Tips To Get Your Booth Stand Out At An ExpoApril 21, 2017
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There is no denying it; growth in your home territory can give you some indication of how well you will perform overseas. Successful growth in one country tends to give that company an advantage when it comes to international expansion, and you should expand. With markets more saturated than ever there is only one certainty; if you don’t take the overseas market then someone else will.
But that doesn’t mean international growth is easy. Quite the opposite, in fact, which is why it is important to understand how to make the transition from domestic to global as successful as possible.
Choose The Right Markets
With almost 200 countries in the world to choose from it can be hard knowing where to start, which is why there are different strategies you can use. The most common expansion strategy is to move into marketplaces where there is a shared language. For example, America, Canada, Australia, New Zealand and the UK all share a language, and this has its benefits. However, one of the most effective expansion strategies is to pick your markets based on how well your product or service will sell. After all, high demand should not be ignored. So make a note of which countries already have a successful market for your product and prioritize these.
Use The Right Structure
When it comes to taking your business global, there are numerous different ways to go about it; all with pros and cons. Some are more complex than others, some require more investment etc. However, when it comes to deciding on what business setup you are going to use, this can usually be whittled down to three main options: opening your own office overseas, leveraging the use of key players (such as distributors) already established in the country, or establishing a partnership with an already established company. Each of these will have a different impact on your business growth and how you reach your target consumer, your budget and the timeframe for success. Piggybacking the efforts of others through an acquisition, for example, will speed up the process but may cost more.
Know The Cultural Differences
To put it simply, every country is different, it is what makes our world so incredible. The people are different, the languages, politics, religions, the rules, laws, and regulations; all of it is different, including the rules of engagement. As such, it is imperative that you do all the market research you can before making any big movements. To help you with this, we suggest you hire a local consultancy firm. This will allow you to quickly understand how the local laws, taxes, rules and regulations all work. It will also allow you to better understand your consumer and make an informed decision off the back of that. These will be things like marketing strategies, advertising campaigns, writing, web design and just about everything else. The more you know about the market you are moving into the better your chances of success. It is a simple formula, but it is one that you must absolutely adhere to.