International Trade Centre Dia Dhuit! Mary Rodgers Classic Irish - - PowerPoint PPT Presentation

Ireland West

International Trade Centre

Ph: 086.3298976 @Statesideportal

www.statesidesolutions.com

Mary Rodgers

Classic Irish American. US Market entry and sales specialist. Trainer, Mentor, Optimist.

Dia Dhuit!

Morning Session…

1 The US is open for business – An Overview 2 The Rhode Island Project – Overview 3 Sales & Marketing – Reference Sales 4 Deliverables for Rhode Island Project

The US is Open for Business

PART ONE

Irish companies directly employ an estimated 80,000 people within 227 companies at over 2,600 locations, in all 50 States across the US – American Chamber of Commerce 2015

US Landscape – an overview

Population of over 318 million. 1 Million live in Rhode Island. Irish companies have invested $34 billion in the US economy USA is Ireland’s single largest market 627 Irish Companies exporting to the US Unemployment rate 5% lowest since April 2008

US Landscape – an overview

Exchange Rate 1:09 - expensive to do business Cultural ties between the US and Ireland extend to business Banking not as advanced payments often still made by check. Sceptical of buying online from foreign companies, merchant number can fix this.

US Sector Clusters

PART ONE

Rhode Island Clusters

Jewelry Upstream Chemicals Downstream Chemicals Leather Goods Fishing More info: Rhode Island Employment and Clusters

US taxes an Overview

Sales Tax: Every state has it’s own rate of sales Tax. New York 8.5% on clothing over $110. Rhode Island no sales tax on clothing less than $250, but specialty clothing items like sportswear are subject to sales tax. Tax added at register. Selling on Amazon: Product code is key so that Amazon charge appropriate sales tax for each

• state. Sellers need to be careful here as they will still be liable and may loose sales.

Tax Year: April 15th is the deadline for personal Tax filings. Everyone must file a return. A State and Federal return. Maximum personal Federal taxis 39% Corporation Tax: Subject to state and Federal Tax. Every state offers incentives.

Tax Rates Statutory Corporate

VISA OPTIONS

PART TWO

“The visa waiver program is not a revolving door” - Deirdre O’Brien Immigration Attorney @US Visa Expert

Visa Options

VISA OPTIONS

Sales & Marketing

PART THREE

“It’s not a race to the bottom, don’t try and compete on price we want quality products at a fair price”

• Jesus Leal Novartis

“We will always meet with an Irish Company – the door is open, they just have to ask”

• Donna Drummond Northwell Hospital System

“They don’t listen, they come in and pitch but no one is asking questions or listening to our answers”

• Rebecca Cenni Atrium Staffing

Preparing for US market entry

Enterprise Ireland Research Library – Competitive research Check availability of company name First trade show should be fact finding Competition/Expert meetings - advisory boards build credibility Understand International USP may be different than indigenous market Speak to a lawyer early in process to understand compliance requirements You pay for what you get price your services accordingly

Sales & Marketing

First sales will be loss leaders: Companies need to know their breakeven point. Manage expectations and understand sales cycle Reach and Frequency key – who is representing the brand. Online sales companies will need to get a merchant number Ensure Pilot sites are relevant and you have resources to implement/ NDA and guidelines Distributors: Establish guidelines be aware of exclusive agreements Consider a beachhead strategy: Direct Sales, Contract, Distributor, Resellers Continually assess market conditions – Market Drivers

Get your Network on!

DIASPORA

Kinsley Akins – Diaspora Matters

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Irish Diaspora in the US

America’s Most Irish Metros #U.S. Metro % Irish ancestry 1 Boston, MA 20.4% 2 Middlesex County, MA 16.9% 3 Peabody, MA 15.8% 4 Albany, NY 15.6% 5 Syracuse, NY 15.0% 6 Worcester, MA 14.8% 7 Camden, NJ 14.8% 8 Philadelphia, PA 14.2% 9 Long Island, NY 13.1% 10 Wilmington, DE-MD-NJ 13.0% Among 100 largest metros. Primary Irish ancestry only.

Diaspora

“It is that quality of the Irish – that remarkable combination of hope, confidence and imagination – that is needed more than ever today. The problems of the world cannot possibly be solved by sceptics or cynics, whose horizons are limited by the obvious

• realities. We need men who can dream of things that

never were, and ask why not”

President John F. Kennedy Address to Dáil Éireann, 1963

Legal & Logistics

PART FOUR

US Company Set up… The Basics

Types of Entity selected important for Taxes Company set up basic entity cost $2000 Bank account will be needed (Silicon Valley) US Phone Number /Office /FEIN Function of US entity important for taxes “Sales and Marketing” entity Every State has it’s own IDA seek out incentives

Hiring Options

1099: Similar to self employed responsible for own taxes Full time Hire: Total Compensation – Salary, benefits, 401k Contractor: Hire through an agency - 30% margin but none of the logistics to be handled At Will hiring: Easier to hire and fire Hiring Documents: Handbook/ Offer Letter/Vacation Managing Expectations: Managing Staff remotely/ Reference checking/ Sales

****Top 50 places to visit in 2016***

• NY Times

#GoProv

Twitter @ProvidenceRI

Making a plan for the US

PART FOUR

What do you know about your US market opportunity?

• Market size and trends
• Customer profiles including demographics
• How do customers use my product?
• Alternative solutions used by customers – status Quo
• Competitors & market share
• Power of suppliers
• Buying process and decision makers
• Regulation and compliance issues
• Cost of Sale
• Logistics and supply chain

US Market Research

• Assessment of a

US market

• (general

information about a country)

• Economic
• Social / Cultural
• Political / Legal
• Technological

Industry Information (relates to your product category)

• Market size
• Segmentation
• Competition
• Consumer

Specific market information (used to develop marketing plans)

• Product
• Pricing
• Distribution
• Promotion

US Primary Research

Primary Research is the process of gathering

• riginal information directly from individuals

who have access to it.

• Competitive analysis
• Speaking to employees/vendors/Users
• Completing your own customised market research

questionnaire, interviews studies (Survey Monkey)

• Engaging in customised product evaluations

Methods of Primary research

Qualitative and Quantitative

Focus Group Surveys Interviews Panel Experiments

Focus Group Research

“ Market research that's already compiled and

• rganized for you. (“desk research”)

Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

• State or regional Agencies (EDC in Massachusetts)
• Local government and industry associations -Nyc.gov/ Enterprise Ireland
• National Associations (AMA.org)
• Trade Shows and Conferences (Showcase)
• Webinars/seminars (Competitor analysis)
• Networking Groups (“Meet ups”/Irish Diaspora/ Niche Market groups)
• USA Statistics in Brief http://1.usa.gov/HExevZ
• Industry reports: Economist Intelligence Unit, Forrester or Ibis World.
• Individual Company Research: Hoovers, Orbis, Kompass and LinkedIn

Example of Secondary Market Research US Sector Clusters

Do you have a Niche offering?

A niche market is a focused, targetable portion of a market that addresses a need that is not already being addressed and targets a narrowly defined group of target costumers

In order to define your Niche market you must

• Know your USP (what make you stand out from your competitor)
• Have completed market research to know your costumer base will purchase
• Choose a niche market that’s available
• Market, market, market

What does a niche look like?

Extreme Sports enthusiasts History Buffs Motor Home Owners Carpet Cleaner Business Owners Pizza Restaurant Owners Winter Camping Enthusiasts Siamese Cat Owners Geriatric Dentists Baby Boomers Landscape Company Owners

THE MEETING

“THE FIRST 90 SECONDS OFTEN DETERMINES TONE OF MEETING”

Introductions Confirm connection Thank prospect confirm why you are here Elevator pitch - 3 differentials/USP “We are here today because...” Probing Questions Next Steps – Close Follow Up

THE FORMALITIES

Sell the value and benefits

• f your product

Tell the prospect about how your products can cut costs, reduce time, increase profits-and then quantify it using facts and figures – Stats impress and are quotable. Keep them simple. Talking about how you’ve helped someone else might pique their interest, too.

Research must be relevant

Ask questions listen to answers

You need to ask questions that will uncover the prospect's needs… Then you should show them how whatever you're selling can help them fix a problem they have

Address challenges

Ask about a difficulty or challenge they have, and then address that in your pitch using their exact language. Your Pitch becomes a recommendation using their language.

Keep the conversation interactive

After giving any part of your presentation, you can ask, “Are you with me so far?" You can vary this with, “How does that sound?” or, “Do you see what I mean?” and, “Does that make sense?” Always listen carefully to not only what they say, but to how they say it. Always allow a few seconds after they respond to give them time to add something else.

Anytime you give a benefit. ASK

“How would you use that?" or, “Could you use that?" or, “Would that work for you?” or, “Would that be of benefit in your situation?” Again, LISTEN to what and how they respond…

Key Question

“Do you have any questions so far?“

This is one of the best questions to ask, and it’s also one

• f the least used. You’d be amazed by the kinds of

questions you’ll get, and each one reveals what your prospect is thinking.

Trial Closes – Testing the close

“Does this seem to be the kind of solution you are looking for?“ or “How is this sounding so far?”

• r, with a smile in your voice,

“Am I getting close to having a new client yet?”

“What haven’t I covered yet that is important to you?“

When finished – before closing

Does this seem to be the kind of solution you are looking for?“ Am I getting close to having a new client yet?” How is this sounding so far?

What does success in the US Look like for you?

Two documents - One Page each

• Executive Summary
• Sales and Marketing Plan

DELIVERABLES

Document One (using market validation plan)

Executive Summary for US

1 Why USA? A paragraph on the market

• pportunity for your product or service

Back it up with findings… 1 Findings from Research primary and secondary – use stats here keep it simple.

Sales & Marketing Plan

1 What your plan to achieve 2 One Sale. Find a Partner 3 How you will achieve it 4

• Direct Sales - Find a distributor – Licence

How you will prepare for Market entry US marketing collateral – Attend a trade show

Prepare – Plan - Execute

One Page US Sales and Marketing Plan

THANK YOU!

Contact Info

086-3298976

mary.rodgers@statesidesolutions.com @statesideportal