The importance of making strategic contacts is fundamental to success – particularly when expanding into new territory. Relationships facilitate market penetration, assist in identifying new audiences, and measuring product performance. Partnerships can be formal or informal and require different levels of commitment in order to keep the relationship beneficial.
Rahul Samant CEO of Rehabtronics told us that… “it’s very critical to establish strong sales and distribution channels as well as relationships with key opinion leaders”. Cindy Collins founder of Mining Technology Partners noted relationships are …” huge and the focus of [her] company. [They] put providers together with contacts in Mexico and help them with distribution or [creating a] sales network. Not only this, but to find references and the who’s who of using your products… this industry [mining] is very dependent on the usual early adopters. We are often asked for who is using our customers’ products, especially for the more innovative or game changing products” . Alejandro Godoy founder of Seafood Business Solutions highlighted “…it is very important to develop relationships with key decision makers, specialty seafood buyers in new markets.” Carlos Escobosa Commercial and Administrative Director of The Residences at Solaz observed that “contacts in target markets offer a direct line to what consumers in those markets want, and most importantly, how to reach them in a cost-efficient way”.
This article is part 2 of 3.
In case you missed Part 1: Top 4 Challenges to Business Development.