US Market Insights
The United States is one of the most developed and diversified economies in the world – with a GDP of $20.49 trillion and a population of 318.9 million.
However, the Covid-19 pandemic has now created a new set of challenges for the US market.
Enterprise Ireland is responding to the global crisis by working with Irish exporters to help them avail of business response supports announced by the Government. These supports are designed to help businesses stabilise and adapt to the evolving situation, in preparation for getting back on the road to recovery.
Ireland enjoys a unique advantage in trading with the US because of our deep historical links. Relations between the two governments are exceptional and cooperation at an institutional level is excellent including research, innovation and education. The US is Ireland’s second largest export market, with almost 800 Irish companies operating across the United States.
$21.31tn GDP (2019)
$65,127 GDP per capita (2019)
327.2m Population (2019)
Get Export Ready
The US has 50 states, four time zones and takes five to six hours to cross by aeroplane. To put it into context, Ireland would fit into the US 130 times over. There are also cultural differences between the north and south, as well as the east and west coasts. For this reason, it’s important not to treat the US as one market. It is crucial that you first identify the type of customer you hope to sell to, find the areas where they are most densely clustered, and how those customers like to buy their products.
Key Market Sectors
Enterprise Ireland is playing a key role in helping Irish companies discover export opportunities in the US market. As one of the world’s most diversified economies, successes are punctuated across all sectors.
As the largest consumer market globally, the US adds appeal to Irish businesses who want to scale, and develop a presence within their sector overseas.
- The US accounts for well over a quarter of the world’s R&D spending across multiple industries, as well as 2.8% of US GDP.
- €4.3bn Enterprise Ireland client exports in 2019.
- 2nd largest manufacturing economy in the world.
Market Insights to Build Business Resilience Series
Ireland is well positioned to do business in the US with direct flights to Miami, Philadelphia, Los Angeles, Charlotte and Seattle. It is worth visiting to assess on-the-ground opportunities, attend trade shows and connect with potential agents or clients, in person.
When you do win a local client, ensure they are pleased with your service and then shout about it. Use them as your local case study, it will help US buyers believe in your brand.
You must have an ‘elevator pitch’ ready at the drop of a hat and you should have a company slidedeck on hand that is short and to the point.
Best Routes to Market
Choosing the right route to market is very important.
Agents bring a deep understanding of local business practices and distributors can deliver products geographically across large nations. Joint ventures and acquisitions bring valuable established contacts, customers and market knowledge. Local representatives may not always be necessary with many global markets open to direct sales and prospecting from Ireland. Other markets require a ‘boots on the ground’ approach – the power of referrals and networking shouldn’t be underestimated. Geographically vast, the key routes to market in the USA are through networking – in person and via LinkedIn – as well as referrals from existing business contacts.
Download our Going Global Guide to the United States to find out more.
Before You Go
Before you go, we recommend you invest some time in researching the terrain before you explore the American market. Here’s a few starting points to consider…
- Market Landscape
- Market Trends
- Target Market
- Market Segmentation
- Market Competition
- Market Research Resources
Enterprise Ireland’s Market Research Centre offers client companies access to market intelligence in the form of company, sector, market, and country information to explore opportunities and compete in international markets.
Helping You Succeed
We are committed to helping you succeed in global markets and have an immense wealth of knowledge and expertise in the American market.
Enterprise Ireland assists clients entering new markets with pre-visit support, in-market support, international trade events, additional supports and access to mentors.
We have market advisers located in New York, Boston, Austin and California who are always available to support you and provide business expertise and on-the-ground knowledge.
USA – New York Office
345 Park Avenue, 17th Floor
USA – Boston Office
535 Boylston st, 5th Floor
USA – Austin Office
515 Congress Ave Suite 1750
Download our Going Global Guide or talk to one of our Enterprise Ireland market advisers in your closest US city, today. Find out how you can achieve your global ambition.