necessity #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

We’re lucky to be able to connect with people from different parts of the world through social media #tradeelite

— ICECORP Logistics (@icecorplog) July 13, 2017

A2: readiness to take higher risks, realizing that global mkts, esp emerging mkts, cannot be ignored as strong revenue sources #tradeelite

— Amy Karam (@AmyKaram) July 13, 2017

A2: Leverage others’ expertise: have a network of legal, logistics, market intel partners. @TCS_SDC comes to mind! #TradeElite https://t.co/K7QwmXRbwo

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

A2. In Canada there is an emphasis on building exports w/ FTA’s & we have Gov’t resources for support. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

Who is responsible and/or the most capable of helping global entrepreneurs overcome their challenges?

A3: ? entrepreneurs are responsible for IDing those that can help them overcome challenges. It may or may not be them. #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A3. The #TradeElite. Gov’t can help, Consultants can help, but you need to know who is reliable & that comes from ppl in the industry.

— audrey ross (@tresAudrey) July 13, 2017

A3: Agreed, @ThisIsLynnette ! There are experts to help for most challenges… but SMEs have to ultimately own their success. #TradeElite https://t.co/Ec6vJ4jVS7

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

@tresAudrey it can be so tough to vet the right resources. Thank goodness we have the world at our fingertips to do our research #TradeElite https://t.co/OH7ldMJlUR

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A3: foreign affairs, trade commissioners, orgs like @FITTNews, local consultants in country and other entrepreneurs. #tradeelite

— OMX (@offsetmarket) July 13, 2017

What are the most hidden challenges of global entrepreneurship? When entrepreneurs struggle quietly, or without resources?

A4: One hidden challenge is worrying about cultural differences in addition to worrying about currency conversions #tradeelite

— OMX (@offsetmarket) July 13, 2017

A4: lack of realistic time frames in how long it takes to make things happen and how many failures or closed-end leads it takes #tradeelite https://t.co/G6yheDhOTv

— Amy Karam (@AmyKaram) July 13, 2017

A4. Trust factor. You can’t rely on traditional legal, banking, accounting, political resources. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A4: struggling quietly and going solo! Paraphrasing @vanillaice and @tresAudrey “stop, collaborate, and listen” #TradeElite #iceicebaby https://t.co/hGgEHawfba

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A4: Overwhelm and paralysis by analysis = #thestruggleisreal. #Entrepreneurship is hard enough, int’lly it’s even harder. #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A4 Also, CEO risk-aversion. As stated, risk can be higher in global markets. Risk tolerance can inhibit growth #tradeelite

— Eric (@KantJungRand) July 13, 2017

A4: In order to also match a local culture, you may need to slightly adjust your product @AmyKaram #tradeelite

— OMX (@offsetmarket) July 13, 2017

What differences in challenges are there for global entrepreneurs in US/ Canada vs. in places like India and Brazil?

A5:This can tie back w/ Q4, but you will want your product to be translated into another language to serve a wider market #tradeelite

— OMX (@offsetmarket) July 13, 2017

A5: As an external biz, you often worry about local competitors who will have home advantage by being in country…#tradeelite

— OMX (@offsetmarket) July 13, 2017

A5. I don’t have exp in those markets, but flags have been corruption level, inconsistent standards & bureaucracy issues. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A5: But be sure to localize it, not simply translate it. Adapt for the locale, culture and language to make the biggest impact. #TradeElite https://t.co/Kvpnq10eL2

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

Def. culture & comms (can’t always interpret “yes” & “no” in the same way), time/travel req’d to build relationships, time zones #TradeElite https://t.co/OU9eM7hNQQ

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

A5 For @text_engine in India we found that the Do Not Call Registry really blocked our growth.Must solve 4 tech peculiarities #TradeElite

— Eric (@KantJungRand) July 13, 2017

Which types of financing are the most supportive of the global entrepreneur?

A6. In Cda look at @EDC_Events & @bdc_ca options b/c they really mitigate your risk & help w/ banks. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

Just for fun, let’s answer one A6: We find that VC’s are often ill-equipped to assess the multinational #entrepreneur‘s venture #tradeelite

— SH International LLC (@SH_Intl) July 13, 2017

A6. You’ve got to create a strong relationship with your bank. Face to Face. Get them to understand your biz. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A6: Credit insurance has dual benefit: protect against non-payment & make it easier for bank to lend against your receivables. #TradeElite https://t.co/I5ml8d0ESv

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

#TradeElite A6 countries that support an #export policy will have ECAs (export credit agencies) that will customize products or programs https://t.co/l0KkBQd0sv

— Emiliano Introcaso (@introcaso) July 13, 2017

In what way can global entrepreneurship make this world a better place? Should that be the goal of a global entrepreneur?

A7 I think it’s ok to admit if your goal is to make $$ & not necessarily to make the world a btr place. Just be honest w/ urself #tradeelite

— Eric (@KantJungRand) July 13, 2017

A7: ? #entrepreneurship is just another way of bringing people together to collaborate across borders. #TradeElite #GlobalBusiness

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A7 by respecting mutual interests and bridging relationships through cultural understanding #tradeelite

— Amy Karam (@AmyKaram) July 13, 2017

A7. I see more SME’s giving back, designing a helpful product & building community over just profit, profit, profit. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A7: Global #entrepreneurship can apply #innovative ideas and approaches to solve world problems. #tradeelite

— OMX (@offsetmarket) July 13, 2017

What final words of inspiration do you have for global entrepreneurs facing difficult situations?

A8: Be patient and persevere. #tradeelite

— OMX (@offsetmarket) July 13, 2017

A8. There are resources & great ppl to help you (for free!) Find the #TradeElite, connect w/ @FITTNews. Don’t give up!

— audrey ross (@tresAudrey) July 13, 2017

A8: You got this. Be the drive and hustle, but reach out to local experts on your journey. #tradeelite #Entrepreneurship #YouGotThis pic.twitter.com/daOvJZESJD

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

Getting great info from the #TradeElite panel? Catch Nicole Verkindt @Offsetmarket and @AmyKaram at #YourFuture2017 https://t.co/hHoSHXBpFA pic.twitter.com/XZp8w4P0lZ

— FITT (@FITTNews) July 13, 2017

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, August 10 at 2:30-3:30PM ET.

The post How can global entrepreneurs overcome their biggest challenges? appeared first on Trade Ready.