Local partnerships are key to commercial success in territories outside of the home market
Last week I had the privilege of speaking before an audience of senior representatives from Qatar, Russia, Brazil, South Korea and France at the ICCO Summit (10-11 October) in Paris.
I was asked to address the issue of how ICCO members can maximize new business opportunities globally by focusing on 55 one-off major sports events over the next decade that’s collectively worth a cool £5.9 billion in incremental new business.
However, there are significant barriers to securing lucrative contracts and this is where market intelligence has an important part to play.
The recently published ‘Global opportunities for sports marketing, infrastructure & consultancy services to 2020’ by IMR provides a blue-print for how this can be achieved and I recently advised the Government earlier this year on how UK sports marketing and consultancy services companies can capitalize on the growth opportunities available in the wake of the phenomenally successful London 2012 Games.
One challenge to securing new business may not be that obvious or immediately apparent but involves getting to grips with unfamiliar legal frameworks in overseas markets.
For example, contract law and the protection of intellectual property (IP) rights and their enforcement coupled with taxation laws and regulations can also be a significant burden for an agency when trying to do business outside of the European Union.
Other challenges include establishing local partnerships when targeting new overseas markets. And a key barrier to growth for ICCO member agencies is the ability to reach the appropriate partners in order to collaborate with them in a local market outside of their home territory.
A lot depends on developing local partnerships in order to open the possibility of new business opportunities and such issues can also impact the growth potential of an ICCO member that relies on identifying suitably qualified local capability to carry out services in a market that requires a high level of technical expertise and experience.
Ardi Kolah was recently elected as a member of the PRCA Council and is author of the best-selling The Art of Influencing and Selling. Order your copy today for a 30% discount by clicking here