Developing New Markets Post Trump & Post Pandemic

The rise of the nationalist populist politics in some of the major economies of the world especially USA under Trump and the devastation caused by the global pandemic has wrecked the global trade. Ideas like globalization and the free flowing goods across the world borders feel like ancient impractical ideas. This is a new world, this is the world where trade is impacted by politics. China is no longer viewed as the workshop of the world, rather it is increasingly seen as a threat to the unipolar world order. From Trump's America first, its now every country for itself.

Covid19 pandemic has complicated the situation further. There is currently a huge reset happening in the global supply chains, commodity & raw material shortages and high freight costs are here to stay at least for a while. These changes will have a major impact on SMEs around the world. SMEs have never been impacted in such a way by the changes in the external environment. Business world especially SMEs will have to adapt quickly to the new trade realities. They will have to dig deep to find growth for their businesses.

Covid19 and fragmentation in the global politics, have already shaken the supply chains of the world in a major way. When all this dust settles, there will be a vast realignment of the supply chains. New countries will find themselves with a competitive advantage in global trade, new markets previously considered dull will brighten up, with large growth rates and newly found appetite for world goods.

Things will not (never) be the same again at least for sometime to come. This is a time for introspection on organizational as well as personal level. I am sure boardrooms around the world are buzzing with the discussions of threats and opportunities this new world presents. On a personal level people like me need to ask themselves this question as well.

What are the skills required for this new world? How can I adapt to the new reality? What is my role going to be in the supply chains of the future?

I think a lot of companies and supply chains around the globe will have to leave their comfort zones. A lot of sales people will find themselves in the need of finding new customers. The key accounts of the past will take their business elsewhere, owing to the uncontrollable external factors mentioned above. The competitive advantages will shift, the costs will go haywire. The norms of a lot of industries will become outdated. Thumb rules will change. Manufacturers will have to scramble. Speed will be key.

In all the tectonic shifting, in all the turmoil and in all the new found heavens, new market development will not only be about finding new growth opportunities, it will be the matter of survival. Developing new markets is a skill always in demand, it will be absolutely critical in the post covid19 world. Companies will look to enter new markets ever more aggressively to get back on the growth trajectory.

This skill will come very handy in the new world.

On an individual level developing new markets requires a unique understanding of the challenge at hand. Most salespeople think of new market development as a sales assignment. This is a setup for failure. If you will approach developing a new market in the same way as you try to find some good new orders you will fail every time.

To develop a new market you need to think like an entrepreneur. Think like a businessman, developing a new market is mostly the same as developing a new business. You will be the focal point. It will be your success or your personal failure. Initially your personality and professionalism will play a big part in putting things in motion. You will have to identify and act upon the opportunity the new market presents, look out for the threats too.

Be fair in your dealings, most of your initial commitments and interactions would lie in the grey area. A lot will depend on the size of the market, which would still not be very clear. You will have to initiate discussions of collaboration/partnership with multiple people until you can decide on the appropriate partners. Don't give false hope or make weak promises to anyone, especially to potential new employees or channel partners. Respect the seniors of the industry at all levels.

Think long term, there will be pressure to show quick performance. Be patient, absorb the pressure. Try to develop some traction as soon as possible but never compromise on the long term stability. Be consistent, try to frequently be in the room with the key decision makers. Focus on infrastructure and team development.

Hire good people and good channel partners. This will be the most important decisions that you will make. Take your time, make the right call. It helps to always make decisions on merit but in a new market this is especially very important. People like to work with people they respect. Merit, professionalism and fairness develops respect. You need to develop your personal reputation before the company and product develop their own. Hire the best people and your job will become that much simpler.

Begin working from the top, engage with top decision makers and largest competitors first. It helps when you start from the top. Take their suggestions, take as much information as you can about the movers and shakers of the industry. Ask them questions about the approach to take, in their market. Remember its their market, you are just the new person in town. Always show respect to the experienced professionals of the industry.

Set an example by working hard, best of the industry will want to work with you if you can show them that you are serious about entering their market. Always keep your commitments, give respect to other's time. Never try to impose your schedule on them. Try to access the places where your products are consumed. Make a lot of visits.

Know your products very well, in a new market you will have to introduce your products repeatedly. Learn as much as you can about your products and offerings. Try sincerely to solve the market's problems. Adjust quickly. Each market has a unique set of problems, no standard solution fits them all.

Finally, be prepared to let the market go once it is developed and stable. Be ready to hand it over to the newly formed team.