Business Strategies for Manufacturing

7 Strategies for Manufacturers Expanding into North American Markets

For manufacturers considering expanding into North American markets, the thought of doing business Expanding into North American Marketsin other countries can be daunting. However, manufacturers from around the world are devising business strategies to make the move each year to expand into Canada and the U.S.

In a survey conducted by HSBC, respondents from 9,100 companies around the globe, reported that 11 percent of business leaders identified Canada as an attractive market for expansion, right behind the United States, the most desirable destination, at 14 percent. In addition, international businesses have confidence in Canada due to favourable partnership opportunities and proven customer demand. Almost 29 percent of respondents viewed Canada as a gateway to nearby markets.

With manufacturing representing $174 billion dollars of Canada’s GDP, and $2,334 billion in the U.S., it’s no wonder that businesses are looking to get in on the bounty.

79 Percent of Businesses Globally are Optimistic About the Future. Are You One of Them?

As a foreign business looking to expand globally, there are a series of steps to consider before you take the leap into unknown territory. Follow these 7 business strategies for manufacturers to kick start your expansion plans into North America.

7 Business Strategies for Manufacturing Businesses to Go Global

International Business Plan

Before venturing into international markets, companies should draft an International Business Plan. The plan will help with goal setting, resource allocation, product preparation and more. The plan can be divided into sections which include: Export Diagnostics, Market Selection, Market Entry Methods, International Trade, International Promotion & Strategy, and the Economic Plan.

Market Research

When choosing business markets, it’s best to conduct foreign market research. The Department of Commerce is an excellent source of information on foreign markets for U.S. goods and services. To obtain a good idea of pricing, research competitors online and determine what they charge for similar products. This will help you to understand local pricing policies and the level of competition in your industry.

Product Distribution

There are various methods of distributing products abroad. Whether opening company-owned foreign subsidiaries, working with agent representatives or setting up joint ventures, be sure to select the best method for your business. Keep in mind the nature of relationships has changed, especially since the pandemic, putting more emphasis on e-commerce transactions. Companies are using marketing and sales tools to create relationships. They can help prospects get to know, like and trust companies, their products, and people. Businesses can facilitate a sale without ever meeting in person.

Cultural Differences

Cultural, social, legal, and economic differences make exporting a challenge for business owners who have never operated outside of their home country. When looking to expand into North American markets, it’s imperative to understand the differences between cultures. This is important when setting prices, negotiating deals and communicating the product offering to your audience.

Government Resources

Funding your expansion is a top priority when looking to expand globally. Tap into government grants and resources where you can. It’s easier than you think to get the financial support you need.

Local Business Network

Connecting with the right business partners who understand the local market is important for business growth in global markets. Identify key partners ahead of the move including distribution partners, tax lawyers, accountants, and marketing agency support to be your hands and feet on the street.

Brand & Promotion

Establishing a business brand in a new market requires work. Ensure you have done a competitive analysis so that you can position your products appropriately in each market. The business brand may need a refresh to be viable in North America. You may need to revisit your brand story and what makes it unique in a competitive market-place. A digital marketing and social media strategy will be key in building awareness, business strategies and gaining traction into new markets.

If North American expansion is in your business’s future, connect with a local partner that is focused on business growth and can become an extension of your team. At 360 Integral Marketing, we’ll provide you with an actionable plan that will set you up for success in any market you choose.

About Us

PASSION DRIVES US.  RESULTS MOTIVATE US.

We are a senior team of marketing professionals. Our mission is to be a valuable partner in integrating and optimizing sales funnels that deliver measurable results for our clients. Our ongoing commitment is to continue to build on our strategic, creative, execution and technological expertise and be an industry leader known for putting our clients first.

If you interested in working with us, take us for a test drive, try our 4-Minute Digital Assessment, Contact Us or Schedule a 30-minute Free Consultation.  

We are more than an agency, we are an extension of your business – committed to your success.

Anita Booth About the author

Anita Booth is an accomplished marketing executive with a wealth of experience in marketing and communications for large and small sales driven organizations. Her expertise lies in building strong growth plans which include sales pipelines, digital strategies, social media engagement and brand awareness. Working for top fortune 500 companies for most of her career, she pivoted her career in 2018 to partner with high growth companies in the manufacturing, mortgage financing and technology sectors. Her ability to build marketing infrastructures, processes and repeatable marketing systems, make her an asset in driving predictable revenue growth. She has intimate knowledge with power positioning, thought leadership, content creation, and customer segmentation strategies to help your business succeed in a competitive marketplace. Contact Anita today to have a conversation about your business growth needs.