Turning your ideas into global products and services

15/05/2017

Woman pointing up like she's had an epiphany

Woman pointing up like she's had an epiphany

The development and manufacturing of goods and the design of services are a primary activity of the global value chain. From small businesses to multinational corporations, taking products and services from the idea stage to entry into the global marketplace is an key task to be tackled. As part of global value chain management, production is impacted by many aspects of international trade.

So what does it take for individuals or organizations to develop, adapt or customize goods and services in relation to international trade? During this month’s #TradeElite Twitter chat, we asked the professionals about the entire process from research to marketing, in-market testing and compliance with local regulations.

And best of all, we asked them to share some valuable resources for those who ready to take their ideas international.

Here’s what they had to say.

Panelists:

Floyd Simpkins, CITP (@FloydSimpkins) is the Founder and President of Simcor Solutions Inc, based in Windsor, Ontario. He is a retired international business instructor with over three decades of experience in global trade.

Scott C. Ferris, CITP (@ScottCFerrisPEI) is the Director of Global Trade Services at Innovation PEI, based in Charlottetown, Prince Edward Island where he helps businesses go global. He is a leader in international business development, marketing and capacity building.

Frida A. Owinga (@FridaOwinga) is the Founder of PassionProfit Ltd. a business development support service company for small and growing businesses based in Nairobi, Kenya.

Giovanna P (@GPGlobalConsult) is the Founder of GP Global Consulting, where they specialize in international communication and localization strategies for global business growth.

Dhanraj Harrypersad (@exporTT_LTD) is the Manager of the Export Market Research Centre at exporTT Ltd., the sole national export facilitation organization of Trinidad and Tobago.

So you have a great idea for a product or service. What’s your first step in developing it for market entry?

 

How can market research inform product development, and what are some great sources to get started?

How can the product life cycle impact product development and adaptation for international markets?

How can you test your product/service to be sure it’s ready for launch in a new market?

What tactics can you use to get a foothold with a new product/service in a new international market?

Should you consider adding related services to enhance products and generate added revenue? How practical is it?

One last question to wrap up: What legal aspects and regulations should you watch out for in global markets? Where can exporters get help?

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag.

For more information on how to take products and services from ideas to the international marketplace check out the new FITTskills course: Products & Services for a Global Market.

Stay tuned for the next #TradeElite chat, coming up Thursday, June 8 from 2:30-3:30PM ET.

About the author

Pamela Hyatt

Author: Pamela Hyatt

I am a Content Marketing Specialist for the Forum for International Trade Training (FITT). You can find some of my work on TradeReady.ca. My background is in copywriting, journalism and social media. My passion lies in connecting people to the stories that are most important to them.

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