|| For Freelancers & Entrepreneurs |
Whether your business is performing as well as you intend at the home front or not, marketing your products or services in other countries may be a lucrative proposition. The global market can be complicated but it offers home-grown companies a lot of opportunities for growth.
However, before embarking on opening your doors for servicing demand overseas, it is important to determine which foreign markets are the best fit for your products and services. You should also objectively assess how prepared your company is in dealing with overseas operation. Have you started building relationships with your partners overseas? How committed are they in orchestrating a successful entry for your brand?
Another critical step is to assess the adaptability of the product or service itself. Will local consumers readily identify with your brand? Do you need some product realignments to cater to local consumer preferences? Which local brands will you be competing with and how will your team build product differentiation and unique value?
Your local support group is also an important component of your overseas venture. Have you formed a team with the right people on the job?
Assess how much funds you need to allocate for the expansion and whether the costs won't compromise your operations at home. Do you just operate an online store that also caters to foreign consumers? Or do you need working with local dealers or distributors to bring your products to local customers?
Once you have adequately addressed these questions, you can have your team draw up a strategic entry plan to the foreign markets you want to participate in. remember to consider the local culture and language in addition to the market conditions. Some symbols, messages, and other branding paraphernalia may be offensive to local tastes and these should be re-packaged appropriately.
