Keeping global approach, exploring market research and the willingness to reach prospect customers by taking freemium route can prove to be helpful for upcoming and existing American entrepreneurs. Here are some points that focus on importance of these three aspects.
Plan your products or services from global markets prospective
No doubt that Chinese products and services get upper hand due to their extremely low cost. But the world definitely appreciates their global prospective. Whenever Chinese entrepreneurs launch new products or services, they think about launching them across various markets around the world.
Remember how China's GAC Motor Company surprised everyone by launching world class SUV designed for North American market during Detroit Auto show 2015? Today, Chinese products are not only available in Asia, Africa and Europe, but they are also available in American markets.
Unfortunately, this is where American companies and entrepreneurs lack. Most if them just think about offering their product or service in certain states from the United States. So, they might end-up taking several years to reach various American markets, and perhaps take decade to start offering products in Europe and Asia. This is only due to lack of global strategy. Let's not forget that the US market covers just five percent of world's population.
American products or services may not be available at cheaper prices like Chinese products. But, “Made in America” tag and extremely high quality are two elements that can force buyers to spend few dollars extra to buy American products.
American companies that keep global prospective from day one of their launch, would definitely get themselves on global countdown quicker than those who just think about selling domestically.
Companies need to be ready to twist their products as per market research
Remember, these days, customers in any part of the world are very choosy, and they would buy only those products that satisfy their requirements. People do not spend money in experimenting these days. They read reviews, and directly shop within few seconds using their fingertips online.
The best way to understand markets in various countries is conducting market research. Data collected from such research can help you judge the need of people in that country or continent. Chinese companies seem to be pro in the same, and this is the reason they can adapt to almost all the markets in the world.
Recent interview with GAC Motor's Chairman, Wu Song, has highlighted just that. While sharing details about his company's success story, the chairman highlighted the point that their products are constantly upgraded with latest technology that customers in the concerned markets are looking for. He also shared the information that the company adapts new technology after carefully looking at people's demands mentioned during market research. This helps them learn from the customers, and to make sure that their products exactly offer what customers want. Believe it or not, but this has helped the company to reach American markets and to offer its best SUV for North American markets.
Use freemium way to reach prospect customers
Gartner's recent research related to American app developers has highlighted the point that most of the app developers would start looking at profits only in 2018. This is because most of the companies have adopted premium approach to sell their products. While on the other hand, Chinese app makers start making profits sooner because of their freemium approach. Chinese and some European software/app developers offer their products to customers for free and they make their revenue by selling in-app ads to companies or by selling additional products to their customers. Profits might be small, but this is helping them reach maximum number of phones, PCs, and is offering quick growth.
To get more knowledge about this issue reporters interacted with one of California's well-known app developers, Michael Michaels. He agreed that freemium strategy can work better than premium if companies adapt the same after carefully considering their global position and market requirements.
Perhaps, expecting customers to pay from day one may not prove to be a good idea. Offering free access for a few days can also help. This would allow customers to know your product and its worthiness. If they love it during the free trial, they would definitely buy the same. Fortunately, many companies are adapting this policy, and are offering Free Samples of their products on websites like Sample Site.
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