How can your business get a competitive edge in global markets?

30/05/2018

Business people crossing a finish line

Business people crossing a finish line

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?

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?

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

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

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

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

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

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

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.

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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