While Americans today celebrate 4th of July, businesses celebrate its market opportunities
As today’s Financial Times article reveals, US economic growth enjoys its longest winning streak in history, with uninterrupted expansion hitting its straight 121st month to surpass the 1990’s boom.
So you may ask yourself, how can a country as young and independently-minded as the US achieve this feat? It must be the culture, which celebrates ambition, drives people to innovate and use failure as its lever. The culture rewards speed over deliberation, risk-taking over reflection and facts over theory.
Over the years, having the good fortune to have worked with over 200 companies across 25 countries, it is a regular question I’m asked: “how do we crack the US market?” Answering this question over the past three decades and committing it to writing in my book Working with Americans, the successful businesses in this world’s largest economy ensure they:
- Assume success. Given the US appetite for all things “new and improved,” you must enter the market on this basis, ready to turn on the tap to meet the demand you will encounter.
- Cut through the noise. Being unapologetic about what makes your products and services better and different than what’s already is essential. It is a large, noisy marketplace with award-winners at every turn, so key is providing the reason to buy.
- Think big. While you may be profitable just serving your domestic market today, the US affords the chance to serve 320 million consumers prepared to take a risk buying your wares. Being ready with the right leadership talent, organization, infrastructure and corporate culture will determine your success there.
While the graveyard is full of disastrous brands trying to cut it in the American economy, the international winners share these approaches. Ensuring you do your research and understand the US business culture will make the difference between success and failure. Why not test your knowledge with our online challenge, Are you ready to work with Americans?