Getting your brand landing safely abroad
Source: Unsplash | Dylan Gillis
Deciding to enter a new market abroad is not one that should be taken lightly. In this modern world though; thanks to technology, communication, and transport advancements, it has never been easier to expand your brand abroad. Yet, international expansions still seem to fail on a regular basis. In this article, we will be looking at what to consider before internationally expanding, ways in which you can better prepare for this venture to ensure you land safely when you touch down in another country.
Firstly, extensive international research needs to be carried out. As you might know your current market quite well, but you cannot expect this to translate to the same thing abroad. Different factors need to be considered, and trends within a specific country need to be examined closely. If you are at the early stages of considering international expansion, you might not many contacts or sources of information within the country you are wishing to expand into. If this is the case, it could be worthwhile outsourcing this process to a specialist company. Their in-depth knowledge will allow you to fully assess how easy and lucrative a brand expansion into a specific country could be. Meanwhile, resources won’t be stretched thin due to the time this assessment takes.
It’s important to identify nuances within new markets. Each market has them, and these can change considerably abroad due to different economic, political, cultural, or geographic differences. So what needs to be done, is have a semi-autonomous local strategy that still ticks most of the boxes of the broader corporate strategy of your business.
Local knowledge is great when performing this type of assessment. When the business is up and running, it is good to have local experience on your side. It could be tempting to relocate current members of staff abroad, or to build up a team from scratch. To gain this local experience fast though, it can be worth investing in an experienced local executive. This could be a larger expense than you were considering, in the long run it can save you both time and money, as local executives will be able to set up the most efficient and effective lines of communication. Both with the local area, and relaying it all back to you.
This only scratches the surface of what is needed when expanding internationally. Hopefully it casts some light on some of the key areas that need investment if you are going to be successful abroad.