Our Co-Founder and Managing Partner David Hernandez had the privilege of speaking at Enterprise Singapore during CES. Learn more about the key takeaways highlighted below!

CES 2020 Enterprise Singapore: Breaking Into the U.S. Market

At the Consumer Electronics Show (CES) in Las Vegas, lotus823’s very own David Hernandez took the stage and presented on the topic of Coming to America – How Brands can Break into the World’s Largest Consumer Market.More than a dozen Enterprise Singapore exhibitors and CES attendees gathered for Hernandez’s talk in the Enterprise Singapore Pavilion in Eureka Park on Thursday, January 9th at 3PM PST.

Business investors yearn to get their products into the United States Marketplace. With over 331 million people and a current annual consumer disposable income of more than $14 trillion, the United States offers the largest consumer market. From the business-friendly environment to specific technology and workforce factors, the nation’s land of opportunities is what truly allows global businesses to thrive and get their foot into the market.

“The key element is for brands to understand the importance of a cross platform strategy in order to engage their prospects/audiences and convert them into customers,” explained Hernandez.

With thousands of new brands being introduced to the U.S. annually, statistics show that as many as 95% of new products will fail in year one. New product launches are six times more expensive than line extensions. Along with that, only one in five will survive for more than a year. After two decades of working with start-ups, Hernandez knows it can feel like a steep climb. 

How can a brand overcome the obstacles? Hernandez shared four points that businesses need to consider: creating a competitive product that meets a consumer need, identifying and claiming a viable market position, knowing where your potential customers are shopping, and communicating with them on multiple levels in varied ways.

David Hernandez Talks at Enterprise Singapore

In addition to those factors, effective brand marketing is essential. Over the years, U.S. consumer shopping has changed. More than 51% of U.S. consumers shop online, with Amazon being their number one destination, and this figure will continue to rise in coming years. Businesses will find success by speaking to the American consumer in an approachable and relatable way, clearly communicating the value-add propositions of your product, and reaching them where they are most active.

Hernandez explained the benefits of using a cross-platform marketing approach, including paid, earned, shared, and owned efforts. Advertising has come a long way with the expansion of digital marketing and social media. While traditional media still plays a role, brands can utilize Google Ads to tailor content for their distinct markets.

Public relations is often applied with integrated marketing, as the two work hand in hand. Brands can choose to take advantage of vital tools, such as media relations, influencer marketing, and gaining exposure by attending trade shows or other events depending on their goals.

Lastly, many businesses partake in content marketing for the many advantages it offers. Content marketing helps build brand awareness, trust, and loyalty. Quality content produced from blogs, vlogs, or even white papers, can draw audiences to a brand’s website, leading to boosted web traffic. 

Businesses investing in the U.S. gain competitive leverage from one of the most open markets in the world. Hernandez encouraged attendees to believe in the journey from awareness to conversion by focusing on brand awareness first, then sales through eCommerce and utilizing third-party platforms like Amazon.

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