How is business in Pakistan these days? Could it be better? What strategies can be adopted to make it better? What does 2011 hold for its economy and your business?
Have a majority of Pakistan’s small to medium sized enterprises (SMEs) considered expanding directly into global markets in North America, EU, 360directory Asia? Either by finding distributors/wholesalers in these regions or by soliciting business directly from the end-user whether this is a company or individual consumer? Can these companies utilize direct and interactive marketing (DM) to expand beyond their borders? How can they do this and what are the most effective and affordable ways to do so? If they are already in global markets, how can DM be used to support and improve their efforts and results? Breathingsocial Can DM be used to increase market share in their home market?
Pakistan SMEs are fortunate to have organizations like the Small and Medium Enterprises Development Authority (SMEDA) Idealbiz and the SME Bank. These organizations recognize the importance and the vast potential of SMEs. Working in conjunction with private and public agencies and associations and armed with the knowledge that they can expand their business themselves, should propel a percentage of Pakistan’s SMEs into the global arena.
In Pakistan, Populardiary 93% of all business enterprises are listed as SMEs. That’s 93% of nearly 3.2 million businesses. Pakistan’s SMEs contribute +30% to the overall GDP and 25% to the country’s total export earnings.
Even if only 1% of Pakistan’s SMEs take the global direct approach, that’s almost 30,000 companies entering the global market. Perhaps a more realistic goal would be for 1/10 of 1 percent (0.001). That would still be nearly 3,000 companies! That’s good news for Pakistan’s economy and employment picture and to build Pakistan further as a global brand.
Can this be done effectively, efficiently and at low risk? Yes it can. Is there sufficient opportunity for solid return on investment (ROI)? For those businesses that can provide their goods/services overseas, Yes!
As a market example, the U.S. is the most “business and import-friendly” country in the world. US import value exceeds 95% of the GDP for all countries of the world combined. The U.S. makes it easy for non-residents to establish businesses here. There are highly targeted databases available on over 23 million businesses and on every household in the U.S. One U.S. data company offers over 300 demographic and lifestyle selections on every household in the U.S. Total US import sociablediary values in 2009 were US$1.7 trillion dollars even with overall imports declining in that year. This resulted in generating US$30 billion in import duties and fees which makes the US Customs Bureau the third largest generator of revenue in the U.S. after the International Revenue Service (taxes) and the Social Security Administration (retirement/pension fund).
Let’s look at one market segment: textiles and apparel imports into the U.S. With only one exception- when textile and apparel imports fell by 2.0% in 2001, these imports have risen steadily since 1989-culminating in a total value growth of 249%. While imports declined in 2009 by 9%, a double digit increase occurred in 2010.
And to make it even more inviting, Webhitz there are excellent companies within Pakistan that can provide the creative, marketing and tech services needed for a company to expand globally by going direct to the end-user.
Pakistan’s businesses should ask, “Are we taking a passive or active approach to our businesses?” Pakistan is not alone in the need to ask this. The global economic downturn has affected all markets. Advances in technology and reliance on the internet have both assisted business and threatened the very foundations of how many businesses function. Many, by necessity, are experimenting with new methods, diversifying, trying new things, adapting to new realities.
How do individual businesses maintain market share and increase their export business? What methods are used to ensure business increases? If the traditional models are functioning efficiently, that is excellent news. But in these difficult times, is this enough? Are there other methods to test? The global economic reality is that all businesses have to do more.
Should each SME in Pakistan consider taking a more direct approach to both global and domestic sales?
Consider, yes. Act upon it? Not always. Every SME’s business model and circumstances will differ. To increase domestic market share it will depend on if the goods/services offered lend themselves to a direct approach. Will DM prove responsive and be worth the investment, however small? If the goods/services can be marketed outside of one’s borders, and if management has the comfort level to implement a direct strategy and if the ROI is there, then a global direct strategy needs to be seriously considered. Staffing need not be an issue as much can be overseen by one or two people.
What is a direct approach and how can it be utilized and maximized to find more customers.
The direct approach involves determining as precisely as possible the target market-your potential customers and clients. This can be a direct sale to a customer-either an individual consumer (B2C) or a company (B2B). Or it can involve using DM to finding local agents/distributors or wholesalers abroad who will purchase your products and then sell them through their existing networks. The next step is choosing the best message and methods to reach the prospects directly. Can a direct sale take place with little introduction or is it imperative to introduce your company and educate the potential target as to the benefits of doing business with you? Usually an introduction is needed and credibility needs to be established. How to start: Bestbizofweb Begin by mining databases for best prospects, refining these lists and determining the best method(s) of contact.
How can this be accomplished?
o What is you desired result? Immediate sales, encouraging any type of contact with your company, asking the prospect respond to a survey or specific questions, securing a meeting for a presentation, promoting and raising the awareness of your company or brand within an industry sector, directing responders to your website or signing up for a newsletter/e-letter?
o Start with a review of your target market. Then find sources that can not only find the best databases but fully refine the search so nothing is wasted. One pays a certain amount per thousand records so refining the target universe saves money immediately and can further save on printing, lettershop, and postage costs if the preferred contact method is a postal campaign. For more details please visit here sites:-Newbizlisting.com