Globalization doesn’t mean (necessarily) that you have to sell globally but it does mean you are now competing with companies from all over the world.
So, how are you going to stand up against competition that’s coming in from Germany or Turkey or China or Chile or anywhere else in the world? Many of these companies are competing globally with a single product or service so they can afford to pour all of their energy their capital and their creativity into a single product. And now, they are in your back yard! And what are you offering? Multiple products, services, serving different verticals? Some of them quite tired? Oh oh...
How do you continue to thrive in a market where you’re competing with everyone in the world? How do you avoid becoming irrelevant? How do you make sure that you are providing outstanding value to your clients? How do you and your employees continue to earn a living? How do you play on a global stage?
The answer is you must be strategic about which products or services you choose to focus on. You need to make absolutely sure that they are positioned precisely in the target market you want to maintain. You need to be bold and define your global product or service - one with which you can compete successfully - worldwide.
If you are feeling vulnerable (or ready to take on the world), good first steps include a Capabilities Assessment, a Competitive Scan and Market Position Analysis.
You can watch a video version of this blog here.
If you need help, you know who to call.
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