For the second time in the past 10 months, I had the tremendous opportunity to attend an advisory board meeting in the Middle East. For our client, this is a newly developing market that is reaping significant rewards.
Our first meeting last year in Dubai was an eye-opening experience to say the least. For our client to learn first-hand of cultural issues, business model expectations, level of technological adoption, etc. was of great value as they enter this geographic region. Although the board members, for the most part, had not met the leadership team of our client or for that matter, each other, they were amazingly open with their feedback. The follow-up meeting in Amman, Jordan took this to the next level. The members were now happy to reconnect with each other and our client, knew what to expect from the meeting, came very prepared and delivered feedback that was even more significant than what they provided in the first meeting. The discussions were lively, solution-focused and relevant. The list of action items that resulted will keep our client very busy in the coming months.
It often strikes me that so many organizations enter a new market with perhaps some market research, but without the true voice of the customer as foundation for their strategy development. Using the approach described above, and then sprinkling in the development of relationships that lead to loyalty, a little bit of inside info and the actual market insight itself, you have everything you need to enter the market successfully and efficiently. There is no lost time on misguided strategies or product development miscues - just solid footing for increased revenue and market share.