Thanks to the internet, borders are no longer a limitation for businesses interested in operating globally. The transition from previously geographically dominant markets to today’s global-virtual markets is based mainly on internet communications. Buyers can now reach a universally accepted standard, no matter where they are in the world, as long as they have an internet connection. On the flip side of things, sellers can connect with potential buyers in global niches by implementing targeted lead generation strategies.
With the marketing tools available today, companies can successfully carve a global niche for their business. Companies can find and connect with very specific market segments that share homogeneous needs and build a relationship with them, even if they are on the other side of the globe.
Reaching this market is possible as long as your company can (1) add value and (2) provide specific solutions to clients’ problems. It doesn’t matter if the seller is in another country as long as they have the credentials and capability to solve the right problems.
This scenario has also broadened the definition of exports. An export used to be solely defined as the movement of goods or services from one country to another. Although this is still true, the definition has slightly changed in the sense that the internet has democratized the ability of any company to sell products abroad, while in the past this capability was limited to companies with very specific export resources.
For your business to be successful either local or globally, you need to have a competitive advantage. You must have a unique solution that is different from what other sellers are offering a solution that solves an existing problem.
To determine what your competitive advantage is, you should know exactly why clients bought from you in the first place. The obvious reason is that a client bought from you because you offer a product that is different from others in the marketplace. As such, your solution has a competitive advantage over others, whether it is in the unique features or the low cost of your solution. As a business, having a clear understanding of your competitive advantage gives you an opportunity to continue working on this aspect and to discover other clients in that particular market segment with the same needs.
By so doing, you leverage your company’s core competencies (what your company has that other businesses do not have) and sell your products to a global audience through targeted lead generation. After discovering your competitive edge within a particular business-to-business niche, the task now becomes finding a way to transfer these strengths and capabilities from one country to another to secure a competitive edge on a global level.
In particular, when industrial manufacturing and technology companies offer solutions for particular applications, they should know the needs of their clients incredibly well. Companies that buy technology can access “best in breed” solutions and substantial cost benefits on a global level with little to no need for local responsiveness.
This is a highly standardized and globally integrated approach: “think global, act global.” This is especially recommended if you are in a globally competitive market or in a market that is just beginning to globalize.
Understanding the competitive advantage is key for any business. Initially, it is necessary to survive. Then, to succeed. If you want your business to succeed on a global scale, you must ensure that your company’s competitive advantage is clear. That is key for implementing any targeted lead generation program. Differentiation will show clients why they need to buy from you and no one else. It will show how you are different from small, local firms and how you stand out from powerful, international competitors.
There are various strategies to define your company’s differentiation:
- Cost leadership tries to take advantage of economies of scale by delivering products or services at the lowest cost to consumers. For this strategy to work, you must be the lowest-cost producer. If there is another low-cost producer in the market, a pricing war will ensue.
- Differentiation is delivering products that are distinct and different from what competitors offer. Prices for these products or services might be set higher than the market price. However, a higher price won’t be relevant to customers if they feel that your product or service has benefits that are not matched by products or services of your competitors. Think of a top-quality good or service.
- Focus strategies involve creating a niche for yourself and serving that niche vigorously. In essence, what focus strategies do is to narrow the market down and target a subsector of the market. This can involve either focused cost leadership strategies or focused differentiation strategies. Whatever it is, you are not trying to serve the broad market; you are narrowing in to target a subset of the larger market.
Targeted Lead Generation: Why Use Global Strategies?
The answer to this question should be “Why not?”. It is important to look at global strategies, both from the seller’s and the customer’s point of view.
From the company’s perspective, expanding globally presents an opportunity to increase sales and profits. From the perspective of customers, it involves the opportunity to access first-class solutions and become even more competitive.
Targeted lead generation is an innovative approach for companies ready to go global. As globalization continues to expand, more multinational customers will demand the same product, level of service and quality all around the world.
So, is your business ready to develop its own niche global strategy?
If your company is selling products or services outside your home country and you are ready to sell more, you may want to discuss your expansion plans with us. We are experts in lead generation within niche global markets for technical solutions, and we are just a click away. Contact us today.
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