11.30.08
During the crisis, should I focus on my domestic markets?
I ran a roundtable discussion on international markets at the Fifth North Bay Growth in Innovation Forum in Santa Rosa on November 13. (I organized these in conjunction with the City of Santa Rosa — Nancy Mancester — and some great Chamber member volunteers, this time led by Mike Adler) As usual there were lots of companies with great ideas — computer architecture to combat viruses and spyware, web 2.0 social networking, green building, etc. One of the entrepreneurs told me that he wasn’t participating in my roundtable discussion because he had to concentrate on domestic markets. I said that this was exactly the best time to renew your international efforts.
Why?
– Markets that were previously very competitive may have shrunk, but this is the time where customers will be rethinking costs and traditional relationships. If you concentrate domestically, you will be fighting on a limited market.
– Competitors may now be willing to look for partnerships with the weaker ecoomy. This opens the potential to create new product lines and markets. Again, you have the entire globe, instead of a shrinking domestic market.
– Suppliers around the world are hungry for new customers — you can cut deals now that were unattainable even two months ago.
One theme that emerged from the Fifth Growth & Innovation Forum was that there are incredible resources available. Nowhere is that more true than with international markets. Yes, there is greater risk but there is greater support. So get out there!
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