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Digg it UP - International Marketing Planning
Breakeven is a financial term to describe a business or project where the sales revenue is equal to total expenses. It is simple to calculate if the expenses incurred are fixed, i.e. it does not change as the revenue changes. But in most projects/businesses, this is not the case. The expenses usually make up of a fixed component and variable component.The existence of variable expenses complicates the calculation of breakeven point. This is because the variable cost will increase as the number of units sold increases. The answer can be calculated by working out the total gross profit of the unit sold to be equal to the total fixed expenses.If the unit cost of the variable expenses changes not by equal amount with every unit sold (could be due to step cost, i.e. the cost increases only when it reaches certain quantity, e.g. quantity discount given), then the breakeven calculation woul
Another important element of your
I recently got a "thank-you" call from a man who read my new e-book Buying Facilitation."Boy," he said, "this method sure helps me close more deals and make more money. Thanks!""Glad I could help. Is that all you're looking for? To make more money?""What do you mean…all? What else is there? Sales is about closing deals and making money, right?""I'm surprised you didn't notice the value of becoming a trusted advisor, or how you can use the seller's role as one of a servant-leader to lead your clients to discover their solutions quickly.""Well, I noticed all that. But it's all in service of me closing deals and making money, right? I don't mind doing it nicely if it gives me better results. But what's sales about if my job isn't about me making money?"I'm wondering how many people out there still believe sales to be a job that is focused on making money? Or only about making money.
Having solid operations at home is usually a first step to a successful international expansion. Mastering the production, and the overall business experience, will give you the initial confidence to attract strategic partners.
Begin with a thorough marketing plan, which will serve as a reference to all individuals involved with the business. The document should include all aspects of the product or service life, from complete research to launch, implementation and execution. This will be key for your business plan.
Starting with a comprehensive research plan
A detailed research plan will help you make informative decisions on the objectives and strategies. It will also help you decide how to enter that market, whether by finding a local partner to distribute your goods, or by opening sales offices and importing your products, or by building facilities to produce your goods in the new market.
The analysis of the macro environment is one of the most important steps of international planning. This involves a clear understanding of the political, social and economic climate of the target market. Search for trends and forecasts of variables like the exchange rate, inflation, unemployment rate, purchasing power, import barriers and tariffs, and important socio-political events. You need to understand what affects your audience and the industry in general. These issues will hugely impact your operations, and your business model should make provisions for them.
Next, compile information about the audience you want to reach: gender, average age and income, geography, preferences, decision and purchasing process, etc. Based on cultural background, consumers in other markets have a different perception of products, brands and related services. This will dictate the level of adjustment required to your line of products and how you will promote it to that audience. The importance of understanding diversity cannot be overemphasized. A common mistake that many companies make is to lump many countries together into regions. Each country on every continent has very individualized habits and traditions that you should take into consideration.
Another important element of your r
Any type of relationship can be fragile. Your new business can only succeed if those relationships are guarded, protected and nurtured. You do that by treating your clients as if they were cherished friends. When you call a friend you probably expect a call back within a reasonable time. Your client also expects that call within a reasonable time too. If you e-mail a question to your friend or family member don’t you expect an answer as soon as they can? Of course you do. Try to answer your e-mail within twenty four hours and sooner rather than later if you can. If you can’t do it yourself get a staff member to do it. Isn’t it true that you would prefer a personal response rather than a canned response like “thanks for contacting us?” Treat your clients as you would like to be treated. It’s common sense.When you have good news don’t you rush to call your friend and also like to be updated with your frien
Starting with a comprehensive research plan
A detailed research plan will help you make informative decisions on the objectives and strategies. It will also help you decide how to enter that market, whether by finding a local partner to distribute your goods, or by opening sales offices and importing your products, or by building facilities to produce your goods in the new market.
The analysis of the macro environment is one of the most important steps of international planning. This involves a clear understanding of the political, social and economic climate of the target market. Search for trends and forecasts of variables like the exchange rate, inflation, unemployment rate, purchasing power, import barriers and tariffs, and important socio-political events. You need to understand what affects your audience and the industry in general. These issues will hugely impact your operations, and your business model should make provisions for them.
Next, compile information about the audience you want to reach: gender, average age and income, geography, preferences, decision and purchasing process, etc. Based on cultural background, consumers in other markets have a different perception of products, brands and related services. This will dictate the level of adjustment required to your line of products and how you will promote it to that audience. The importance of understanding diversity cannot be overemphasized. A common mistake that many companies make is to lump many countries together into regions. Each country on every continent has very individualized habits and traditions that you should take into consideration.
Another important element of your
Perhaps you've worked for entirely too long at a job you dislike. Long commutes and office politics can cause burnout and leave you wondering if there's a better way. If you're tired of going to work each day and want a way to make money that offers amazing flexibility, then a career doing data entry from home may be for you.Data entry jobs often entail the entry of various types of information via computer and at times, management of this information. Some other names you may hear for online data entry workers are online home typists, online word processors, information processing specialists and online transcribers.Data entry from home may include the preparation of correspondence, reports, spreadsheets, lists, records and databases. At times, the work can become tedious and time-consuming. But if you're a good typist can accurately capture and record information in a time efficient manner, data entry
The analysis of the macro environment is one of the most important steps of international planning. This involves a clear understanding of the political, social and economic climate of the target market. Search for trends and forecasts of variables like the exchange rate, inflation, unemployment rate, purchasing power, import barriers and tariffs, and important socio-political events. You need to understand what affects your audience and the industry in general. These issues will hugely impact your operations, and your business model should make provisions for them.
Next, compile information about the audience you want to reach: gender, average age and income, geography, preferences, decision and purchasing process, etc. Based on cultural background, consumers in other markets have a different perception of products, brands and related services. This will dictate the level of adjustment required to your line of products and how you will promote it to that audience. The importance of understanding diversity cannot be overemphasized. A common mistake that many companies make is to lump many countries together into regions. Each country on every continent has very individualized habits and traditions that you should take into consideration.
Another important element of your
When I hear the word pyschology, I think of Dr. Phil.When I hear the word motivation, I think of Tony Robbins.When I hear the word marketing, I think of Seth Godin.And when I hear the word closeout, I think of my Dad.Why?Because each of those people are individuals who, in MY mind, have the most expertise about, and most association with a particular word. That’s called word ownership.In terms of personal branding, however, word ownership is a great advantage to your business. It differentiates you from your competitors, keeps you in the minds of the people you serve and positions you an expert. Ultimately, it’s a fundamental key to entrepreneurial success.Origination In Al Ries’s famous book, 22 Immutable Laws of Branding, he explains that if you want to build a brand, you must “focus your branding
Next, compile information about the audience you want to reach: gender, average age and income, geography, preferences, decision and purchasing process, etc. Based on cultural background, consumers in other markets have a different perception of products, brands and related services. This will dictate the level of adjustment required to your line of products and how you will promote it to that audience. The importance of understanding diversity cannot be overemphasized. A common mistake that many companies make is to lump many countries together into regions. Each country on every continent has very individualized habits and traditions that you should take into consideration.
Another important element of your
Some employees are true self-starters and seem to motivate themselves to excel. But even with your highest flyers, there could be times where he or she hits a funk and needs some positive motivation. Look to these tips to help you through the trial:Make sure the goal is crystal clear - The first step in motivating an employee is ensuring he very clearly understands the goal and when it needs to be met. If goals aren’t clear or if you can’t articulate the goal yourself, spend time getting clarity with both yourself and the employee.Put them on the same side of the table as you - Design your rewards (financial, prestige, etc.) around attainment of the goal and get them working with you as opposed to against you. Putting some tangible rewards around goal attainment will allow the employees to see the fruits of their labor.Don’t be afraid to expose poor performance - If progress isn’t being made against
Another important element of your research should be the accessibility of local expertise to support your operations. Search for partners that can complement your business model in areas such as sales, operations, supply chain, legal, accounting and distribution. Also investigate the availability of local talent to manage and run your operations. Allowing for a fast and dynamic local decision-making process is vital for a successful expansion.
Then you should examine the competitive environment using the “SWOT” analysis technique. At this time, investigate all public information available about your top competitors, and get a clear knowledge of their Strengths and Weaknesses. Find out the barriers for entrants, be aware of your limitations as a new player, and know potential cultural pre-concepts that may affect you as a foreign brand. With this information in hand you will be able to compare and elaborate on your Opportunities and Threats. You want this section to be very objective, with clear bullet point lists.
Setting the basis
The next step is to quantify your targets. This should include your transaction volume and revenue targets; most multinational companies use the US dollar as the official currency for revenue reports. Due to exchange rate fluctuations, it is recommended to track results in both local currency and the US dollar. Create multiple columns with targets for the year, and also broken down by quarter. On a separate chart, break it down further by distribution channel such as intermediaries, in store, online, etc. Detailed reports will help you understand market seasonality and channels.
After conducting thorough research and setting your targets, you are ready to develop your key marketing objectives. Use this opportunity to figure out the macro course of actions that will enable your company to reach its numeric targets. Be realistic; think through objectives that are both aggressive and achievable. Som
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