Let’s match: five essentials to look for in a business match
It’s time to expand your business. Whether it’s abroad or in your region, growing your business goes hand in hand with finding new buyers. But how do you go about finding the right business match? Here are the five essentials to look for in your search.
1. The profile of your perfect customer
Keep in mind, the products or services you offer are often not a one size fits all solution. There are certain companies who will absolutely love your product or service, while others simply won’t see the point or value of your offering.
It’s for this very reason that it’s extremely important to identify your ideal customer. You need to define what exactly an ideal customer is. This is only possible if you have a good understanding of the industry in which you are operating. Not only in your own country, but also in the country where the customer or supplier is from. Markets can be different from country to country, meaning that also the perfect customer profile can be different from country to country. Remember, it is not one size fits all! Actually, this first essential criterion covers all of the following essentials too.
2. The right market segment
Now you have your target audience covered, it’s time to look at the market. If you offer a product that is focused on a certain market segment, you will benefit from a customer who already has strong connections into that market. Therefore, these prospected clients are simply the best match for you. Of course, you can also look at businesses operating in other market segments, but prioritize the ones matching yours.
3. Familiarity with your product(type)
Companies that offer an unknown product, will definitely benefit from partners that are specialized in bringing new and exotic food ingredients to the market. At the same time, it might not make sense if that particular company already has another supplier for the same product you’re offering. This could be different if you predominantly search for companies that already trade your particular product but are looking for more suppliers, whatever the reason is. In the end, also this characteristic should be clearly described in your perfect customer profile.
4. Marvelous motivation?
The motivation of a prospected client to work with you must be clear from the beginning. Not only the motivation as explained by the customer, but you should also try to get an idea of the real reason. This real motivation can be challenging to discover, but a good market, industry, and competitiveness understanding will definitely help. The drive of your ideal buyer is also extensively described in your perfect customer profile.
5. Don’t play catch-up
The trends and developments in your industry result in changing playing fields for your potential customers. As a result, also the motivation of these companies will change over time. It’s essential that you take charge in ensuring your perfect customer profile remains up-to-date. This includes monitoring the actual industry trends and developments and analyzing how these affect the profile.
Experience in and with emerging marketsSince 1995, Globally Cool has trained and coached thousands of professionals, in over 45 emerging markets. Want to know more about what Globally Cool can do for you? Check out our services and join us!