Chinese mobile phone manufacturer, Huawei Technology Co, has a long term goal: to become one of the most recognizable brands in the world.
This year, the company took a huge step toward that goal by becoming the first Chinese company to be recognized in Interbrand’s 15th Annual Best Global Brands Report, which lists the top 100 most valuable brands in the World.
At number 94, Huawei still ranks far behind Apple (No. 1) and Samsung (No. 7), the top two producers of smart phones, in terms of global brand value, but it is not far behind in terms of manufacturing–and its markets are growing.
While Apple and Samsung battle it out in the U.S., Huawei continues to produce smart phone products focused on the growing Chinese market of middle class consumers as well as under served markets internationally. In fact, sixty-five percent of company revenues are realized outside China, most notably in Europe, the Middle East and Africa.
Hauwei “continues to demonstrate its technological prowess in both its consumer products as well as in its enterprise solutions,” Interbrand’s CEO Jez Frampton stated in a company press release announcing the new list. “It remains well positioned to meet the needs of customers in both emerging and developed markets.”
Huawei’s strategy to focus on international markets that are currently underserved is a great lesson for entrepreneurs who all too often get caught up in the lure of the lucrative North American markets. As well, many inventors and product developers are quick to bag a great business idea because existing products or services exist in the market.
What entrepreneurs fail to recognize is the international market potential for their idea. With a strong and trusted international business partner, your product or service might well serve a market out the U.S. that is currently ripe for tapping.
Expanding internationally is a complicated proposition, but done with proper planning and execution, it can be a great way to build your brand.