Market research is important.
It’s also something business advisor Maarten de Jeu emphasizes.
Since launching his company – SVM Business Advisor – de Jeu has established himself as a leading figure in internal business, financial services, and commercial real estate. He has proven his deep knowledge of the global financial sector.
Fortune 100 companies seek him out. Technology start-ups and Ultra High Net Worth individuals reach out to him.
Swift decision making and effective team building have given him recognition among top businesses.
Since his days at the University of Oxford, Maarten de Jeu has striven to be number one.
According to US Trade statistics from 2006, 95% of the world’s consumers and 70% of the purchasing power resides outside the US. In 2018, global web sales alone made nearly $3 trillion.
Seeing this has led countless businesses to expand globally. They rush out into traffic – the tantalizing call of new customers being too much to ignore.
Only when looking up from the stretcher do they realize their mistake.
Like looking both ways before crossing the street, it’s important for businesses to do their research before deciding to go global according to Maarten de Jeu. The global market is full of pitfalls for new businesses. Learn more: https://www.crunchbase.com/person/maarten-de-jeu
The first thing a business should do is check if the market actually needs their product in the first place.
Despite being in demand locally, there is no guarantee that the market at large also wants your product. Consumers may have access to similar products at a cheaper price. Local businesses that sell similar products could offer more value to customers.
Customers may not even want what you’re selling in the first place.
And if they do? Local laws and regulations may end up negatively impacting you. Not just your finances but your reputation too. Maarten de Jeu believes companies should hire local business experts and legal counsel first. Tax, employment, and immigration laws need to be understood before moving forward.
Your entire business strategy will need to be adapted to fit the new landscape. The things that work for you now will need to change.
What shouldn’t change, however, is your product.
Your reputation hinges on being able to provide the same level of quality to foreign markets. Provide worse service than what you’re known for and you’ll regret it.
Maarten de Jeu’s final word of advice is to check your finances.
Don’t turn a blind eye to risks; Seek out an unbiased professional for advice before you go all in.