Secondary markets play for primary
[testimonial by="Evan Pennisi, globalEDGE blog" from="Michigan State University, Broad College of Business"]
Places like India, China, and the United States are well known for their innovation and technological development. However, Latin America happens to be one of the fastest-growing technology markets in the world. With Brazil being one of the largest economies in Latin America, many people may assume Brazil is leading the way in technology. Yet, this is not the case. This past year Panama replaced Uruguay as Latin America’s technology leader.
Get over the BRICs
Sure, the BRICs (at least 2 or 3 of them) represent substantial market opportunities based on sheer population. But here's the unvarnished bottom line - they can be a business nightmare.
Don't make your international business development market selection decisions based on the latest Newsweek headlines....in recent years a group of secondary markets have been rising in influence and as attractive business destinations. They often have far lower barriers to entry and offer a simpler business environment. The compromise had been that in exchange for those benefits and simplifications one agreed to forgo the preeminence boasted by the BRICs.
But something interesting has started to happen....some of these secondary markets are taking on leading roles. Panama is a great example, as is its neighbor Colombia. In Asia many of the ASEAN nations offer dynamic market entry opportunities.
Don't export by accident
But in the absence of a properly developed, strategically founded international business development plan, companies respond to inquiries and chase headlines - they export "by accident." We help companies prioritize markets (weighing population against ease of entry and ramp-up time) and often suggest dynamic secondary markets as fruitful opportunities for rapid growth. Isn't it time to grow your business strategically rather than reactively?
Consilium Global Business Advisors assists companies in developing, preparing and executing strategically conceived international business development programs. Contact us to learn more.