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Table of Contents Foreword ............................................................................................................... 0 1. What is Basis? .................................................................................................... 1 2. Contact Information and Partners ...................................................................... 2 3. What We Do ....................................................................................................... 3 4. For Whom Is It? .................................................................................................. 4 5. Training Sessions at a Glance.............................................................................. 6 6. Business Advisor’s Checklist ............................................................................... 8 7. Business Training ................................................................................................ 9 7.1 Creating Competitive Advantage in New Markets ............................................................................. 9 7.2 Suitability of Products ...................................................................................................................... 12 7.3 Business Collaboration and Networking .......................................................................................... 13 7.4 Market Access Strategies ................................................................................................................. 21 7.5 Internationalization Process ............................................................................................................. 22 7.6 Cultural Knowledge .......................................................................................................................... 28 7.7 All about Trade Shows ...................................................................................................................... 36 7.8 Presentation Skills and Market Modeling ........................................................................................ 42 7.9 Innovation and Entrepreneurship .................................................................................................... 48 7.10 Practical Internet Marketing .......................................................................................................... 50
8. Our Success Stories .......................................................................................... 57 8.1 Experience of Business Advisors ...................................................................................................... 57 8.2 Experience of SMEs .......................................................................................................................... 59
Final Words .......................................................................................................... 62
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Foreword
We
take great pleasure in presenting the BASIS portfolio to all our project partners and
business advisors. It was part of the project plan that a portfolio of all our business trainings will be prepared and we are glad to have reached this stage where it has been finally materialized. The portfolio has been designed in a way that is interesting to read, easy to navigate and where information is presented in a coherent and cohesive manner. It more than fulfills the primary goal of having all our business training material streamlined into one complete package. Moreover, it contains and reflects upon the success stories of the project BASIS through the feedback collected via a questionnaire from business advisors as well as the pilot SMEs. Nevertheless, this portfolio is meant to be used and referenced as a guideline only and it should be underlined that every business has its own unique journey towards internationalization. The information presented here will definitely serve as an indispensable guide in your road to foreign market success but there is no substitute for business acumen and experience, creativity and innovative solutions, divergent thinking and adaptability. We wish you all the best.
Pertti Pulli
Zaki Khan
Tero Keva
Work Package 3 Leader
Portfolio Developer
Project Manager
Yrityskolmio
Yrityskolmio
UTU/Brahea
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1. What is Basis? The main objective of BASIS is to find ways for public business services to facilitate and support the internationalization of SMEs Central Baltic Interreg IV A Programme´s funded BASIS program (Building up Availability of SME Internationalization Services) started on the 1st of January 2011. The total budget for this project is 1 644 500 Euros. The operational environment for small and medium sized enterprises (SMEs) evolves and becomes increasingly international at a quick pace. It is a well-known fact that strengthening the competitiveness of an enterprise usually requires internationalization. It is the duty of public business services to support SMEs in internationalization. However, regional development or business service centers that reach vast amounts of companies are not sufficiently prepared to offer internationalization services and the public actors lack the required resources for enterprise-specific counseling. The main objective of BASIS is to find ways for public business services to facilitate and support the internationalization of SMEs. Expanding business activities to international markets is challenging for enterprises, and it is especially demanding for SMEs. Another equally important objective of the project is to increase the local availability of public business services to SMEs. In addition, it is important for the business advisors to have the ability to identify enterprises with internationalization potential. Therefore, training business advisors during the project is an objective of crucial importance. To reach its targets, the project has taken a slightly different approach from the usual. It will strengthen the business advisors’ internationalization knowhow and their ability to identify potential products’ and services’ international markets; develop organizational and regional operational models in a way that local actors are able to provide high-quality internationalization services; identify enterprises interested in internationalization, get them networking with each other; and identify new ways of activating SME internationalization. There are 14 partners from Estonia, Latvia, Sweden and Finland in the program. There are universities and regional development centers involved from each country. Turku university´s Brahea Centre for Training and Development serves as a lead partner for coordinating the program. The project will last for three years with the kick-off seminar taking place in Tallinn on the 4th and 5th of April 2011.
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2. Contact Information and Partners The BASIS webpage serves as the central hub of all the information related to this project. It contains information of the pilot companies and all the events, workshops, trainings, study visits, meetings, etc. held by BASIS. It is highly recommended to visit our webpage. Basis website: www.ttu.ee/basis
Contact Info Communication Officer: Marianne Kallaste Tallinn School of Economics and Business Administration marianne.kallaste@ttu.ee, +372 620 3962 Project Partners University of Turku Loimaa Region Development Centre Posintra Business Development Centre Turku Region Development Centre Ukipolis Ltd. Technology Centre Yrityssalo Oy The Business and Development Centre of Pärnu County Põlvamaa Development Centre Saaremaa Development Centre Tallinn University of Technology Kurzeme Planning Region Riga Technical University Zemgale Planning Region Södertörn University
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Project BASIS has 14 partners (universities and regional development centers) from Estonia, Latvia, Sweden and Finland. Turku university´s Brahea Centre for Training and Development serves as a lead partner for coordinating the program.
Lead Partner
Partners
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3. What We Do Basis organizes training sessions for business advisors on various topics surrounding the issues related to business internationalization. The business trainers of Basis have excellent professional experience and education in matters concerning the process of business internationalization. They are well equipped to provide practical information and answers to key issues related to a company that is planning to launch its operations abroad. The training is tailored according to the latest business internationalization trends and needs; and the focus is on developing a multi-dimensional mindset to help business advisors think innovatively. The training conducted by Basis helps business advisors in developing their business acumen and convert problems into opportunities. Basis also helps SMEs to participate in international business networking which provides the optimum platform for business partnerships and a first glimpse of the international business environment.
4. For Whom Is It? The training is meant for business advisors who will provide business consultancy related to all issues concerning internationalization of SMEs. The training covers all important aspects of launching business operations abroad, such as business culture and cultural knowledge, networking and business collaboration, finding business partners, etc. The themes for the training were identified through a detailed questionnaire. In this way the focus areas were recognized and the training was tailored according to the business knowledge deficit expressed by the business advisors. The results of the questionnaire give an interesting overview of the business acumen that is needed for successful business internationalization consulting. 25 business advisors answered to the questionnaire (Estonia=7, Finland=12, Latvia=5, Sweden=1). The majority of the respondent’s don’t have much experience of business consulting and the experience of dealing with the issues of business internationalization was also very minor. It means that most advisors from the target group are novices in this field.
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According to analysis – business environment knowledge of the market area of partner countries was also quite weak among the business advisors. Most advisors answered as ‘poor’ when asked about their knowledge of the legislation related to internationalization of businesses. Knowledge of organizations connected to internationalization consulting in their own country among business advisors was moderate. Knowledge of organizations connected to internationalization consulting in the partner countries was quite poor among the business advisors. According to advisors´ answers – the five most important things that business advisors should have good knowledge when giving internationalization consulting (It is to be able to recognize…): 1. Possibilities of finding opportunities for business cooperation and networking - 84 % 2. Suitability of the products (goods/services) to international business - 76 % 3. Cultural knowledge - 68 % 4. Suitability of the business idea to internationalization - 64 % 5. Possibilities of creating competitive advantage in new markets - 44 % And - Role of financial resources in internationalization of businesses (financial administration, bookkeeping, requirements of the target country) - 44 % According to respondent’s answers – the five most important things where business advisors want to develop their knowledge (How to recognize a company’s…?) 1. Possibilities of creating competitive advantage in new markets - 76 % 2. Possibilities of finding opportunities for business cooperation and networking - 76 % 3. Suitability of the products - 68 % 4. Cultural knowledge - 56 % 5. Sources of demand-based market knowledge - 52 % We recommend you to take a look at the interesting results of our questionnaire; it can be viewed and downloaded through the following link: : www.ttu.ee/basis
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5. Training Sessions at a Glance 15.6.2011, The City Hall of Turku, Turku, Finland
Introduction to Finnish Business Culture (Kelly Raita, Turku University of Applied Sciences, Finland)
8.12.2011, Riga Technical University, Riga
Workshop of sharing practices, experiences, expertise, comparison between countries, differences, etc. as a business advisor – real cases from business advisors and matchmaking (Pertti Pulli, Yrityskolmio/Loimaa Region Development Centre, Finland)
Workshop of Check-in chart for the International Services – making a tool for business advisors (Pertti Pulli, Yrityskolmio/Loimaa Region Development Centre, Finland)
Possibilities of creating competitive advantage on new markets
(Lolita Pankova, Finpro Country representative in Latvia, Latvia)
Finnish Latvian business relations and Finpro internationalization services (Lolita Pankova, Finpro Country representative in Latvia, Latvia)
Inter-Regional Process for SMEs, Innovation and Long-Term Relations (Hans Zimmerlund, Södertörn University, Sweden)
25.1.2012, Pärnu, Estonia
Possibilities of Creating Competitive Advantage on New Markets (Minna Storm, ECCA Nordic AB, Finland) Innovation and Entrepreneurship (Yrjo Ojasaar, Solonpartners, Estonia)
23.5.2012, Tallinn
Suitability of Products (Kai Kulmala, Etonner Oy, Finland)
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13.9.2012, Porvoo, Finland
The Opportunities to Find Solutions for Enterprise Collaboration and Networking (Pertti Pulli, Yrityskolmio/Loimaa Region Development Centre, Finland)
15.4.2013, Tallinn
Fit for Trade Fair (Barbara Harbecke, Messetraining Harbecke, Germany)
Innovation Models of University-Business Cooperation, The German Experience (Gunnar Prause, Wismar University, Germany)
16.4.2013, Tallinn
Presentation/Market (Yrjo Ojasaar, Solonpartners, Estonia)
18.6.2013, Liepaja, Latvia
Practical Internet Marketing (Rolands Blezuus, 999 Design Baltic, Latvia)
10.10.2013 Pärnu, Estonia (content will be added later)
Development of the products/services in close cooperation with the client (Alar Kolk, Tallinn University of Technology, Estonia)
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6. Business Advisor’s Checklist The Business Advisor's Checklist For The International Services (BACIS) is meant to be a practical guide for business advisors, allowing them to expand and deepen their understanding, and consequently, help them to recognize a client’s and her/his company’s potential and its possibilities in international trade. The core of the BACIS is comprised of the following three elements: 1) To meet – referring to things to take into consideration when interacting with other people, 2) To know – meaning things that reveal a client’s and her/his company’s potential and possibilities in international trade and 3) To understand – what to do after a client’s and her/his company’s potential and possibilities in international trade have been identified. “To meet” is a crucial dimension in starting and enhancing international trade. When dealing with other people, it is important that we understand and recognize the differences in our thinking and behaviour to avoid misunderstandings and conflicts. “To know” is an equally important dimension in starting and enhancing international trade. The business advisor, unfortunately, is not a super-hero who knows everything! Instead, for a business advisor it is vital to know: what next? After completing the Checklist, she/he as a professional, is expected to lead the client to take the next step, whether it is to abandon her/his immature ideas or to get more detailed, practical and profound services which are served by a single professional person or by a company. “To understand” is also to recognize that BACIS is not a rigid way of thinking about how to start and enhance international trade. BACIS has five levels: To meet To know and understand “What next” coordinates Follow-up Termination of the process To read and download the full version of BACIS, visit the following link: http://www.ttu.ee/basis
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. Business Training The results of the questionnaire revealed the problem areas (discussed in the above section) which the business advisors face when they are consulting for business internationalization. Thus the training was fine tuned to match the requirements expressed by the advisors in order to have the maximum impact and benefit from the training. Another advantage of this approach was that the business advisors felt the training was relevant and interesting to follow. Here we dive deeper to provide the information needed in order of importance, as expressed by the business advisors, which will help you in delivering successful business internationalization consulting.
7.1 Creating Competitive Advantage in New Markets Topic: Possibilities of Creating Competitive Advantage on New Markets Minna Strom, ECCA Nordic AB, January 25-26, 2012, Pärnu, Estonia Topic: Finnish Latvian Business Relations and Finpro Internationalization Services Lolita Pankova, Finprory, December 8, 2011, Riga, Latvia
Identifying and recognizing the potential of a company’s product or service to create a sustainable (long term) competitive advantage in a new foreign market can be a daunting and perplexing task. It requires innovative thinking and a visionary mindset. Prior business experience helps a lot but the right knowledge of the techniques, tips and tricks can be very handy in recognizing and building sustainable competitive advantage. This skill for a business advisor can be safely said as one of the most important and critical for the success of internationalization. The results of our questionnaire attest to this fact. Reading about this topic from experienced business consultants and entrepreneurs can give a valuable and sharp insight. You don’t have to reinvent the wheel. It is highly advisable to keep yourself abreast with the business cases that have gone through this path. This helps to build an overall perception of how to get it right in different situations and scenarios. Here we discuss some of the best.
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In the early phase it is important to identify, recognize and acknowledge the following about your client companies:
In the right market At the right time Cooperating with the right partners With competitive products and services Targeting the right customers/demand
The idea here is to reach these targets in possibly the shortest time, with the least expenses and risks. It can be done by:
Visiting exhibitions in different markets, getting knowledge and occasionally meeting potentially good partners Gathering information of potential markets through the internet or via personal/professional contacts Doing research by your own resources By taking systematic consequent steps in internationalization process using local market expertise and professional resources Planning your international growth Making preparations to enter the market(s) Establishing yourself in your chosen market(s) Improving your market position
Success in the international market depends on doing the right things in the correct order.
You have to know the questions to be answered You have to know in what order you have to answer these questions You have to know how to get theses answers
A unique combination of resources also brings advantages to your benefit. The resources could be external or internal, could be tangible or intangible. You have to evaluate which resources are your assets and will prove to be sources of competitive advantage. Sustainable competitive advantage is all about building moats that the competitors cannot easily replicate or cross. What do you have so unique to offer that other players in the market are not offering? It can be something as simple as ‘exceptional customer service’ or as aggressive as significant lower costs. Do a brainstorming session and figure out what
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differentiates your product or service? What is so unique about your offering? Can you leverage this uniqueness and turn it into a competitive advantage? That is the key learning here – identify your differentiation factor and use it to build a moat around the castle of your business. For example, Tony Hsieh - the CEO of the online shoe retailer Zappos.com has built the company on the motto of exceptional customer services like free shipping, 365 day return policy, etc. Customer service is their unique value; it has become part of their business culture to the extent that every new employee sits by the help desk for a certain time. It is something that sets them apart from the crowd. This has helped in making a moat that is difficult to replicate by other players in the market. Some of the strategies that can give you an edge and nowadays are considered “in”:
Being Local: Produced nearby and all-inclusive Let the neighbors hire you (competence, being local, knowing you-knowing me)
If you cannot recognize anything unique in your business which might be worth turning into competitive advantage, then study the established market players and figure out what they are doing well and what they are missing out. Focus on what they are missing out and think whether you can offer that. This exercise can give you a good idea of what you need to do and will clear some of the fog around your current thinking. Another way to tackle this problem is to use the competitor’s product or service. Notice your first reactions to it, identify the factors which make it popular and why, figure out what it lacks and how you can improve it, study its market strategy and understand the eco-system built around it. This exercise will help you to understand where your competitor stands and what can you do in your product/service offering in order to make it unique and valuable. This will definitely give you a deeper insight of the business market as well as of your own product/service. A deep understanding of the cultural knowledge of the foreign market and consumer behavior can also benefit when trying to recognize the possibilities of creating a competitive advantage. Remember that competitive advantage is not only about the physical set up or infrastructure that an established business owns, it is about the services and offerings built on top of that infrastructure that is of real value to the customers. Competitive advantage comes from the value derived from the whole eco-system that is built around the business, such as the
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business partners, suppliers, human capital and network, etc. Some experts even suggest that it’s all about relationships in business. In cases where the product/service is technologically advanced or has the potential to disrupt the market, only then the product/service itself will be the defining factor of success, not the ecosystem around it. This will remain true until other new market entrants catch-up and build better eco-system around a similar product or service. Some must-read books and online material related to this topic recommended for you as a business advisor is listed as under: The Four Steps to the Epiphany – Steven Gary Blank The Lean Startup – Eric Ries Rework – Jason Fried and David Heinemeier Hansson The Five Competitive Forces That Shape Strategy – Micheal E. Porter (http://polisci2.ucsd.edu/snunnari/HBR_on_Strategy_23_41.pdf)
7.2 Suitability of Products Topic: The Suitability of the Products Kai Kulmala, Etoner Oy, 23.5.2012, Tallinn, Estonia Source: http://my.safaribooksonline.com/book/international-business-globalization/9781606490266/globalmarket-opportunity-assessment/9781606490266-ch02_s02
The next step in your analysis as a business advisor is to acquire an understanding of the degree to which the firm’s products and services are appropriate for foreign markets. Products suited for foreign markets typically have one or more of the following characteristics: • •
Sell well in the home market. Offerings that are popular in the domestic market often succeed abroad as well. Cater to universal needs. For example, people around the world have similar health concerns, and most demand “everyday” products such as personal care products.
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Address a need not well served in the foreign market. Such needs are particularly common in emerging markets and developing economies. For example, in many African countries people often cannot readily access clean drinking water. Address a new or emergent need abroad. For example, a tsunami in Indonesia can trigger an urgent need for portable housing. The recent popularity of cell phones in developing economies has stimulated a desire for services that can be offered via cell phones.
The question of product suitability is surrounded by many different types of issues. Some are purely perceptional, cultural, business and innovation related while others have more legal substance. Hence it is important that the business advisors possess real-life practical experience on a personal level, from prior business dealings or visits, in dealing with and understanding the cultural peculiarities of the foreign market. Such an experience will help in understanding if the product is culturally fit in the foreign market, or what different kind of marketing message needs to be given in the foreign market to suit the cultural norm. It is also important to understand the consumer behavior and attitude towards life in general in order to have a good overview of how to custom-tailor the product’s strategy to make it appealing for the target customers in the foreign country. Product suitability also includes various issues surrounding the product such as legal, financial, fair marketing, other regulatory issues, etc. A thorough analysis should be undertaken to review the situation of product suitability in a foreign market and make sure the product complies with all the mandatory requirements. For example, the pharmaceutical industry products can have a very different set of regulatory requirements than financial industry products. Business advisors should be aware of any such lawful requirements surrounding the product type that they are consulting for internationalization.
7.3 Business Collaboration and Networking Topic: The Opportunities to Find Solutions for Enterprise Collaboration and Networking Pertti Pulli, Yrityskolmio, 13.9.2012, Porvoo, Finland
Get your foot in the door with the people you need to meet - Chuck Davis, Chairman and CEO, Fandango
You can greatly increase your odds of being lucky by networking 13
Chances are you got your first job through somebody you knew who happened to know somebody else who was hiring. Maybe you made your first big sale in your own business the same way. But management by bumping into people isn’t a long-range growth strategy for your company. You can greatly increase your odds of being lucky by networking, a deliberate campaign to connect with people who can connect you with more business. Where do you start? Luckily, the Internet makes finding opportunities to network easier than ever before. The trick is to connect with people in a way that seems as natural as that connection that got you your start – but still gets you where you want to go. Some golden, do-unto-other rules to help you succeed at networking: 1. Sell yourself, not your product or your company. Your purpose is to build a relationship, not close a deal. 2. Be a listener first, then a talker. You want to understand the business needs of the other person and look for commonalities with yours. 3. Be a giver, not a taker. Your generosity with your connections will be reciprocated. 4. Most importantly, let your passion guide you to your next job or company or network. It’s always more fun working at something you’re passionate about.
What is meant by collaboration and networking? Sometimes words are difficult to understand in the same way and often people take them in a very different meaning or context. Most importantly, usually words have many optional meanings which are connected to other different issues. Collaboration is all about working together to achieve mutually agreed goals. It is a recursive process where two or more people or organizations work together to realize shared goals. Most collaboration requires leadership. The right attitude, behavior and communication help in increasing the success of teams as they engage in collaborative problem solving. A key point here is to always keep in mind that collaboration exists only when it is a better alternative than other options – in the end it is all about thinking the best alternative economically. There are certain pre-requisites for effective and fruitful collaboration, such as the parties involved should possess professional skills and good products, their strengths and weaknesses should complement each other, demand and offering should also be complementary,
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companies should almost be of the same size, business idea should be clear and profitable, work should be divided agreeably, ‘envy thy neighbor’ should not creep in and total independence is not possible. It is prudent to remember that in collaboration ‘someone is the leader’ and someone gains or loses more than you, but efforts should be made to strike a balance.
Benefits of Collaboration:
More capacity, turnover, professional skills – the critical mass Product family – complementary and supplementary products Finance of acts is shared Savings in costs – purchases, R&D, marketing (domestic/foreign) Division of work – effective use of machines, the use of skills, Focus on the best Sharing the risks
The goal of collaboration must be to enhance partner’s competitiveness and profitability Existing Pitfalls of Collaboration:
Money – inputs, the pricing of products, how to share profit Economical resources – inputs are not enough Wrong members in the network Plans and timetables are not made with professionalism Envy – the lack of we, the spirit Big differences in company size or in know-how Division of work Unrealistic expectations Impatience – it will take time to get the results Inflexible It is based on the outer threat The commitment is too weak Personal relations don’t work Collaboration is a hobby-horse method to get money The lack of leadership Agreements made without professionalism
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Six Steps to Successful Collaboration: Step One: Knowledge The base is the knowledge. Collaboration can’t be successful if the entrepreneur and the company don’t know her/himself, working environment and/or partners.
Step Two: Familiarize Oneself with Partners Collaboration is realized by human beings. It doesn’t exist on any computer system which could replace human beings as a partner who engages and makes mental investments in collaboration.
Step Three: The Choice - The Critical Step To find fruitful collaboration needs active searching and choices.
Step Four: The Agreement/Rules/The Share Of the Profit The collaboration is confirmed with an agreement in which it is defined how partners make their commitments and how the agreement can be canceled, it also deals with what can be the conflicts and how those should be solved. How to share the gained profits and benefits is also covered under the agreements.
Step Five: Inputs and Investments Inputs and investments in different ways are good and bring about real collaboration. But without goals and timetables there is no meaning.
Step Six: Utilization Collaboration is for utilization. Direct benefits are matter of budgeting and calculation. Indirect benefits are the crucial matter of the collaboration. In actions the acts should be simple because complexity destroys profitability.
Ten Facts about Collaboration
Collaboration is not idealism because as such it creates expenses which should be calculated and taken into account. For real collaboration to start it needs time to ripen, partners should have time to get familiar with each other – also outside office. The goal is to get concrete projects which will benefit every partner. It should be possible not to participate in projects which are out of company’s interest.
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It is wise to start collaboration on easy issues. To start collaboration and keep it alive, it sometimes needs a mentor. To find out the real commitment, needs and interests is to put a price on participating in a project. The activity of every company and their willingness to enhance collaboration is very crucial - to push with a rope gives nothing. Collaboration includes specialization – every partner does the task what it can do best, including leadership. Every partner should have something to give – a group of weak companies is not strong. Collaboration is based on mutual trust – to reach reliability and trustworthiness, everyone should be open even towards unpleasant issues.
Top Ten Reasons to Start Collaboration
To find new clients - 52,9 % To get more competitive prices - 48,6 % To get better quality - 35,8 % To get broader product assortment - 35,8 % To get shorter delivery times - 26,1 % To use new materials - 22,5 % R&D - new products - 21,1 % To use workforce more flexibly- 19,0 % To develop services - 18,9 % To bring down production costs - 16,0 %
Top Ten Fields of Collaboration
Production - 68,4 % Purchases - 62,9 % Domestic trade - 59,0 % Finance - 46,3 % Administration - 39,6 % Quality control - 39,3 % Education - 36,8 % R&D – new products - 34,6 % To get new markets - 28,5 % Settings, repair, maintenance - 23,8 %
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Top Ten Collaboration Future Trends
To get new markets- 52,0 % R&D – new products - 31,0 % Export- 20,1 % Automation- 16,8 % Education- 16,4 % Finance - 14,7 % Recruiting - 11,4 % Market surveys and research- 11,1 % Advertising- 9,1 % Maintenance - 8,4 %
Networking (or business networking) is a socio-economic activity in which groups of likeminded businesspeople recognize, create, or act upon business opportunities. Many businesspeople contend business networking is a more cost effective method of generating new business than advertising or public relation efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.
Opportunities come in different flavors such as opportunity costs, market opportunity, equal opportunity, business opportunity, political opportunity, opportunity in nightlife, opportunity in gambling, etc. We need to make it clear about what specific kind of opportunities we are looking for when engaging in business networking and collaboration. Business opportunity through market opportunity can be identified in the various dynamics of the market such as market segmentation – saturation of the consumption, market size, market trends, market growth rate, market profitability, industry cost structure, distribution channels, applications – sales, forecasting, marketing and sales strategy.
The world is changing... Products become goods-with-services and customers expect, more than ever, a good after-sale service. So... are you ready for that?
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Practical Tips to Build Networks and Collaborate Use a Business Organization The best place to meet business people is at a business organization and the higher the level of the executives, the better the connections. Try: Join vertical industry organizations where other workers in the same type of business can exchange ideas. If you’re a president, try the ‘Young Presidents’ Organization’ and its vast worldwide network. (I am a director of the YPO chapter in Los Angeles). Use Online Business Networking Register yourself on these sites, invite your contacts to register, they’ll invite their contacts to register – and everybody’s connections build faster than they ever could in the real world. Try: Join Ryze, LinkedIn, EntreMate, Ecademy, Soflow, and openBC. Use a Networking Event Service They’ve made a business of bringing together business people for mixers. Give their events a try and see if they pull the kind of people you want to meet. Try: ‘Networking for Professionals’ organizes high speed events that get everybody introduced to everybody. ‘Net Party’ promotes more relaxed business-plus-pleasure socializing. ‘Meetup’ and ‘VentureStreet’ hook you up with local, ongoing networking and discussion groups. Use Your Alumni Network – School, Military or Corporate Make sure you can find and be found by your old buddies by joining alumni associations. Try: For schools, start with the campus Web site or check Classmates.com, Reunion.com, or Gradfinder.com. Military.com is a gateway to associations, reunions and a veteran’s directory. Classmates.com lists ex-employees of millions of companies but also check Yahoo! Groups and MSN Groups for many corporate alum networks. Use a Blog It’s a cheap and easy way to make yourself known and reachable through the Web. Start a blog that’s narrowly focused on your business expertise (but not your business), link to other blogs that will link back to you, add opportunities for readers to make comments and email you and – if you’ve got something worthwhile to say – watch your influence and your connections grow. Try: Get some ideas from the ‘Small Business Blog of the Day’ site. ‘GoDaddy’ and ‘Yahoo! Small Business’ sell simple blog creation and hosting services.
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Finding Business Networking Groups Business networking groups provide great opportunities to increase referrals and network with other professionals. The type of group that you join depends on your profession and what you want to get out of the group. There are several types of groups with members from stay-athome moms to business professionals. Do your research, and you'll find the perfect group to help you build your business.
Start researching different groups either online, through your local chamber of commerce or simply by talking to other professionals. Decide how much time you can commit to a networking group. Some groups meet once a week and attendance is very important, but you can provide a substitute if you are unable to attend. Other groups may meet once a month. Ask to be a guest at a meeting before deciding to join. Some groups are by invitation only and they only accept one person from each profession. If you know someone who is in a group and is not among your profession, ask her to take you as a guest or can call the group's committee chair. Search for more than one group. If time allows, join two to three groups to maximize your networking ability. Evaluate a group's rules and regulations. Most groups have membership fees, some higher than others. In general, the groups that have higher fees also have stricter guidelines in respect to attendance and acceptance. Have references available. Many groups check references, and you may have an interview before being accepted.
Tips & Warnings
Networking groups can help you learn to run your business more efficiently. You can share advice with and receive advice from other business owners. Networking groups offer a variety of training and workshops to help you grow your business. If you join a strong contact networking group that meets once a week, be sure to send a substitute if you can't attend. Read more: How to Find a Business Networking Group | eHow.comhttp://www.ehow.com/how_2068184_find-business-networkinggroup.html#ixzz1b2ehrLFH
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7.4 Market Access Strategies This topic has been discussed in many business training sessions. There are four basic elements of market access. Essentially, market access is about considering the implications your product may have on the wider market of your business sector. It is also important to have an understanding of the impact the changing market will have on your product and preparing a positive environment which supports uptake of your product. Finally, communicating the ‘value’ of your product to the range of customers who influence uptake. Strategically, market access is about packaging data in the right way, for the right customer at the right time. In a constantly changing business environment, aligning your product with a moving target is challenging and only by understanding the needs of all stakeholders involved in the adoption, positioning and funding of your product will you be able to develop messages that improve its chances of success.
Key steps to successful market access
Identify key decision making processes that facilitate market access at each step – pricing, reimbursement, formulary access, funding and uptake – for the new technology as well as the key influencers and stakeholders Identify the information needs of the various customer groups and other stakeholders. Make global plus country specific strategy recommendations for market access Advise on formulary access and reimbursement/market access strategies and assist with the core documentation to support submissions Advise on economic and outcomes data required Advise on data collection and analysis strategies for the pre-launch period, utilizing trials or audit programs as a data collection vehicle where possible Pricing and positioning strategy to optimize the commercial potential of your technology, product or service
Read more about market access, some examples from the pharmaceutical industry: http://www.zsassociates.com/publications/whitepapers/zs-interview-how-goodmarket-access-strategies-boost-new-product-launches.aspx http://www.pharmafield.co.uk/features/2008/11/Market-Access-in-practice-do-youhave-a-strategy
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7.5 Internationalization Process Business internationalization has to be a very well thought out plan. Here is a quick guide which will walk you through the process of internationalization. It should be taken into account that this information serves as a guide only and it needs to be tailored according to your special business requirements and circumstances. The following chart illustrates the four high level phases of internationalization process and then dives deeper into the second level of details. Internationalization plan should be revised and iterated as you discover and learn more about your foreign market. Possible alternatives in the second level of details should be evaluated in the light of newly acquired facts. The idea behind this is to remain agile in your business internationalization approach.
Phases of Internationalization Process Source: Finnish Latvian Business Relations and Finpro Internationalization Services Lolita Pankova, Finprory, Riga, December 8, 2011
The key take-away here is that the company has knowledge and clear answers for the questions set in each internationalization process phase and follow the right order of the phases.
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Practical Tip: You cannot select the right business partner if you have not clarified what is the most suitable market entry channel and what is the preferred partner profile. Source: Finnish Latvian Business Relations and Finpro Internationalization Services,Lolita Pankova, Finprory, Riga
Producer of electric motors can sell it’s
To select a partner, company has to know /
products via:
define its partner’s profile:
-Distributor/Importer
- Business activity profile
- Wholesaler of electro technical
- Large/small company
goods or retailer
- Product Portfolio
-Engineering company performing
- Marketing Capabilities
design of energy generating
- Resources for stock
systems, supply and assembly
- Management strategy
Now we will follow in detail some of the most important processes in all the phases of internationalization.
Phase 1 - Preparing the International Growth This phase requires a lot of planning, reading, evaluating and discussing. As nothing seems concrete, deciding anything in this phase is a very challenging task mainly when there are not enough facts but only opinions and suggestions. The objectives should be recalled from time to time in order to bring back the discussion and planning on the right track if it has strayed far away. You should be ready to quickly change course if things don’t go according to the planning done here, this way the company will stay agile and will be able to cope with the demands of the changing market and real life situations. A flexible management strategy is the key to success here. Right Markets
Select the market areas that are most suitable for your business, understand market differences and start with the most promising markets: o Avoid assumptions o Avoid time wasting o Avoid spending unnecessary money on not promising markets or partners
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What you should know: Market size Market demand Competitive situation Business environment Customer preferences Market behavior How to do that: In comparable way Based on local market/industry expertise By independent third party Simultaneously in different geographical locations Test Drive
The Test Drive service is designed to test product ideas or products that are in their initial phases in overseas markets Obtain actual market feedback about your product or product idea before making any significant investment. This avoids miscalculations and maximizes commercial potential
What you should know: What are client segments Your competitive advantages Market pricing principles Client views on distribution channels and existing supply How to do that: By independent third party Based on interviews with selected clients/professionals Based on local market/industry expertise
Phase 2 – Planning Market Entry Act according to the resources you can spend and the factual information you have. The best way here is to utilize any key personal contact. Selecting the most suitable and pragmatic way of market entry is crucial to the success, hence evaluate the pros and cons of each method and then compare it to the resources you have. This way you will make a more realistic decision.
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Entry Options
Identifying a suitable way for your company to satisfy target market demand is very important Choose the most suitable method of operation for your company (establish company/branch, choose distributor, agent, retailer, establish representative office, direct sales, etc.) You won’t want to invest too much, and you won’t want to fail because you invested too little or in the wrong way
What you should know: Existing methods of doing business in selected market Value chains in operation Client mode of purchase and preferences How to do that: Based on local market/industry expertise By independent third party interviews Sales Channel Development
If you have a sales channel mode as your method of operation, you’ll need a partner who sells you company’s products or services in the correct manner and who is able, if required, to offer your customers added value by also providing other services which complement your core competences You develop profile of your partner company
What you should know: Ideal partner profile How you should present your company to a potential partner How responsibilities should be shared Plan for initiating operations and subsequent phases
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How to do that: Based on knowledge from Test drive By independent third party, interview based Based on local market/industry expertise Existing Finpro expertise of partner management
Phase 3 – Establishing the Presence Always keep your objectives of the co-operation clear, you should know exactly what you want from the potential co-operation. Conduct a due-diligence on the profile of your partner; you certainly don’t want to learn about negative surprises later on. You need to stay cautious of all the contracts that you agree upon and make sure you feel right about the trust factor. Partner Search
Select your best partner candidate and plan a successful co-operation model Identify the guidelines for productive co-operation and appropriate future phases, control risks and avoid delays in initiating co-operation. You won’t want to discover at a later stage that your selected partner was not such a good choice after all and that your co-operation is getting off to slow start
What you should know: Select and analyze the best partner candidates in your target market according ideal profile Organize interviews with potential candidates and follow-up meetings How to do that: Based on knowledge from Sales channel development and Test drive Independent third party interview based
Phase 4 – Improving the Market Position Evaluate and study the current bottlenecks. What is it that is holding your company back in acquiring larger market share? How much of it is due to your partner? What are your competitors doing in order to avoid the problems? Take a thorough look at all your processes;
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identify the ones that need improvement. The best way to go about is to get honest feedback from your customers and then implement the necessary changes. Sales Accelerator Existing partner evaluation Remove bottlenecks and strengthen existing networks Clarifying the existence of bottlenecks and taking action to remove them is usually a much cheaper solution than acquiring a new partner Determine whether slow sales are really just caused by your partner or are there something else that requires improvement, save resources and generate new cash flow What you should know: Evaluate existing partners Evaluate value chains in market Client feedback on partners Recognition of the partner in the market How to do that: Independent third party interview based Based on local market/industry expertise Existing Finpro expertise of partner management
Some Examples of New Market Entry Channels
Distributors/partners Retail chains - Prisma, Stockmann, Rautakesko (K-Rauta), Tiimari, RIMI (Kesko), Neste Wholesale companies - Tamro, Konekesko, Onninen, Oriola, Plantdent, Klinkmann, Konecranes, SLO, Pekkaniska Branch company - Nordea Representative office - Oras, Orion pharma
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7.6 Cultural Knowledge Topic: Introduction to Finnish Business Culture Kelly Raita, Turku University of Applied Sciences, 15.6.2011, Turku, Finland
As cultural knowledge of the foreign country in which you are planning to do business is crucial for success, it was integrated and discussed often in all our business trainings. Every business (launch of a product or service) needs to be customized according to the special cultural environment of the foreign country. The consumer behavior needs to be understood if you are a B2C company and similarly business culture needs to be taken into account if you are a B2B company. A gist of some of the most important cultural peculiarities of the Baltic Sea region countries, namely Estonia, Finland, Latvia and Sweden, is given here. This is meant to be a quick crashcourse on understanding the culture of these four countries.
The 5 C’s of Culture
Cultural Knowledge Cultural Behavior Cultural Values and Attitudes Cultural Preferences Cultural Adaptation
Estonian Culture and Traditional Values Meeting and Greeting
Greetings can come across as rather formal and rather reserved.
Men should initiate greetings with women and the younger person always greets the older person.
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When meeting someone make sure you are stood up, offer direct eye contact and give a nice firm handshake.
The most common greeting is "tere" ("hello"). Titles are very important. "Härra" is for Mr, "Prova" is Mrs and "Preili" is Miss. All should be followed with the surname.
Only use first names once you have been invited to do so.
Business Etiquette and Protocol
Estonians are quite formal and may not come across as quote cold or even friendly to people from more informal cultures. This should not be interpreted so.
Once the relationship warms up the communication style becomes a lot less stiff.
Shake hands with everyone at the meeting.
Remember it is rude to greet someone while seated.
Handshakes should be firm and confident.
Maintain steady eye contact while shaking hands.
Try and wait for a woman to extend her hand.
Address business people by their professional title and their surname.
If someone does not have a professional title, use "Härra" to address a man and "Prova" to address a woman.
Wait until invited before moving to a first name basis.
Individualism - Estonians are extremely individualistic and prefer to lead rather than follow, particularly since the fall of the USSR, a time when being an individual and speaking one’s mind was not tolerated. Estonians wanted to break away from the Soviet collectivist society and strive to let their voices be heard. Work Ethic - Estonians thrive on their strong work ethic and always do what they say. When an Estonian promises to do something, they will always perform to the best of their ability just as promised and expect others to keep their word. Estonians pride themselves on the high quality
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of their workmanship. Status in Estonia is achieved through hard work and achievement as well as by displaying possessions. Communication - Estonians prefer a direct style of communication and are often unemotional and reserved. They believe that business procedures should be straightforward and to the point but will be diplomatic in communicating in order to avoid damaging a business relationship. Although initially aloof and reserved, once you spend some time getting to know them, they will become more open and outgoing. Read more about Estonian culture and traditions: http://www.communicaid.com/access/pdf/library/culture/doing-businessin/Doing%20Business%20in%20Estonia.pdf http://www.kwintessential.co.uk/etiquette/doing-business-estonia.html http://www.kwintessential.co.uk/resources/global-etiquette/estonia.html http://www.b2b-estonia-france.eu/medias/files/estonian-business-culture.pdf
Finnish Culture and Traditions Meeting and Greeting
Handshake only at first meeting/introduction, usually no physical contact after the first meeting Sharp Times are followed – showing up late is extremely rude and there is no excuse Timetables are strictly adhered to Reserved – silence is not unusual Physical distance is observed Hugging and/or French kissing is a serious no-no Informal culture: greetings, relaxed, casual dressing Finns are very humble
Business Etiquette and Protocol
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First names or no names. ‘You’ (Sinä) is used for everyone Qualifications are important Attention span is very long, about 40-50 minutes Emotions are not usual Academic or professional titles are not mentioned Finns don’t need long-standing personal relationships to conduct business Relationship building often takes places outside the office: restaurant or sauna If there’s bad news, it is told as it is Silence is golden Very transparent and stick to correct information Negotiation based conflict resolution Meetings have generally clear outcomes Often criticized because of emphasis on timetables Women and men are treated equal at workplaces and in society
Individualism
The Finns can live with structure and discipline, but hierarchy is another matter Finns work independently and Working alone is often preferred ‘Keep silent in two languages’ Personal space and physical distance is appreciated and valued
Work Ethic
Honesty and efficiency is more important than diplomacy and politeness Rules and procedures are followed strictly Finns mostly never forget to do what was agreed, once promised – it will be done without any reminder Work done is task based rather than relationship based Willing to resolve issues, help and guide High adaptability of new technology and innovation
Communication
Expect good language skills (apart from Finnish, people generally know Swedish. English is spoken by many Finns. A Finn may also surprise you with French, German or Spanish.) Don’t talk about personal issues Communication by mail or phone is preferred Little small talk, focus purely on business, might be perceived as offensive People prefer to get to the point rather than go around it
Important Do’s and Don’ts for Finland
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Do make eye contact
Do accept invitation to sauna
Do give clear tasks
Do stick to deadlines
Don’t make fun of
Don’t interrupt
Don’t be offended by bluntness
Don’t compare Finns to Swedes or Russians
Don’t touch or pat on the back
Don’t stereotype
Latvian Customs and Culture Meeting and Greeting
A quick, firm handshake with direct eye contact is the traditional greeting.
Latvians have rather controlled facial expressions and are not quick to smile.
Their initial reserve warms up after they get to know you.
When greeting a close friend or family member, some Latvians offer a light kiss on the cheek, although many do not, so it is not a universal measure of the intimacy of the relationship.
Titles are very important and denote respect.
When introducing someone, it is common to state their first and surname with the honorific title "kungs" for a man and "kundze" for a woman appended.
Wait until invited to use their first name.
Business Protocol and Etiquette
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Latvians take a formal approach to business. Note however there are differences in style between older workers who maintain formality and the younger generation who willingly dispense with formality. Shake hands with everyone at a meeting. Maintain steady eye contact while shaking hands. Shake hands at the beginning and end of meetings. Titles are important. If someone does not have a professional or academic title, use the honorific titles "Kungs" to address a man and "Kundze" to address a woman. People are generally introduced by both their first and surname. Wait until invited before moving to a first name basis. Business cards are exchanged after the initial introductions. To have one side of your card translated into Latvian is a nice touch.
Individualism – Latvians emphasize personal management and tend to exhibit individualistic characteristics such as expressing themselves through dress or the ownership of brands. They appreciate family, which is at the center of the social structure, and there is a tendency to conform in social and professional situations. While family and conformity to the group to play a role, Latvia is not a very high collectivistic society. Space – Latvians tend to respect personal space and avoid public displays of affection. They will usually avoid physical contact, especially with strangers and acquaintances, before getting to know them. Time – Latvians usually respect punctuality for meetings and pre-booked appointments, both in professional and social settings. Arriving late to a meeting can be perceived as disrespectful so it is always better to arrive on time. If you’re running late, always let your Latvian counterparts know as soon as possible. Despite their adherence to punctuality, Latvians can be slow to act because as a rule, they do not wish to make hasty and ill-considered decisions. Read more about Latvian culture and custom http://www.communicaid.com/access/pdf/library/culture/doing-business in/Doing_Business_in_Latvia.pdf http://www.kwintessential.co.uk/etiquette/doing-business-latvia.html http://www.kwintessential.co.uk/resources/global-etiquette/latvia.html
Swedish Culture and Customs
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Meeting and Greeting Shake hands with everyone present -- men, women, and children -- at business and social meetings. Shake hands again when leaving.
Younger people generally do not shake hands when meeting friends. Older people expect a handshake when being greeted or when leaving.
If no one is available to introduce you, shake each person's hand and introduce yourself.
Business Protocol and Etiquette • • •
• • • •
Swedes take punctuality for business meetings very seriously and expect you to do likewise. Call with an explanation if you are delayed. Agendas are clearly set for meetings with a stated purpose. Swedes are factual, practical, precise, reserved and get to the point quickly. When communicating with Swedes, be clear and concise in detailing what you expect from them. They will be equally clear with you. Presentations are important. They should be clear, to the point and detailed. Reports, briefings and presentations should be backed up by facts, figures, tables and charts. In the relatively small private sector, it is important to know who is who and how everyone fits in the corporate structure. Important decisions are often made by middle and lower level managers. While decision making may be a slow process, implementing decisions is often rapid.
Women are often found in leadership positions; about one in five board members and one in three managers in Swedish listed companies is a woman. Swedes are often envied by their colleagues or counterparts overseas for their work-life balance.
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Individualism
Generally, Swedes are reserved in body language. They do not embrace or touch often in public.
Swedish mentality seems to have two opposing tendencies: one towards individualism and the other towards collectivity. The explanation for this is the different meaning that can be given to the concept of individualism. Swedes seem to need social autonomy strongly and not to be dependent on other individuals, such as neighbors, relatives, employers, and so on. At the same time, Swedes seem to need collective support for their opinions. Collective solutions are a hallmark of Swedish society and dominate Swedish politics Work Ethic • • •
Swedes are generally tough negotiators. They are methodical and detailed, slow to change their positions and will push hard for concessions. Do not call a Swedish businessperson at home unless it is important and you have a well-established relationship with this person. Swedes work efficiently and are independent; they get things done as agreed.
Communication •
•
Use last names and appropriate titles until specifically invited by your Swedish host or colleague to use first names. English is commonly used in business. An interpreter is rarely necessary. Business cards in English are acceptable. During business meetings, Swedes usually get right down to business after very brief cordialities. Maintain eye contact at all times while talking with someone.
•
You may find Swedes relaxed and willing to strike a good conversation.
• •
Read more about Swedish business culture:
http://www.thelocal.se/gallery/news/3020/1/ http://www.ediplomat.com/np/cultural_etiquette/ce_se.htm http://www.sweden.se/eng/Home/Business/Business-culture/
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7.7 All about Trade Shows Topic: Fit for Trade Fair Barbara Harbecke, Messetraining Harbecke, April 15, 2013, Tallinn, Estonia Trade fairs are an important and practical way to reach out to prospective buyers, suppliers and business partners. It is a great opportunity to get your product out there for display, demonstration and feedback. Collecting contact information of businesses and other interested persons is also an essential part of trade fair. They are a great way to get your name out there and observe the first impressions of your product or service. A detailed and insightful information is presented here as a step-by-step process concerning all the nuances of trade fair, a must read for anyone who is either organizing a trade fair or participating in it. Leverage this knowledge to understand the importance of trade fairs and maximize your business goals of participation.
Important Functions of Trade Fair
Trade fairs offer market concentration reflecting selected markets Trade fairs are an experience appeal to all human senses Trade fairs guarantee and increase the transparency of the market Trade fairs open up new markets Trade fairs enable a direct comparison of price and performance Trade fairs encourage an intensive exchange of information
Sales Objectives
Launch and showcase products Forge new contacts and cultivate existing ones Customer bonding Enhance Corporate Image
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Acquisition Objectives
Observe competitors - their products, prices, market appearance Network with customers to determine their wishes Look ahead to the future
Exhibition Goals Personal objectives
Determine the company‘s market position Obtain information about competitors Obtain ideas for one’s own work Cultivate informal contacts Monitor one’s personal impact Try out new behavioral approaches Gain confidence in customer relations
Trade Show Visitors´ Expectations and Needs Technical Expectations
Learn about new products and services Obtain a market overview Find new suppliers Find solutions to problems
Personal Needs
Friendly service Welcoming treatment (e.g. being offered a drink or seat) Individual attention: interest in their questions, time, tokens of esteem
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Personal Presentation at the Stand Behavior Standing instead of sitting Do not lean on the exhibits or other parts of your display Avoid self-absorbed activities Approach visitors singly
Clothing Appropriate to the occasion - clothing makes the first impression
Stand Personnel Etiquette and Tips Genuine interest in your visitors facilitates contact Helping visitors overcome inhibitions is your job as host Establishing initial contact and ending the conversation appropriately is your job as host Pay attention to your - and their - body language Bad habits stand in the way of good contact Talking to colleagues is no substitute for talking with visitors
Talking to Trade Show Visitors The exhibition pitch has three steps:
The opening gambit – Sets a positive tone Establishes visitor‘s interest Establishes identity: who, where from, why here? The pitch – ideally includes technical detail. Ending the conversation - with a firm agreement on the next step(s)
Structure and Manner of Pitch
A tradeshow pitch is a sales pitch or counseling session in a unique setting Clearly establish visitor’s interest and specific needs before launching into your presentation Answer questions immediately, directly, succinctly and frankly - do not deliver a monologue The conversation should flow back and forth, only the opening gambit and conclusion are your sole responsibility
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Questioning Techniques Use open instead of closed questions
What are you most interested in? What do you already know about the topic /this product? What can I tell you about in more detail? How do you like our products and services?
Use either / or questions
Would you like me to show you around, or are you interested in something specific?
Ending a Conversation Every tradeshow pitch should have a firm conclusion
Arrange an appointment after the exhibition: o Firm date, place, and time o Name of contact person o Preparation for meeting Send company/product material and arrange a telephone appointment
Tricky Situations at the Stand
Own staff crowding the stand? o Enlist their help on the stand Personnel surrounded by sales staff? o Review the situation and make a decision The good customer spends too much time visiting? o Lead the conversation to help wrap up the talk Too few visitors or none at all? o Change role of personnel Too many visitors at a time? o Keep conversations brief and to the point o Smooth teamwork helps Complaints at the stand? o Take complainer aside and sit down o Treat professionally and show interest in the complaint
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Monitoring Exhibition Success Checklist:
Number of contacts Quality of contacts Proportion between: Customers Prospects Other visitors Ratios: costs per contact Customers Prospects Other visitors Analyze visitor feedback on: Familiar products or services New products or services Prices How company is seen in terms of market position Did the stand suit the purpose? Team: sufficient and the right staff? Visitor canvassing and PR response Conclusions for the next show
Selection of Suitable Trade Fairs
Analysis of trade fair landscape o themes o titles o target groups o regional scope Own aims Pre-selection Visit
Participation in Trade Fairs
Recognition of the importance of the trade fair marketing Acquisition of information about trade fair Country Formulation of trade fair participation aims Selection and decision-making
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Drafting a budget Organizational procedures Attractive trade fair stand Well run stand Appropriate advertising and public relation Thorough follow-up
Trade Show Staff Skills Requirement As a highlight of the marketing process, tradeshows and exhibitions require excellently prepared staff with:
Outstanding theoretical and practical specialist knowledge at the same level for information consistency Ability to deal with people and openness A confident and proficient manner Articulate expression, good conversational and negotiation skills Familiarity with visitor’s wishes Knowledge of foreign trade fairs A clear conception of exhibition objectives and Willingness to travel
Follow up the Trade Fair
Thanking important customers Prompt mailing of materials Discussions within your own company Follow-up telephone calling Processing inquiries
Prerequisite: meaningful discussion notes! Selection criteria
Your situation and participation aims fit with the theme of the trade fair Representative range of goods on offer Your customer groups will be reached and new target groups will be attracted
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7.8 Presentation Skills and Market Modeling Topic: Presentation / Market Yrjo Ojasaar, Solonpartners, 16.4.2013, Tallinn, Estonia
The first impression of your business and you as a businessman is displayed by your presentation skills - be it a regular power-point presentation or a business talk. The way you describe, deliver and articulate your product is as important as the product itself. A remarkable business presentation will make you stand out from the competition and get you and your product noticed. People always remember a great presentation or a talk. Many would be even interested to meet and talk to you after your presentation, so make sure you amaze and excite your audience. The information given here will quickly get you acquainted with the techniques of enchanting your audience through a crisp business presentation.
How to Present Elevator Pitch – 60 seconds to win 20 minutes for presenting the business idea to a venture capitalist
We do - WHAT? For - WHOM? Different/better - HOW? Which provides - BENEFIT?
Bonus: Can I buy you coffee to show the benefit for - Your Business? Opening 5 seconds to win 55 seconds more, for example: We make [xx] clients 20% more profit... We have the cleanest production process in EU... We have the... fastest time to market ... ... fastest prototyping in ...
... fastest growing community ... ... most users ...
Elevator pitch has 1 main “USP” message
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Value to Client Positioning Clear, attractive and believable Memorable
Examples and Tips for Elevator Pitch: http://www.youtube.com/watch?v=i6O98o2FRHw http://www.youtube.com/watch?v=l-8EQPpA4DM http://speakingppt.com/2012/07/26/3-best-elevator-pitches/
The ‘Ask’
Next Meeting Recommendation Don’t over-reach
Elevator pitch should contain the following information in a nutshell:
Problem and your solution Your target market Business Model Team
The slides in your elevator pitch should be in the following order:
Problem-Solution Market Business Model Roadmap Intellectual Property Team Finance
Example of slide structure and format: http://www.slideshare.net/QuintinAdamis/pitch-deck-template-by-guy-kawasaki http://24posts.com/2011/01/08/the-5-slide-elevator-pitch/ http://f.cl.ly/items/ea85743ca81fb7d81890/ Acme%20Corp%20M5%20Overview%20v1.pdf
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Characteristics of remarkable presentation
Strong opening Strong finish Emotional appeal Narrative More vision, less details
The best way to bring style, appeal and substance in your presentations is to start watching great presenters and speakers, such as Steve jobs, Guy Kawasaki, etc. A good place to start watching remarkable speakers is ted.com – it has an invaluable collection of inspiring and memorable presentations from different fields of life.
Top 5 Presentation Mistakes 5. Technology – make sure everything is connected, compatible and running, your pitch cannot suffer technology malfunctioning. Take care of the formats, projector, remote, internet, power cords, etc. in advance. 4. Audience – Understand your audience well - who are you talking to? (age, education level, profession, etc.), why are they there?, what is the benefit for them?, why are you presenting to them?, what is the best way to get the message across? 3. Too Much Information – Don’t clutter the slides with heavy, complicated looking information, keep the information easy to digest and memorable. Pictures are better than a lot of text. Take one topic at a time and remember that slides are just there as a support to ‘your message’. Check out the 10/20/30 rule by Guy Kawasaki 2. Preparation – Make sure you know the content of your pitch/presentation thoroughly, never read from slides or paper! If you are not prepared well, you will not look confident and show nervousness which will eventually lead to mistakes. A very important aspect is to keep a track of time, never go over the time limit, finishing early can give more time for questions or feedback. 1. The Ask – Is your main message crystal clear for everyone to understand. Make it simple as it will be more memorable, use as simple words as possible, keep the sentences easy to understand, especially when explaining and breaking down a complicated subject. Repeat your main idea and draw a clear convincing conclusion after building logical arguments.
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1 Pager: The main purpose of a 1 Pager is to deliver a focused and simple message. Include the most important information of your business on a single sheet of A4, it should include:
Company logo and name Business overview Product and Technology/Innovation description (include diagrams/pictures if possible) Current adoption rate and revenue Benefits in actual numbers Core competence Most important clients/customers Certifications, Patents (even if pending), Awards and recognitions Contact information
Don’t: We can do this and this and this Example: http://qph.is.quoracdn.net/main-qimg-2eccbe9b76acc77754fd3539df727630
Market Modeling Understanding the dynamics of the market you want to serve is critical to the success of your business. The important point here is that you should try to understand your customers inside out, who they are and what are their requirements. You need to reach out to your potential customers, get in touch with them, understand and address their problems. You need to refine your search periodically as you learn more about your potential customers and market. Here are four levels of market analysis and information gathering. These levels start out with a very basic and general type of information and proceed towards facing the reality and getting the facts right. As you move through these levels collecting and making sense of the information, you will get closer to finding the market that is suited for your product or service. These levels are in order of discovering your market as you progress.
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Market Analysis: Internet o Market size o Top 5 players o Business models o Top client profiles Networking o Verify your assumptions o Visits/intros o New information/trends o Barriers to entry Trade Shows o Check competitors o Evaluate visitor feedback o New information Market Visit o Fact review o Competitor product trial o Current pros and cons o What could be done better o Meet current sellers, distributors, wholesalers, etc.
Market Information Sources: Paid:
Consultants Reports/Reviews Databases
Free:
Regional Development Centers Blogs/product reviews/videos Articles Press Releases 10K/10Q Reports White Paper/Reports
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Competition Analysis:
Just as you did your market analysis to find your spot in the current market, a thorough competition analysis lets you know the players in the game and their strategies. The more you know about your competitors, the more it helps to solve your own business problems. Start-ups and SMEs generally jump to a conclusion that there product or service is a new entrant in the market and there is no competition – in almost all cases it is not true. Competition always exists and actually it is a healthy sign. These are the few things you need to figure out from your competition: Identify the niche Who’s the competition (market share)? Competition USP? Revenue/Profits Strengths/Weaknesses? Strategies? Business Model?
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7.9 Innovation and Entrepreneurship Today innovation drives business. Innovation can be of different types as listed below but at its core innovation is a constant cycle of improvement. Today customers are ever more demanding, the cost of switching the product or service provider is getting very low and hence companies need to innovate fast in order to retain the interest of their customers. Innovation is what differentiates globally recognized companies from the ‘others’. Entrepreneurship has actually never been so easy – imagine all the free resources available today, the internet, social media, startup accelerator programs, public and VC funding, even the possibility to raise money online. Young innovators find the path of entrepreneurship very empowering, they bring refreshingly new products or services in the market and create jobs too. Never before students in a dormitory of a university ran flourishing and promising businesses. If ever there was the best time to do your own business, then it is now.
Different Innovation Types
Product Process Marketing Organizational
Most successful business founders are driven by impact rather than experience or money.
Start out to make meaning, not money – Guy Kawasaki Learn and Measure Business founders that learn are more successful:
Ask and take advice Measure performance and progress with the right metrics
Team Matters Solo business founders take 3, 6x longer to reach the scale stage and they are 2, 3x less likely to pivot
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Product/Market Fit Startup businesses that pivot 1x or 2x:
Raise 2.5x more money 3.6x better user growth, and 52% less likely to scale prematurely
Than startups that pivot less or not at all
Reality Checks
Founders overestimate the value of IP before product/market fit by 255% Startups that haven’t raised money over-estimate their market size by 100x and often misinterpret their market as “New” Startups need 2-3x longer to validate their market (find product/market fit) than most founders expect Investors invest 2-3x more capital than necessary when Startups haven’t reached problem/solution fit Solo founders and/or founding teams are without technical co-founder
Why Business Plan?
Bank, investors require Planning (strategic/Financial/Operational) Articulate business model/assumptions
Business model is shorthand for representing complicated ideas and finding/testing the product/market fit. The business model canvas, which was initially proposed by Alexander Osterwalder, can be a great help in understanding business models, prototyping alternatives of ‘what could be’, evaluating your business model design and testing business model with customer development. This business model is designed in such a way that you start by estimating and guessing the required fields and then as you go about doing business/launching your product, you find more and more data and learn new information, you become aware of what works and what not. As you gradually learn these things the business model canvas should be updated with new information until you find a sustainable business rhythm. The idea is to test and iterate your initial assumptions and replace them with facts that you uncover. The faster you are in this iteration, the more chances you have for your business survival and you will spend the least resources on waste. This method is popularly known as the ‘lean startup’, a term coined by Eric Ries.
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Main sections of the business model canvas are:
Customer segments Value propositions Channels Customer relationships Revenue streams Key resources Key activities Key partners Cost structure
Steven Gary Blank and Eric Ries have written many books and delivered presentations about this topic, besides many other entrepreneurs. It is worthwhile to read and listen what they have to say from their experience. Other valuable online resources with tons of practical advices worth reading: http://www.inc.com/ http://www.businessinsider.com/warroom/small-business http://theleanstartup.com/ http://www.forbes.com/ http://www.bloomberg.com/
7.10 Practical Internet Marketing Topic: Practical Internet Marketing Rolands Blezurs, 999 Design Baltic, 18.6.2013, Liepaja, Latvia
If you are still stuck with traditional ways of promoting and advertising your product through a great focus on print media only, then it’s time for an upgrade. A radical change in mindset is needed to stay in business, to remain fresh and competitive and to appeal to the new ‘techinformed’ customers. The new marketing strategy is about being social and building relationships via the web. Customer engagement is the new paradigm of marketing. So stop selling and start ‘telling’. Here are some basic facts which will get you well acquainted with the new marketing strategy and how you can start doing it – today!
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Integrating social media into the traditional marketing mix is today’s reality and challenge. First impression is very important – in 30 seconds people form their opinion about you. Get their attention in that short time and make a good lasting impression. As a consumer you choose information which is: - Easy to read (simple) - Relevant - Attractive in some shape or form
A website visitor should be able to find anything they want in 3 clicks or less. Why Marketing? To attract attention To tell consumers – I am here To persuade to buy product To confirm quality To show language and culture understanding Some questions you should think about before diving in?
Do you have a marketing strategy? Do you have a marketing budget? Do you work locally / internationally? What are the differences? What are the steps, to successfully access the market? What tools can be used to establish a presence in markets?
Here are typical examples of the Baltic company’s management attitude – “Ok, get some contracts, sell some products and then we can talk about money for marketing.” “We are not a big enough company to afford marketing” Conclusion – Big or small, ALL companies need marketing to attract clients and partners, to secure sales. And if you have no sales, you have no business. Marketing Substance – Your marketing recipe should have high quality ingredients like: Passion Emotion Color Quality Language Culture
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Now let’s understand the differences between traditional marketing mix and internet marketing: Speed Reach Cost Technology Methodology Market information Customer feedback Sales Skill set required to do the above Conclusions for internet marketing: Integrating social media with your traditional marketing mix will give a better ROI (Return on Investment) Different skill set required New technology development challenge Quicker Wider and better targeted audience Customer and market feedback Easier to measure activity and results More cost effective/cheaper Will internet marketing guarantee business success? There are no guarantees, remember that you are reaching a wider audience in a short space of time, a wrong message can just as well work against you, so think before you act. The cultural imperative Are you culturally competent? What are the top selling brands in India What are the most popular colors in South America Do they eat ‘Branston’ pickle in the Baltic’s What are the words to avoid in other markets
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Culture is:
The sum total of human attainments All things constructed by humans Everything we have, think, do, and feel as members of a society A programme for living A set of beliefs, standards, guidelines, which help us deal with everyday life.
International marketing is equal to Internet marketing? The process of creating, pricing, promoting, and distributing products across international borders. Understanding culture is a key success factor. Importance of cultural understanding suggests cultural sensitivity, cultural curiosity, cultural passion and cultural competence. Not simple or easy to do. International markets will need information in their language, their business environment, taking into regard their cultural sensitivity. How will you show your company? For example, how others view the Baltic region: Nice girls Long fur coats Cold Russian furry hats Soviet army Cold, harsh, primitive, run down? East meets west: Business culture to the East (knowing the right people, payments under the table, favors, etc.) is not the same as it is to the west. Going to Europe = international marketing, entails communications, branding, promotion and networking. Cultural imperative of internet marketing: Do they use the internet? Can I use English language? Do they use smart phones? What are the main differences in working locally and internationally?
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The local markets in the Baltic region are small, so market expansion or export to neighboring countries is the key to success. You can do this more efficiently by: Prioritizing countries of interest Perform market research Draft marketing strategy Identify possible clients, markets, distributors, retailers Present your company and products Send samples, negotiate price Implement marketing strategy Use the internet
Transformation to Internet Marketing Search engines, blogging, social media and other internet trends have fundamentally transformed the way people and businesses purchase products, but most small businesses still use outdated and inefficient marketing methods-like print advertising, telemarketing and trade shows – that people increasingly find intrusive and simply screen it out. Start out by creating a company blog, write and publish quality content and engage with the audience, tell them the story – about you and your passion for the business, how it came to be and what were the challenges you had to face. Even better is to educate them about the things related to your product or service. Stand for a cause, be known for it and create your brand. Create a company twitter account, tweet interesting stuff related to your product or service, or share something concerning the cause you stand for or even some inspiring thoughts. Create a Facebook page and engage with people there. Launch your own youtube channel – publish informative or fun videos, learn the art of tagging or keywords with all your digital marketing efforts. Quality of your content and the level of user-engagement will propel your search engine ranking to the top of the game. For example, see how Antonio Centeno is building his brand ‘Real men real style’ through a smart use of various digital platforms and customer engagement.
These are the buzz-words of the new marketing era:
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Blogs Facebook Twitter Keywords Quality content Inbound marketing Google Search engine optimization Some facts and figures that will get the point across: 200 million Americans have registered on the federal trade commission’s ‘Do not call’ list. Cold calling era is soon fading away.
91% of email users have unsubscribed from a company email they previously opted-in. Audiences everywhere are tough. They don’t have time to be bored or brow beaten by orthodox, old fashioned advertising. We need to stop interrupting what people are interested in and be what people are interested in. Helpful is the new viral. Generous is the new cautious and controlled. Remarkable is the new business as usual. Targeted landing pages and clear calls to action are the new visit my homepage. Measurable efforts and activities are the new I hope this works. Inbound Marketing: Any marketing tactic that relies on earning people’s interest instead of buying it; this is the key to marketing transformation. It costs 62% less per lead than traditional, outbound marketing. o o o o
Inbound marketing in a nutshell: Get found online Convert visitors and leads Analyze and improve
Acquire customers through various digital and social media channels – Facebook, twitter, blogs, video channels, Podcasts, webpage, etc. What we really need is a mindset shift that will make us relevant to today’s consumers, a mindset shift from ‘telling and selling’ to building relationships.
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Make stuff that people want (educational e-books, how to videos, online calculations, planning tools, answers to common questions, etc.), very few products succeed from the philosophy of ‘build and they will come’ Be generous – the more you give, the more you get. Build trust, credibility and goodwill. Increase number of pages and inbound links. Keywords are very important to show your pages at the top of result results. Give great directions – relevant landing pages, clear calls to action and compelling offers.
“Invest wisely – If it don’t make dollars, it don’t make sense.” It no longer makes economic sense to send an advertising message to many, in hope of persuading a few. How to make a dynamic first impression of yourself:
Pay attention to the first few seconds Develop a charming smile, but should be genuine Switch from the mindset ‘Here I am’ to ‘There you are!’ A smile makes people feel good. Develop a firm and confident handshake, as you shake hands – make genuine eye contact. Pay attention to your appearance, a sharp or sloppy appearance can make the difference. Don’t overdress or underdress. Make sure clothing is not outdated or worn out. Keep hair and nails trimmed and clean. Never chew gum. Be aware of odors, such as bad breath, cigarette, coffee, other food, etc. A pleasant Perfume works wonders. Keep your tone positive and upbeat. Maintain positive and relaxed body positioning. Develop the art of small talk, you can start great conversations if you stay abreast of current affairs or you can show interest by asking questions and engaging in a small conversation. Remember to listen more than talk. Thank the other person before leaving. You have exactly one opportunity to make a first dynamic impression. Make it count.
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8. Our Success Stories 8.1 Experience of Business Advisors Culture seems to be one of the most baffling issues when dealing with business internationalization, our survey results reveal this fact as business advisors tend to have a hard time dealing with different cultures when doing business abroad. One business advisor said “I'd like to know perhaps about how to take into account other cultures when doing business. There are differences also between Finland and Central Europe, not just China and Asian countries for example.” When asked about which areas of knowledge they would like to know more about, the answers turned out to be quite different. Proper communication (whom to contact and how) was also mentioned as one area. New methods of marketing such as social media and other basic issues of exporting were also present. How to conduct a proper market research was also mentioned as an area which needs improvement in skills. Some business advisors were not very well experienced while others were seasoned professionals, so the answers in our questionnaire vary a lot. For example, some business advisors replied that they were not able to have a huge success with their consultancy while a few others had a remarkable business achievement. For example, one business advisor successfully helped to launch a new brand label, find sub-contractors, design the product and made marketing plans. Another business advisor managed to help in filing a patent together with another SME and design new products. Some had successful market and customer research as well. Finding partners and other competitors in high-tech bio sector was also mentioned as an achievement. An interesting point was laid out by a business advisor in the survey “Sometimes the company has a great idea or a great product but they haven't even thought about the marketing groups. This is one thing that must be first thought through; perhaps make a survey about the possible customers.” It was also mentioned that in some cases it was difficult to get answers from the partners or customers and the problem was solved through the network connections of the business advisor. Here it shows clearly the strength of good business networks. It was noted that sometimes a market or product expert needs to be consulted because often a company has wrong information, expectations or assumptions regarding some new market.
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Learning through trying different ideas worked well for one business advisor, where a particular product that was used for water quality was tried for food quality and it turned out to be a success. The importance of taking into consideration the local people of the foreign market for product reviews and calling seasoned experts of that line of business was also highlighted by a business advisor. Rapid iterations and quick analysis of feedback and relevant improvements in the product helped in getting partners and customers as well because now the product suited their requirements. It was said that taking the working product or prototype when meeting a potential partner or customer is the best way to approach business. Business advisors were able to successfully engage their SMEs with business partners in different degrees. Some managed to get about ten business partners while others managed to find dozens of relevant business contacts for potential future collaboration. In case of one business advisor, their SME got about ten successful business orders while another found a supplier that suited their needs. A freely shared thought by a business advisor is worth mentioning here: “The most important thing is that the company is committed to put efforts in international actions. In this project I have noticed companies and assignments where advisors should do the whole job. It is not advisor's role to sell or lead the process. And again we returned to basic issues: does company have enough resources to go international.” We at the BASIS project organizing team are delighted to read encouraging reviews about how useful the project proved for the business advisors. This statement sums up the project’s success very well: “Very good and useful project! One has to do and try to implement oneself.... You cannot do successful business by e-mail and phone. You have to be there, learn and see!”
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8.2 Experience of SMEs The feedback from our questionnaire for SMEs reveals interesting results. It shows how some SMEs had very focused and specialized requirements and targets while others were mainly looking to broaden their understanding of the international market in the Baltic Sea region. For example, when asked about their goals for internationalization, one SME replied ‘To find new contacts; see the other culture and get more experienced’ while another company said ‘Get to know some new areas close to Finland and find possible partners both for production and selling’. Other SMEs were looking for new customer leads and sourcing possibilities, video game publishing and education industry in Sweden, sales agents and local sub-contractor for manufacturing metal components for their machines, etc. The first step to internationalization also had different learning curves for most of the SMEs, some found it very time and money consuming while for newly established companies it was relatively easy because the business advisor arranged most of the things for them. An interesting answer came from an educational game company which said the good thing about game companies is that they are born global so the mindset is already different from the start. Lack of contacts and information about the foreign market was mentioned as the biggest hurdle towards entering and establishing in an international market. One of the most effective ways in making the internationalization process and finding the right contacts and information was said to be direct B2B meetings and casual conversation during the coffee breaks of the seminars. The help from the business advisors was regarded as highly valued as they have a strong business network and good connections, especially for younger companies. One remarkable answer was that when a company finds and meets the right person for business cooperation, then everything else is just a matter of hard work and competitiveness. The BASIS project team is delighted to read about the success stories of the piloting SMEs. For example, many SMEs were able to find business contacts, partners as well as clients and customers. One company successfully filed a patent and entered into production collaboration with another company in Latvia. Another advantage of participating in BASIS, and a potential source of future success stories is that all the SMEs had an excellent opportunity to show their products and services to other interested parties which will definitely unlock more business in the near future. Some SMEs also learned an important lesson – always have your portfolio with you and be ready to present your company. Another successful business story comes from a company that found a customer in Norway through a B2B meeting in Turku, this shows how networking can get you good business. Some companies also received valuable information and material samples from other companies operating in the same field of business.
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Many SMEs have already formed a business partnership which will pave the way for stronger business ties in the near future. For instance, one SME has found two successful business partners in Riga, one in Sweden and two successful customer visits in Sweden. Some SMEs had a good start with serious business meetings in different Baltic countries. One SME had contacts with about ten potential partners and their visit to the Stockholm furniture fair proved to be very successful. Another interesting answer we received is from an educational game publishing company which met a healthcare technology company in Sweden, and they are developing an idea that helps patients in hospitals recover by using technology such mobile games. This company realized that they might have a bigger market for their products in Sweden than in Finland. Newly established SMEs could not engage in a deeper business partnership but they learned a lot about the requirements of the clients and customers and how they could improve their product or service and represent their company in a better way. Some SMEs had already spectacular business transactions with customers and clients while other younger SMEs have not entered into a contract yet. One SME replied ‘Cooperation with Finland and Sweden has result in turnover approx. 700 000 eur/year (off which approx. 10% comes from new customers)’. Another SME said ‘So far a revenue at around 5K Euros. Our more established Latvian contact is around 50K euros. The Swedish customer meetings are around 3K euros. From the new contact in Riga we expect yearly revenue of 5-10K euros.’ While other SMEs have not been able to materialize any business contract but are looking forward to doing business with the newly formed business partnerships. There are also a few companies that were not able to get any business from their participation in BASIS project as they are very young companies and not very well established, another fact to take into consideration is that for some business sectors entering into a business contract takes months of planning and negotiations. When asked to report the number of jobs created as a result of participating in project BASIS and entering into new partnerships with other companies, the response was a very mixed one. Most SMEs said that very little new work was generated so the requirement for additional employees right now does not exist but in near future there is serious potential. One SME successfully managed to create four new jobs in sales, manufacturing and IT. Most SMEs valued the variety of skills the business advisors had, such as their innovative thinking, motivation, specific knowledge of the foreign market and business line, friendliness and cooperation. Another skill that the SMEs appreciated in their business advisor was the
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business network and connections they had. Experience and enthusiasm was also highly regarded by the companies. The SMEs answered that they were quite satisfied with the skills of their business advisors and they were happy with the help and support given by their business advisor. There were also some suggestions for improving the BASIS project in order to make it more effective for all the participants, for example: segmentation of the companies according to the line of business and size of the company. This way it will be easier to know the companies related to your own field of business. More practice and less theory was also suggested by the SMEs, more examples and useful information from the business environment, case studies, etc. would have made the project much more informative. Another suggestion was more networking events should have been organized where a lot of companies would be present and it can be segmented into more specialized industry types to make it easier for the participants to look for potential partners and customers. A few SMEs suggested that it would have been more beneficial to get precise information about the potential customers in their target group and it was highlighted that the most time consuming work for SMEs is to find out essential information about the foreign companies and potential customers and partners. It was also noted that - Trade fairs are a good venue for meeting new contacts. Pre-planned meetings and seminars can offer a more specific type of audience and contacts. Another opinion was that the schools should be taken into cooperation with BASIS for market research activities as projects for young students. We, at the BASIS organizing team, are glad to know that most SMEs are happy with how the project was organized and conducted. These are some of the testimonials:
“This project was nicely organized. The people who are leading this are professionals. I was glad, that I got the opportunity to take part of that. Thanks” “Overall BASIS project was better than I have expected.”
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Final Words To put the whole BASIS project in a nutshell, it has been to everyone very educational and successful. At the beginning we had two absolutely heterogeneous groups: SMEs and advisors. The questionnaire made in spring 2011 revealed that the group of advisors is truly a group of individuals. For example the experience about internationalization differed from less than one to approx. 20 years. The questionnaire gave to us a good base to plan contents to Training Days. We had a good opportunity to get to know lecturers from every partner country, we had good talks during Training Days and during coffee breaks. Most important thing is that we met each other. Now we know who to contact when the need is raised. The branches of SME’s varied also very much. In chapter 8.2. Experience of SMEs is written, based on the questionnaire, that “some SMEs had very focused and specialized requirements and targets while others were mainly looking to broaden their understanding of the international market…”. This result reveals a very crucial thing which is connected with internationalization: SMEs should know what they are seeking for or at least they should be able to create their requirements and goals with the help of an advisor. BASIS website www.ttu.ee/basis includes all the materials we have produced during the project. Our feelings and experiences are documented in our minds. With all these, we have a lot of things to share with each other and use in the future to enhance internationalization processes. We have a very good reason to thank ourselves about the work we have done. During the years to come we will meet each other and pilot companies. Here, there and everywhere. In every case we have an opportunity to remember old cases and company projects and carry out new process little better and thus enhance our expertise.
Like Creative Tony says: Learn your talented creativity brain to spot "new" and "strange" trends & technologies, and transform them in awesome new money-making concepts. THINK!
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