Our client, a U.S.-based, privately held, global provider of equipment and services for electric power systems enjoyed a well-established sales and product distribution network in North America. As the company has targeted accelerated international growth, its management was identifying new distributors in one new international market per year.
Recognizing the need rapidly diversify beyond one marker per year, the client engaged Baker Tilly’s international growth services team to collaborate on this strategic program.
Baker Tilly prepared a plan to 1) quickly identify attractive new markets for the client’s products, 2) research and recommend local distributors, and 3) arrange for in-person, on-the-ground meetings among the client's staff and distributor candidates.
Initially, Baker Tilly researched eleven potential new countries to enter and interviewed forty potential channel partners. This was the first time the client had taken this approach, as traditionally they would research and select foreign channel partners themselves. After working with Baker Tilly, the client stated, “The difference between using Baker Tilly versus doing this in-house was remarkable,” and made note of the following nuances.
The client remarked that the collaborative process focused management, freed up time, and saved money, increasing their channel footprint abroad and accelerating international revenue. More specifically, in the first year alone, the client enjoyed a 15x ROI on their investment in this project.
International diversification will also help the company weather future domestic economic slowdowns.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.