Identifying Opportunities Worldwide
Business development is a combination of tactical marketing, analysis, and sales. Business development professionals can be involved in everything from the development of their employers' products and services, to the creation of marketing strategies, to the generation of sales leads, to negotiating and closing deals.
Global competition is becoming harder and more complicated than ever. Over the past 30 years, sharp declines in communication and transportation costs and the reduction of trade barriers have remodeled the global economy. Major new markets continue to open. Supply chains are becoming geographically dispersed. In many industries, new emerging-market competitors are now challenging established multinationals. Indeed, the global competitive landscape is becoming increasingly vigorous and complex, creating both new threats and new opportunities.
Today, global strategists need to go beyond such traditional questions as which are the most attractive markets for their company, and which markets are closest to them in terms of institutions, level of development, and culture. They must sharpen their global strategies by focusing on how to exploit, enhance, and renew or even exceed their home-based sources of advantage. What critical questions do global strategists need to answer before committing their companies’ resources to new markets?
To more successfully identify new business opportunities, you have to dig deep and ask lots of questions. Take a step back, and use these questions as a guide to help you create business strategies to meet the changing needs of your market.
• What should businesses be making, providing, or selling in this industry that many are not yet doing? What do you believe customers will want three to six months from now that they can’t find today?
• What frustrates customers or users of this industry? Some of the best ideas come from looking at things that bug you, including not having enough options or selection or not getting the product or service quickly enough.
• What does everybody think won’t work out in this industry?
• What have you experienced as a consumer of this industry? How would you do business differently? What would you change based on what you experienced?
Asking questions about what others have thought impossible is a great way to get new ideas.
For more worldwide opportunities, call Malyszek & Malyszek for a free discussion.
