Month: November 2022

Expanding overseas: should go it alone or use an agent or distributor.

Today we will examine the pros and cons of use of an agent or a distributor when expanding overseas compared to using your own sales force. I will focus on working with a partner in our target market but consider entering the market with a company from your home country.  If you know of a company with complementary products, consider forming a Joint Venture to enter the country together. Much of your research will apply to your potential JV partner. You may even have identified that you will have a higher degree of success if you bring a complete package to the marketplace. But you need to assess their financial resources, the robustness of their business, and the capability of their people before agreeing to a Joint Venture. More importantly, does their enthusiasm for the project match yours? Remember, there will be setbacks, and troubles lie ahead unless their commitment is as strong as yours. For marketing your products or services, there are three common approaches: What is the difference between a distributor and an …

Marketing to Gen Z without the cringe

A special post acknowledging the election of Maxwell Frost the first Gen Z member of Congress. We are entering an era that sees a considerable shift of purchasing power from millennials to Generation Z. Millennial spending sits at just over $65 billion – while Generation Z is at almost $100 billion. The Bank of America estimates that Gen Z’s combined income will reach $33 trillion by 2030. If you are going to develop a successful business, millennials are not the only generation you need to keep in mind. Connecting with younger generations has always been a challenge for businesses. Connecting with Gen Z, roughly those born in the mid to late 1990s through the early 2010s, is a challenge of a different magnitude. Gen Z is in control of their own media in a way that may be unfamiliar to older generations. They skip over advertisements that do not grab their attention, unlike the days when you could not avoid advertisements on the TV or radio. You could make yourself a cup of tea or …