The goal of any business is to expand as much as possible. To be a part of the global market means to be on top of your field: greater profits, more customers. International business is not easily accessible, but those who expand their business have a greater chance of surviving and adapting to any changes, risks, and dangers in the market. That means – you need a strategy.
There are a lot of questions to be answered for a successful international market growth strategy: about the product, location, marketing, and timing.
- How well is your product, the brand or even the category known? Do consumers need to be informed about the product? Do they need information on how to use the product?
- Entering the market later allows the company to gain a better comprehension of the market, the consumers and find a specific niche to fill. The advantage of being the first in the market lets the company set the rules of the market and create, build better brand loyalty. However, it can be an expensive, high-risk strategy.
- Are you just planning to sell the same exact product in new markets or will the product need to be localized? In other words, does it have to be adjusted or changed to meet local conditions, tastes and cultures? Are entirely new products needed?
- Where will the gateway into the country be? Are major cities the best starting point or do you need another location? Will one region work the best or do you need more? Is a nationwide strategy better and achievable? Are you going to try a test phase of market entry?
So do you have all the answers? Or do you need help? For more information about market entry visit https://pointoneintl.com/international-sales/sales-outsourcing-services/market-entry/.