The global marketplace is rapidly expanding, yet at the same time it’s packed with niche markets. Today’s storefront now stretches beyond its physical threshold while an unprecedented number of business transactions now take place across national borders.
Thanks to the Internet and realities of global business, local businesses now have opportunities to enter new markets like never before. Yet this means selecting the right approach is crucial. So, here are five keys to successfully roll-out into new markets and pursue a global expansion.
Nothing is worse than underestimating a foreign market and subsequently getting lost in translation. Be prepared for cultural nuances and the impact they will have on your products and services. Create goals and checkpoints, plan for each step (with five steps in advance) giving yourself a proper runway to gain momentum while entering new markets.
When In Rome…
Do what you do best, but remember your audience. Speak their language with authenticity and sincerity because you have yet to establish yourself. Making friends and forging strategic partnerships can be difficult or easy depending on your level of commitment and approach. Build a foundation within your niche and get to know your “niche” neighbors. Work with the right partners and they will reinforce your international endeavors.
Reuse And Refine
Once you’ve managed to make a name for yourself domestically, many of those brand qualities should help you thrive in new markets. Bringing time-tested methods to a new audience gives you a blueprint and a script. Relying on “old guns” can give you a leg up, but be sure to polish them to target the right places and fit into the right holsters, so to speak. “Starting a new business is one thing but turning it into a global business is something that’s completely different. Finding your niche and relying on others will help you become successful in many global markets,” says Mike Brcic, Chief Happiness Officer of Sacred Rides, a mountain bike adventures company.
Pick Your Target
A true analysis of a new market means checking the feasibility and benefits of doing business. Selecting markets that closely align with your goals, after careful examination, will save you a lot of time and effort. Pay attention to where competitors have faltered and learn vicariously. Adapt and think on your feet!
One Step At A Time
Entering a new playing field means operating with a whole bevy of new factors such as currency and regulations. Be prepared by doing your research. Be aware of local government and private recourse, hot spot locations, transport and the natural flow of goods and people. Never underestimate and always over prepare.