Be World Class
Read Time: 3.5 minutes
I hope 2023 is starting off right for you, and you’re prepared for a year of growth.
The holidays were a great time to reflect on all that was accomplished in 2022 and hopefully finalize your personal, family and business growth plan for this year.
Last week I held a Linkedin Live session on my growth planning process. If you weren’t able to join I will be uploading the recording to www.fatafleishman.org.
We are now just 60 days out from the launch of my new book;
Grow: 12 Unconventional Lessons for Becoming an Unstoppable Entrepreneur.
I’m inspired that so many of you have reached out to let me know that you’re excited to read it.
Now, let’s jump into this week’s newsletter.
Be World Class
Expanding your entrepreneurship footprint to have a global presence takes a lot of imagination and, of course, hard work.
When I was building Manitoba Harvest in Canada, we saw a big opportunity in front of us in the US market. I thought that, because we were in the hemp foods business, we operated in a healthy niche product market that would operate in the same way no matter where our customers lived. I thought that we’d simply introduce the product and we’d be generating income in a place where there was ten times the population, and therefore ten times the potential for growth.
I was wrong.
Sure, there was a wonderful customer base in the US. But there were also different cultural norms around hemp. There were regulatory differences in food preparation and food product marketing. And, perhaps the most unexpected challenge was price point. In Canada, a 10 or 15 per cent retail discount is normal, but in the US that was seen as laughable. US retailers weren’t even going to promote our product without at least a 25 per cent discount rate. Deal pricing is just one of the big differences between the Canadian and US marketplace.
There were other differences when we expanded into Europe as well. Product packaging and labelling, for one. We also had to learn how to organize ourselves to be responsive to multinational competition.
As we expanded, we started to ask ourselves tough questions: What could we learn along the way to incorporate global best practices into our company that would open more doors and make building an international presence a little bit easier?
Interestingly, the answer was much different than we expected.
When you're growing a business, your best market is actually the one you serve first: the one closest to home.
Home is where your market density is. That’s where you learn who you are and what value you bring to the table. That’s where you learn to understand the people you’re serving and what they want from you as you develop your ideas.
Okay, so you may be asking: What does your home market have to do with building a global presence?
Well, everything.
In order to succeed internationally, you have to be a global citizen, local everywhere.
What multinational companies do behind the scenes is immerse themselves in a culture for months before they even think about launching a product. They know their consumer and live their experiences. Success in a different country, or even in a different state or province than your launch market, is not about running the numbers. It’s about knowing the people to the same extent that you know your own home market. It takes showing up and learning from them to make your new mark.
What does it really look like to expand outwards, and how can entrepreneurs find a network of support around the world?
Take a trip to where you want to be, and plan on spending some time there.
Walk around retail environments where you imagine your products might be.
Try out those products. Take them home. Eat them or Use them.
Go to a trade show in your industry and talk to people. You don't need a fancy booth, just wander around and have meaningful conversations.
But there’s another big thing you need to remember if you want to succeed internationally:
Quality Transcends All Borders
If you introduce a product with world-class quality, you’re positioning your brand as a top-shelf option. Premium products automatically stand apart. Even in new markets, there’s always going to be space for a premium product, and there’s always going to be a market that wants to try out something of quality.
If you're super-passionate about learning about global markets and creating a world class product, then you’re going to differentiate your product naturally. That will lead to the right kind of demand and pull consumers towards you, extending your orbit.
Be world class by standing out in the best way.
I hope you enjoyed the read and are ready to think more globally.
Until next time.
Let’s Grow!
Here are 3 other ways I can help you grow:
Work with me 1:1 to grow your business.
Listen to my Founder to Mentor podcast. (new episodes weekly)
Get my free mentorship growth tools at www.fatafleishman.org.
Connect with me
