Valuetainment - November 27, 2018


Episode 218： How To Take Your Business Global


Episode Stats


Length

8 minutes

Words per minute

213.14474

Word count

1,748

Sentence count

132

Harmful content

Hate speech

2

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about why you should take your business out of your home country and into a new market. I also talk about how to break through the language barrier and break into new markets. I hope this episode gives you some tips and tricks on how you can do it.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Number one, prior to you building a global brand, you must ask the most important question,
00:00:28.800 and that is, why do I want to go global?
00:00:31.980 For instance, I was mentoring a CEO who's from Romania, and they have a business where
00:00:37.220 they sell supplies, and it's batteries.
00:00:40.240 There's only literally Duracell batteries.
00:00:42.600 Somebody had one contract, somebody had the Energizer battery contract.
00:00:46.100 And they were the two competitors, and they said, listen, for the battery market, it's
00:00:49.420 capped.
00:00:50.420 I have this, he has this, he has these stores, the markets that sell it, I have these markets.
00:00:55.980 So either we're going to have to build our own stores, or we have to leave our country
00:00:59.400 Romania and go to a different market.
00:01:01.200 Guess what?
00:01:02.200 That argument makes sense for that CEO to take their business global.
00:01:05.540 Now at the other end, somebody said, I want to be able to say that our business is global.
00:01:09.440 I said, does it bring you that much credibility if you put an office in London, and you pay
00:01:14.400 seven grand a month just to say your business is global?
00:01:17.780 He said, in my world, yes it is.
00:01:19.840 Then do it.
00:01:20.840 Not really.
00:01:21.840 Then why are you doing it?
00:01:22.840 Go brag to people, it doesn't make sense, hang tight first.
00:01:25.540 The next thing to ask about when it comes down to why.
00:01:27.840 Are you already that capped out where you're at right now that you have to leave to another
00:01:31.760 market?
00:01:32.760 If yes, then do it.
00:01:33.760 If not, ask the question over and over again until it makes sense.
00:01:36.680 Number two, say it makes sense for you to go to another country, you want to go global.
00:01:42.140 Okay.
00:01:43.140 Then you have to make a list of countries and study the cultures.
00:01:46.380 So we're thinking about going to such and such place.
00:01:48.220 Okay, we're thinking about going to this place, to that place.
00:01:50.220 Because it is like, for instance, we wanted to go to Mexico, okay?
00:01:54.120 We went to Mexico, and we spent time with the biggest life insurance company in Mexico.
00:01:57.580 What I wanted to find out is, is insurance sold in Mexico face to face?
00:02:02.320 Is it a sit down?
00:02:03.320 Do they come to the office?
00:02:04.320 Do you go to the house?
00:02:05.320 Is it a phone call?
00:02:06.680 What is it?
00:02:07.680 Is it internet sale?
00:02:08.680 How is it being sold?
00:02:09.680 Because I want to find out exactly how that culture responds to the product.
00:02:12.920 How do they feel about insurance?
00:02:14.360 If I wanted to go into Qatar, how does Qatar feel about insurance?
00:02:17.800 How does London feel about insurance, how does UK, Britain, how do Germany, how do they feel
00:02:21.500 about insurance?
00:02:22.500 How does Brazil feel about insurance?
00:02:23.500 Culturally connect.
00:02:24.500 How does your product connect with their culture?
00:02:26.760 And not only that, how does their culture work?
00:02:29.220 Certain things.
00:02:30.220 Getting up.
00:02:31.220 There's certain things that you do that you have to embrace their culture, or else it's
00:02:34.480 disrespectful to them.
00:02:35.740 Many, many countries in the Middle East, you do business, certain behaviors are extremely
00:02:39.920 disrespectful when they want to do business with you.
00:02:42.200 So you've got to study that culture that you're thinking about going into.
00:02:44.580 Number three is breaking through the language barrier.
00:02:47.240 Any time I go to another country that I want to do business with, that is non-English speaking, 1.00
00:02:52.820 let's just say their main language they want to speak is their language.
00:02:56.240 If I'm going to France, if I'm going to South America, if I'm going to Mexico, we went to 0.98
00:03:00.580 Mexico.
00:03:01.580 I took Mario with me.
00:03:02.580 Mario translated everything because Mario speaks a language.
00:03:04.820 You're breaking a language barrier.
00:03:06.660 If you already are out, your marketing material, your brochures, your website, email, translating
00:03:13.160 everything, customer service, communicating with the customers.
00:03:16.640 Your employees that respond back, there's got to be a translation where automatically anything
00:03:20.400 can be translated to be sent there.
00:03:22.160 Or certain employees, customer service reps that are working for you, speak that language
00:03:26.620 so they can handle those phone calls.
00:03:27.880 You've got to be able to break through the language barrier.
00:03:30.900 Number four, visit the country and build one-on-one relationships.
00:03:35.720 For me, I like the relationships always to be through word of mouth because it's got the
00:03:40.260 highest level of credibility.
00:03:42.040 So if I say, hey, I'm looking for somebody who does ... I know this guy in Australia, great.
00:03:46.560 Then I send an email.
00:03:47.660 Then we get on a call.
00:03:48.660 We jump on a Skype.
00:03:49.660 If I can do Skype one, that's what we'll do.
00:03:51.900 Then we do a face-to-face, right?
00:03:53.620 Because it's always face-to-face, personal relationship, it's the highest level.
00:03:56.840 But you may do a Skype and say, I don't really know if this is something we want to do right
00:03:59.600 now, we set it aside for a year from now.
00:04:01.320 I think this is something.
00:04:02.680 I've got to go to Australia.
00:04:03.780 I've got to go to this place to build that relationship with them.
00:04:06.020 Number five, study their marketing trends.
00:04:08.920 When I say marketing trends, Facebook is working for your country and may not be working for
00:04:13.600 the other one.
00:04:14.600 YouTube may be big where you're at, but YouTube may be bad where they're at.
00:04:18.320 They may do pay-per-click, and you may not do any pay-per-clicks where you're at.
00:04:22.940 You may be advertising on Twitter.
00:04:24.520 They may never spend time on Twitter.
00:04:26.280 You need to study their marketing trends, their groups, their people, the populace that's
00:04:32.160 buying the product.
00:04:33.160 You've got to study theirs.
00:04:34.160 Number six, currency exchange, friendly billing and payments.
00:04:37.620 Some websites, some portals you use, they're not currency friendly.
00:04:42.000 You've got to make sure you have currency friendly.
00:04:43.680 So if the payment's being made, to convert that currency, it's got to be easy to be done.
00:04:47.900 I've done business for someone, all of a sudden, I made a payment for $6,000, wouldn't go
00:04:51.680 through because the currency exchange, the bank didn't accept it.
00:04:54.460 You've got to ask those additional questions from your bank and your merchant services
00:04:58.080 account that you deal with.
00:04:59.080 Whoever it may be.
00:05:00.080 Whatever portal you use.
00:05:01.080 Authorize.net.
00:05:02.080 Whoever it is that you use.
00:05:03.080 You've got to ask those questions.
00:05:04.080 Number seven, one country at a time.
00:05:05.900 You go seven at a time, you're spreading yourself too thin.
00:05:08.800 Unless if your name is GE, and you have a $17 billion budget, different story.
00:05:14.340 If you're not GE, you don't have that kind of a budget, then you've got to make sure you
00:05:17.740 go one country at a time, is to keep it focused.
00:05:21.660 And then you're learning every time you do a country.
00:05:23.220 You make that other adjustment on the other countries.
00:05:24.960 Number eight, move an ambassador.
00:05:28.360 Any time I go to a new market that I don't know, that market, but I'm moving somebody
00:05:35.280 to that market.
00:05:36.280 I move an ambassador because that ambassador brings one thing.
00:05:39.440 When Toyota came to the States, the reason why Toyota did very well in the States is because
00:05:43.360 they moved their VPs from their main plant that they had to America because they had
00:05:51.120 to transfer the culture.
00:05:52.980 They noticed it was a little bit more sloppy, a little bit more casual.
00:05:56.240 They weren't as focused.
00:05:57.240 Wait a minute.
00:05:58.240 This took you three seconds more than it's supposed to take.
00:06:00.680 Three seconds is not a big deal.
00:06:02.320 Of course it is.
00:06:03.320 When we're building all these cars, you can't be doing this mistake.
00:06:05.980 What is the big deal about that?
00:06:07.240 This is how we do it in our plant, and this is how you need to be doing it.
00:06:10.460 An ambassador spreads that culture into a market that doesn't yet do that.
00:06:14.580 Number nine is government laws and regulations.
00:06:17.580 A lot of times, people don't spend a lot of time thinking about it.
00:06:20.460 You've got to think about taxes, like how China works with 51% ownership, or you have
00:06:24.460 to find the right people who are among many countries you go into, you have to get a relationship
00:06:29.140 with somebody in the government that favors you, that you know of somebody.
00:06:33.160 It's not the same as doing business in every single country.
00:06:35.900 Some are a lot more complicated or difficult, and sometimes you go look at it and say, I don't
00:06:40.320 even know why I'm doing this.
00:06:41.920 I'm only going to make 13% on this, not including all the other fees and things that they want
00:06:46.300 to keep including the taxes.
00:06:47.620 This makes no sense to me.
00:06:48.800 I have no desire to go to it.
00:06:50.840 Even Uber went into China.
00:06:51.840 It didn't work out.
00:06:52.840 They lost a few billion dollars.
00:06:54.380 Not everything makes sense to pursue.
00:06:56.660 So study the government laws and regulations, taxes.
00:06:59.240 Spend that additional money with CPA's attorneys for doing that research for you.
00:07:02.440 And last but not least, test, test, test.
00:07:04.700 Test as much as you can.
00:07:06.500 To find out what worked in that country, what didn't work in that country.
00:07:10.160 We're going to make that adjustment here.
00:07:11.560 We're going to move this over here.
00:07:12.680 We're going to put this over here.
00:07:13.680 We're going to change this service call that we have.
00:07:15.940 We're going to change the script here.
00:07:17.060 We're going to add that overcoming objection.
00:07:19.100 This FAQ is going to have these three new objections that are added.
00:07:21.880 And the way we overcome it is this.
00:07:23.500 You're constantly testing.
00:07:24.840 The more you test this, then you eventually are getting better.
00:07:27.220 And by the way, this helps you when you're moving to the next country because you've done
00:07:30.640 so many tests.
00:07:31.640 You may learn 19 new mistakes that you would have never learned.
00:07:34.100 But you don't make those mistakes on this next country you're going into.
00:07:37.040 So it's test, test, test, test, test until you have a system on how to take your business
00:07:40.780 into a new country.
00:07:41.780 So those are the 10 points I'd give you today on how to take your business global.
00:07:47.240 Thanks, everybody, for listening.
00:07:48.660 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
00:07:53.540 Give us a five-star.
00:07:54.540 Write a review if you haven't already.
00:07:56.360 And if you have any questions for me that you may have, you can always find me on Snapchat,
00:08:00.340 Instagram, Facebook, or YouTube.
00:08:02.460 Search my name, Patrick MidDavid.
00:08:04.400 And I actually do respond back when you snap me or send me a message on Instagram.
00:08:09.300 With that being said, have a great day today.
00:08:11.020 Take care, everybody.
00:08:12.020 Bye-bye.