4 Key Mistakes Made by Businesses New to the US

July 8, 2015

in Plan Your Expansion

Authored by Christophe Vanackère

4 Key Mistakes Made by Businesses New to the US

As you prepare to take your company to US shores, you’re bound to find countless sources of advice, all telling you the best possible tactics to make your business a success in a diverse, volatile economy. What usually gets swept under the rug, however, is the common mistakes made by businesses of all sizes when trying to permeate the complex US marketplace.

When planning your shift to the United States, keep the following items in mind, so you don’t lose sight of your goals amidst the minutiae.

1. Giving too much attention to social media

Thanks to its ever-expanding bag of marketing tricks, social media has permeated the mindsets of business owners, regardless of niche or vertical. It’s easy to become laser-focused on blogging, Tweeting, posting, and other social media endeavors, even when basic marketing research hasn’t been done first.

Don’t focus your time on social media or building an audience before you’ve determined your company’s role in the US market. Know what you want to provide or sell, and what steps you’ll take to accomplish that. Be clear about what separates your brand from others, and how to resonate with US buyers. Once these goals and audiences are established, then you can shift focus to the powerful social outlets.

2. Not conducting pricing research

Pricing of your programs and products is not about what you want in your bottom line, but rather about what the market dictates, and establishing perceived value in the eyes of your buyers. You may think your product is indispensable, but if it’s too expensive or targeted to the wrong demographic, it will get lost in a sea of competitors.

In a related note…

3. Your audience isn’t properly targeted

For your new products or services to gain traction in a competitive marketplace, you must have an audience that wants it, and can afford it.  You need access to an audience that will resonate with your products, pricing, and your particular service benefits.  This doesn’t happen easily. You can’t just launch an overpriced product and expect people to choose it blindly.

Likewise, if your product or service enters an established marketplace at a high price point, without offering much above your competition, expect potential buyers to dismiss your company before your second round of marketing takes place.

4. You don’t have a unique value proposition

In every business you’re part of an international economy, competing against the best in the world.  You have to know exactly what makes your offerings better and unique to the marketplace, and be adept at communicating these values.

The bottom line for all US buyers is simple: what can your product or service do better than what’s already out there? Are you providing value above and beyond the norm?

Why should anyone care about what you have to offer, and how can you prove that what you have is truly different or better? If you don’t know the answers to these questions, you won’t succeed in this highly competitive arena.

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