My parents told me that everything which gets attention grows. Everything you focus to, blooms.
An export manager will divide his attention over all of his countries, but will focus to those countries which will help him to accomplish his targets and give him the highest revenue. In many companies the revenue target (Growth) gives the best results in the overall achievement. But who’s to blame, you need to take good care of the goose that lays the golden egg. You do not want to lose revenue.
Like Colin D Till commented at my previous post “A changing world needs a plan B.” I summarize it as: Monitoring of data and figures gives knowledge. It shows opportunity’s to target your focus and gives tools to make the right decisions. Do you know which customers you need to target to get the best results?
I like to prioritize and limit my attention to a select number of markets. When doing so, I use my data to shift and select the markets that will support my goals. I look at my current customers/markets with the 80-20 rule, also known as the Pareto-principle. It is a well-known and easy way to target current valuable customers. Roughly 20% of my customers are responsible for 80% of my revenue, therefore these 20% of my top customers are where my focus needs to be. I look at the market growth potential. With my market data I can review which markets have the best opportunities. Calculated expectations vs. achieved results and I know where work needs to be done.
After I have reviewed my current markets, I will also look for future stability and opportunities to expand my markets. Therefore I keep a growth list. This is a top down list of my most interesting markets based on a market review, where I compared different markets with criteria that I think are valuable for my company and products. I suggest to always keep a healthy balance between new markets and existing markets.
New markets are a lifeline to me . I use them as a long term strategy to secure future growth. Never the less it is vital to enter the new market at the right moment. What I learned is if you focus to your new market and give it the attention it needs, you will be a winner. If you blur your focus, it will haunt you.
if there are too many markets to focus on, give me a call at +31 343809997 or send me an email at f.reussink@exportassociate.com and I will help you to restore your focus, grow your sales in new and existing markets.
