There is a reason why businesses all over the world continue to invest in the U.S. market. Besides having a favorable economic environment and access to advanced technology, the U.S. also has government policies and regulations in place that provide various tax credits and incentives to foreign manufacturers. But before you decide to expand your company to the U.S., there are a few questions you need to ask yourself:
1. Why would American consumers want to buy your product? While your product may be doing well domestically, consider that the U.S. market is much more competitive with business from all over the world trying to vie for the same consumers.
2. How will the U.S. market respond to your pricing? Factors such as pricing are a key determinant in whether customers will purchase a product.
3. How will you import your products? Getting your product to the U.S. market requires more than meeting the standards set by potential vendors. You’ll need to anticipate the regulations and compliances required to import your product.
4. Are you prepared budget wise to expand to the U.S.? Expanding your business to the U.S. doesn’t only require expert knowledge but also time and money.
5. How will you transfer your brand? It’s possible that a company with a comparable name, message, or product already exists in the U.S. market. So it’s important to perform proper market research to plan how you will rebrand your company if needed.
6. Do you have a good enough grasp of the U.S. market? Expanding your brand to a new market takes more than simple translation. To get a good grasp of the U.S. market, you’ll need to understand how the culture operates.
7. Are you prepared for the difference in purchase process? For example, while your business may be more familiar with the typical vendor order of case packs, vendors in the U.S. typically stick with open stock.
Tapping into the U.S. market can be a very rewarding and profitable move for Brazilian and other international businesses. If you are a foreign business owner that is exploring the prospect of expanding to the U.S. and would like assistance in meeting any of the questions above or learning what the next step for your business is, contact ReachOut. Our founder Mr. Edsel Oliveira has 20+ plus years of experience helping international companies achieve success entering a foreign market and can help your business do the same.
