Social-media-for-business-budgeting-and-planning
Written by Mona Pearl

Social Media: Friend or Foe?

Social media is a great tool to create the first contact, but it takes the “personal touch” to establish a relationship, especially across borders and cultures. When people communicate virtually, it opens up the door to many errors, misunderstandings and misconceptions.

Social media doesn’t replace the personal relationships that occur when you meet face-to-face and where trust is established. Yes, it is a great thing and may save you from buying a ticket across the oceans to simply identify a person. However, the long term and long-lasting relationships you need to succeed when going global are B2B and F2F: back to basics and face-to-face.

Make or break factors in global business development and sales.  A company contemplating a new product for a new market may seek answers to the following questions:

  • Who are the potential customers (demographics, income, marital status, employment, age, etc.)?
  • What are their needs and motivations for purchase?
  • Who makes the purchasing decision? Is loyalty to national brands an issue?
  • What features and options do they expect?
  • What quality is expected?
  • How much are customers willing to pay?
  • Will customers want several versions with different features in different price ranges?
  • How will potential consumers learn about the product?
  • How often will they purchase it and when?