That is why it is crucial
to be prepared and develop a complete international expansion strategy before proceeding with the first step. The company's management and marketing specialists should take into consideration many things that may become obstacles for establishing marketing influence on the international level.
Being aware of all multi-dimensional marketing strategy's components will benefit the company and result in revenues' increase, as well as the growth of reputation overseas.
Here are 10 things that you need to implement for global growth:
1. Conduct research and analysis
Product gap analysis specific
for the chosen new market is obligatory as it will predict future demand. If the specific needs are completely covered and satisfied by local companies, there is high competition and market opportunities are limited — even the most effective marketing strategy would not meet the expectations.
You need to be aware of modern trends and know that the chosen market will buy the offered product.
2. Complete a SWOT analysis
Entering a foreign market will often imply a higher suggested product price; that is why understanding the situation with competitors is crucial
. Check what things could prevent the product from the desired sales level and make sure to eliminate those obstacles.
3. Set goals
Measuring expansion progress on both short- and long-term strategy levels is essential
for maintaining profitable existence on a new market. In this case, marketing goals and plans can be quickly adjusted if needed.
4. Attract more customers
There is more behind expanding marketing influence than just thinking how to attract more customers, as the primary goal is also identifying and satisfying those customers' needs.
There is no point in a successfully convinced customer who wants to buy a product but cannot because of shipping issues, operational problems or lack of equipment on the local market.
All businesses that expand internationally must be sure that they can support their customers' needs; otherwise, it is better to serve only one primary market on the appropriate level.
5. Address language and cultural peculiarities
Differences and various small — but important details — related to a specific country's culture may become a complete surprise for marketing specialists, especially when those aspects result in marketing campaigns' failures.
Brand's name may sound similar to offensive or unpleasant notions in other languages, that is why hiring professional translators or bilingual staff should be among the primary steps to do while expanding marketing influence abroad.
6. Package in an appealing way
Each product should be appropriately localised, including packages, instructions and adhering to local standards when being offered to customers from new countries.
Customers would be reluctant to buy something they do not understand or have bad associations with. Expanding globally may even require complete re-branding and marketing specialists must be aware of that and prepared for the challenge. The product that is appealing to new customers is more likely to generate expected income.
7. Focus on customer support
Launching products' sales in other countries and expanding marketing strategies, intended to attract these new clients, will inevitably lead to the necessity of appropriate customer support that can cope with not only linguistic and cultural but also time zone differences.
The company's inability to provide appropriate localised support will affect other customers' decision processes and make them reluctant to buy a product that is poorly supported.
8. Consider legal regulations
Commercial success depends not only on successful marketing strategy but on other factors, which should always be considered when developing a marketing plan.
Advertising strategies will also depend on local legal regulations. That is why marketing specialists should see for the legal counsel related to the specific country before adopting an expansion strategy.
9. Outsource and resource planning
The global expansion strategy presupposes the utilisation of a huge amount of resources for effective implementation. Growing marketing influence presupposes increased responsibility to cover a bigger customer base's needs.
Outsourcing many aspects of businesses operating abroad may be beneficial for the overall financial situation in terms of both the expenses and contribution to revenue generation.
10. Establish contacts
Businesses cannot develop in isolation. Close cooperation with local relevant businesses on all
levels will improve the success rate tremendously. There is not only competition but assistance as well.
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