If you’ve already conquered domestic marketing, you might just be ready to take your business international. Still, conquering foreign market differs quite a lot from doing it domestically. In other words, the formula you’ve used to win over your local customers simply may not work abroad. So, how do you manage to take your business global and succeed at it? We came up with 5 steps you need to follow in order to be able to do so.
Identify similar markets
Since every market differs at least a bit, it’s a good idea to start with markets similar to your domestic market. That’s where your formula might be able to do the trick with just a little modification. Therefore, the first thing you need to do is identify markets similar to yours. Usually, neighboring countries and countries that speak the same language fall into this category. However, it’s recommended that you don’t start expanding until you’ve researched that specific market you want to tackle. Moreover, you might want to visit the country you plan to expand to and try to figure out whether expanding to it makes sense for your business.
Assemble a good team
Of course, taking your business globally means you need to hire more people. It’s critical that you find employees who can help you out when it comes to the market you want to expand to. This means you need employees who speak the language and know a thing or two about that particular country. Since you’ll be working with plenty of domestic companies, having someone who can communicate with them with ease can do wonders for your business. If you do manage to hire bilingual employees for your company, they can translate for on your meetings or simply hold these meetings themselves.
Think about your product
There’s no need to say that one of the most important aspects of taking your business globally is adjusting your product to that country’s culture. The same product might not always work well in two different markets and that’s why doing a lot of research makes sense. What you need to do is take some time to think about the local culture and how your products fit into it. Also, it’s a good idea to take a closer look at the prices in the country you plan to expand to and see if doing so makes sense from a financial point of view. Adjusting the price to the local market is always recommended.
Choose the right companies to work with
If you want to take your business international, you have to work with plenty of foreign companies in order to succeed. This means you’ll need to find good solicitors, marketing experts and even cleaning companies you’re going to work with. Fail to do this, and you’ll see all kinds of problems arise once you start operating in that specific market. Therefore, the key here is to find good local companies to work with. So, let’s say you’re expanding to a city like Sydney and you’re going to be based in Parramatta. It’s critical that you do plenty of research and find a good Parramatta solicitor before you even start expanding.
Research your competition
When penetrating a foreign market, chances are you won’t succeed if you don’t know enough about your competition. So, before you start expanding, it’s recommended that you start researching other companies that already sell the same product you do. Try to figure out what quality they offer and how their prices compare to yours. If they offer more quality or lower prices, penetrating that particular market will be quite difficult. Luckily, with the power of the internet, researching your local competitors shouldn’t be too difficult. You can start by visiting their websites and comparing prices. You can even order their product and see how it compare to yours.
Even though penetrating a foreign market is never going to be easy, with these 5 steps in mind you should be able to do it. Just make sure you’re absolutely sure that expanding to that specific country makes sense before you start investing in your idea.