(1) Find a gap in the marketFinding a gap in the market, particularly in a sector you are genuinely interested in, will go a long way in providing the boost you need to stand out in a crowded and confusing global marketplace. It’s exactly what we did when founding Torro Cases – and within three years, we’ve grown from being a hobby business to one with over 100,000 customers worldwide by identifying a strong niche. When smartphones took off, people were paying a huge amount for the latest devices, but couldn’t find cases to do them justice. There were basic plastic cases at one end of the market, overpriced cases at the other, and little in between. We identified a clear gap in the market and channelled our energy and resources into fulfilling it with an affordable, yet high-quality product. It just goes to show the value of doing your research and leveraging gaps in the market quickly for success in business.
(2) Go globalIn recent years, online selling has made it easier than ever to trade internationally. At the same time, many new fulfilment networks are emerging that can help extend the reach of your brand. Opening up your sales to other territories can double or even quadruple the pool of potential buyers within your reach. For example, in North America alone in 2016, over 197m consumers shopped online. We started our business in Newcastle, but through online sales, we’ve expanded our geographical reach beyond the UK. With the help of Amazon and our own website, we’ve seen considerable growth across Europe and the US, and continue to expand in these markets, particularly Germany. If you want to do the same, research the international markets where your sector is underserved, and where there could be a gap to fill. Be careful also to research competitors, and map out where you may face pressure from local rivals. Don’t forget to investigate emerging markets, which may offer untapped opportunities for the right kinds of business. Continue on the next page for details on how currency strategy and preparation fit into success in business.
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