Many manufacturing companies who were just at the beginning of the internationalization stage before COVID-19, might be affected much more from the pandemic than others.
The reason for “bigger than expected” damage is simple.
The companies which already had channel partners and viable export operations abroad would not need to create brand awareness, as it exists already in the market. Thus, once Covid-19 will be releasing its grip off the markets, those companies will “hit the ground running” with existing clients and projects. The newcomers will naturally start from zero level.
The unpleasant truth is that the local markets, tend to favor brands which are already well established.
The “Covid effect” will linger, as caution and uncertainty still prevail. Consumers, buyers, dealers and distributors might be hesitant to immediately expand into new brands, industry sectors or projects. They are also just emerging from great uncertainty, which might have caused them some great financial distress. So, everybody will try to steady the course and calm the situation.
“Consumers, buyers, dealers and distributors might be hesitant to immediately expand into new brands.”
So, what can a company which finds itself in this situation, do?
First of all, this is a good time to re-evaluate and transform the way you operate and work with your partners. COVID-19 has changed the way we do business, manage and interact with people. Just think, how much you have spent time in online meetings before the pandemic, compared to now?
Analyze what has changed in your competition and what countries could be the fastest to bring you return on investment.
Discuss with your partners and evaluate which ones are ready to commit 110% to your growth plan.
Plan and agree with your team and partners the best way to proceed in the target country.
Focus on few countries only. The rest will follow.
Nordic Industries Development Oy have helped hundreds of all type of manufacturing companies to succeed and transform their business models and markets, in good as well as in bad times, globally, since 1994.
Send us a contact request or give us a call. We would like you hear your side of the story and help you re-evaluate your markets and navigate the post COVID-19 period.Written by JUHA SEPPÄNEN (CEO, NORDIC INDUSTRIES DEVELOPMENT)
Nordic Industries´ experts recommend:
5 actions each company should do immediately in their international sales channels:
Download PDF file from below:
Send download link to: