Recently, Adam Lowe’s father talked to our class about selling abroad. His discussion really intrigued me and helped me come to the conclusion that all sales transactions are unique and individualistic. Subsequently, no sales transactions is the same and differs dramatically depending where one is in the world. Lee Wood, SVP of Global Sales at Thomson Reuters, reinforces this notion through a couple key points. Wood states, “Respect differences and do your homework. The way sales get made in non US markets differs. For example, in France it’s a virtual waste of time to cold call, the most effective way to do business is to be introduced. By homework I mean that let the facts about local sales and market opportunity drive the direction you give others.”
The Inc. Staff published a very informational article on this subject, entitled “How to Start Selling Internationally.” According to Inc., the first step in expanding globally is choosing the country/region you are interested in acquiring business. Before finalizing a specific country, the Inc. staff recommends considering the region’s cultural, economic, political, and market risk. The second step is to do in-depth market research specifically on pricing, competition, and differing market segments. Inc. recommends using Commerce Department’s Export Portal and TradePort in order to acquire data on international marketplaces.
The third step is to assemble a sales team through a competitive export strategy. The Inc. staff states, “Your prospects of selling overseas will be helped if you put together an export plan that details your business goals, your plan for financing this expansion, and how you intend to sell your goods or services abroad.” In assembling one’s team, Inc. mentions reviewing country-specific industry association websites as well as industry-related trade show in order to gain greater insight into the business industry as well as talented sales leaders and professionals.
From my own experience studying abroad along with taking classes with foreign students, I found that it is really important to identify whether the region is defined by an individualistic or collectivistic culture. Individualistic cultures value space and independence, while collectivist cultures prize relationships and continual feedback. While it is vital to understand a country’s business space, it is also imperative to appreciate relationships and comprehend how others defined success and what they value.
BoweryJE22
Awesome post, I was looking forward to this lecture but missed it. Thank you for the overview of Adam Lowe’s talk. I really liked what you said about the diversity of sales and “no sales transactions is the same and differs dramatically depending where one is in the world.”