Learn more about this topic in International Marketing Fundamentals.
Skill Level Intermediate
- The idea of expanding your business to international markets can seem like a huge task. And if you haven't done it before, it can be very intimidating. It may seem like trying to climb Mt. Everest without a Sherpa. My name is Doug Ladd. I've been teaching, writing, working for and consulting with companies all over the world for more than 25 years. In my experience, there are five key points you need to keep in mind. By doing these, you should be able to save yourself and your company some time, money, and frustration.
The first point is to learn the market you are thinking of entering. You should gain appreciation for not only how the market operates in the country you're targeting but also some of the finer nuances. For example, you'll need to know what legal and regulatory requirements are needed to enter the market. The exchange rate between the currency in the new market and that of your home country is important to note. You'll want to know what the customer is like in this market. What they value. How they purchase and use products in your category. And what other options are available to them if they don't choose your offering.
You should also learn about the other competitors playing in the market today. Understanding which competitors you'll face, the strategies they've used in the past when other companies have encroached on their turf, and the way not only the customer but also the other portions of the distribution chain see your competition will be very valuable to you in the long run. Entering a new country is not as simple as shipping a product and hoping someone buys it. There are things you should learn before taking the first step. But you should not be intimidated.
Climbing this learning curve can be done if you have the right guide.