Hanna Ristola
Managing DirectorPremix Group
Finland
hanna.ristola@premixgroup.com
The geopolitical shifts brought about by the pandemic and European conflicts have reshaped the global economy, amplifying the significance of the United States. In this transformative period, the US has emerged as Finland's largest export partner, attracting the focus of numerous Finnish as well as companies from other nations. This surge in transatlantic trade has intensified the competition within the US market, making it imperative for businesses to understand how to stand out in this competitive, yet fast growing market.
These are my findings during the path of internationalization and establishing the US operations of Premix, a leading plastics compounder renowned for modifying plastics to be electrically conductive.
Innovate or stay home: Internationally viable product
At the heart of Premix's success story lies innovation. By introducing electrically conductive plastics for ESD protection to the world in the early 80’s, Premix not only pioneered but also perfected the niche market. In the competitive US landscape, having a great product that stands out is fundamental. Understanding the unique selling points – be it advanced technology, unmatched quality, or transformative benefits – is the passport to global recognition. Finnish companies, steeped in engineering expertise, often find their differentiator in technology-driven solutions. However, merely having a great product is not enough; it's about articulating and being able to present its value from the customer's perspective.
Local presence: The power of personal relationships
In international business, personal connections are invaluable. The adage "it's not just what you know, but who you know" holds particularly true in the US. Establishing local connections is not just a strategy; it's a necessity. Like many others, Americans prefer doing business with locals, as personal relationships in the US are formed swiftly and are deeply valued. However, having key people from the headquarters to bring the company culture and values is of essence. For Premix, this meant not just emphasizing local aspects but also cherishing the company's Finnish roots and values.
Being genuinely local may also require a manufacturing facility in the US. At Premix, we paid attention to the fact that local production not only enhanced credibility but also conveyed the message that products were authentically "made in the US" which raised the customers’ interest.
Speed: The currency of opportunity
In the fast-paced American business landscape, time is a prized asset. The ability to respond swiftly, be it in decision-making or correspondence, is a necessity. Delays, even minor ones, can be perceived as a lack of interest or professionalism, potentially causing business partners to lose interest and find opportunities elsewhere. Monitoring market trends, swift decision-making, and proactive communication are the tools that enable businesses to seize the day, ensuring they remain agile and responsive.
Efficient supply chain management is crucial, and with local manufacturing, the customer requirements can more easily be fulfilled.
Courage and collaboration: The winning recipe
Thinking big and being brave is what makes the difference in the US. Innovation and investments require courage. Americans, with their keen eye for opportunities, appreciate collaborative ventures where mutual benefits abound. Be brave in networking with companies that share your values and find new innovative ways to work together with them.
To summarize how to stand out in the US market, Premix's motto "Let’s Make a Good Mix," catches the essential. Use the ingredients of innovation, great product, right people, local presence, speed, and collaboration, blend it well and spice it up with your special and unique elements and you will have a great chance of succeeding in the US.