Successfully expanding a business into another country is one of the prime goals that every business has, as it proves that you’re a big brand in not just your native market but also in international ones as well. However, achieving this goal is easier said than done, as there have been countless businesses that have seen great success in their local market that have failed to grow and take off elsewhere.
The reasons for failed expansion can be down to numerous issues, such as a failure to fully research and understand the target market as well as mismatched marketing efforts. To help your business expand and grow, here are some tips on how to grow your business in a different country.
Choose the Right Market
One of the most important things businesses need to do is to decide which market is best suited to their service or products. Each country has its own tastes and needs, meaning that a product that might be successful in the UK, such as steak pies, might not be successful in Thailand.
It’s important to conduct market research to see if there is a gap in the market for the goods you’re offering as well as if there are any competitors. It’s vital to learn more about the cultural differences and different lifestyles in your target country, as this can dictate customer habits. Many businesses that are looking to expand for the first time simply choose to expand into the country that’s adjacent or closest to their home base. This might not always be the best idea, so conduct thorough research into consumer behavior, logistics, regulations and financial aspects, such as taxation and import and export duties.
Create targeted content
When expanding into another market, you want to make sure that your marketing and content are accessible to the population, as this will help create interest in your product or service. It’s a good idea to translate any websites, blogs and social media into the native language, and even have a dedicated native language alternative for all these platforms. This is because customers want to feel comfortable when they’re buying, so having online content that isn’t properly translated can be very off-putting. You should not rely on Google Translate to make your online presence accessible either, as machine translation is prone to mistranslation, which could negatively affect the clarity of your content. To get the best results, and to make sure your business can better reach a foreign market, invest in certified translation services.
Formulate a strategy
Every big change for a business – which expansion definitely is – requires detailed planning and strategizing to help keep the endeavor on track, as well as to let your staff know the steps they need to take to make it happen. You want to create a plan that’s localized and that’s tuned into the specific economic, cultural, governmental and market conditions.
You want to have short, medium, and long-term goals defined so that you can measure progress and evaluate whether the expansion is working. You also want to define the key metrics to measure this success and decide the business structure you want to use for the expansion, such as a separate company, a branch or a sales office.