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|---|---|---|---|---|---|
| Population | 2010 est | 313.2 M | |||
| No. Households | 2010 est | 114.8 M | |||
| Currency | 2010 | US Dollar | |||
| GDP | 2010 | $14.72 T | |||
| GDP Growth Rate | 2010 | 2.70% | |||
| Inflation | 2010 | 1.60% | |||
| Unemployment Rate | 2010 | 9.70% | |||
| Population Below Poverty Line | 2010 | 15.30% | |||
| Imports | 2010 | $ 1,935 T | |||
| Exports | 2010 | $ 1.289 T | |||
| No. Mobile Phone Users | 2010 | 279 M | |||
| No. of Internet Users | 2009 | 245 M | |||
| Sales Tax (paid at point of sale) | 2010 | 0-10.25% (State & Local) Applies at Point of Purchase |
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| Source – CIA World Fact Book | |||||
Understanding US Business Culture
While the American’s & the British may appear similar in language & culture, the two nations are actually quite different. Understanding the idiosyncrasies between them will ensure you’re better equipped to enter the market, negotiate deals & develop long-term business relationships.
Building Relationships - Americans often build relationships through business, not business through relationships. Work out the details of the deal first, the relationships will come later.
Active Selling - Is expected, often to a degree that might be considered excessive in the many markets, particularly the UK & mainland EU.
Time is Money - Be well prepared with samples, packaging & sales sheets. Know your ROI, sales forecasts, pricing & the logistics.
Deadlines - Are Real & Short! Respond quickly or risk losing the business.
Know Your Competition - Know your competitive advantage over specific US suppliers, as well as your domestic & international track record.
Say What You Mean - Being direct is a virtue; Ask for what you want, Say what you mean & Do what you say. Being shy & unassertive may be seen as weakness in the US. Americans won’t take offence to well-phrased, direct questions because they ALWAYS reserve the right to say no.
Be Positive - The British tendency to be self-effacing or downplay achievements can CLASH with Americans ‘Can-Do’ attitude & tendency to take information at face value.
Follow Up is Key - Effective follow-up is essential & often involves persistent & repetitive attempts to make contact. If you’ve called or emailed someone 2-3 times & haven’t heard back, don’t assume they are disinterested. Instead, remember that persistence is expected in the US; it may take you as many as 10+ attempts to get a response, whether positive or negative.
Business Etiquette - Conduct in the US is generally conservative, polite & succinct; it is important to clarify the Benefits for your prospective customer.
Articulate Your Competitive Advantage - One of the keys to success is having a strong product or service offering & being able to clearly articulate your competitive advantage.
US Buyers are Time Poor & Bombarded - With marketing collateral & sales pitches from hundreds of companies, it’s extremely difficult to get their attention. Success in the US is often based on persistence. It’s not uncommon for a buyer to need to hear your message a no. times before they can differentiate it from all the others.
Increase Your Chances of Getting Noticed - by keeping the message concise & diversifying the channels you use to deliver it, such as email, phone, publications, third parties & personal visits.
Americans are Creators of 30-Second Sales Pitch - Whether you like or loathe the idea, the level of marketing noise bombarding buyers & the no. of competitors makes it a necessity. You need to be sure you can move a US buyer from passive disinterest to curious engagement as quickly & effectively as possible – ideally in 30-60 seconds!
