International expansion provides an entirely new market of people that your business or product can serve and can allow your business to significantly grow. However, it's important to understand the challenges of international expansion and make an international plan well in advance to ensure a smooth transition. This can be done in a number of ways, from finding existing international teams to partner with to thoroughly researching the country's culture and language to better communicate with the target international audience. Below, 15 Forbes Business Council members shared their best tips for businesses considering international expansion. Forbes Business Council members share advice for entrepreneurs considering expanding internationally. Photos courtesy of the individual members.1. Finding The Right Partner The most important element to international success is finding the right partner who understands the local market dynamics and establishing a structure that mutually rewards long-term success. Some companies approach international sales (particularly distributor relationships) as transactional, which may lead to short-term sales but could negatively impact consumer perception of a brand. - Scott Lerner, Better Choice Company 2. Looking At TAM And SAM Start by doing deep marketing research and market potential analysis, looking at the Total Addressable Market (TAM) and the Serviceable Addressable Market (SAM). Research and calculate carefully! Additionally, it is worth looking for reliable local partners who know the particularities of the market and who are familiar with promotion and sales channels on land. - Denis Kalemberg, Airome Technologies Pte Ltd Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify? 3. Customizing Your Offer To The Market Understand first the market dynamics and specifics. Perhaps there are some language or cultural aspects to take into consideration. Some countries also have different purchasing habits. As an entrepreneur, you must customize your offer to the market. Most of the time, working with a local partner can be highly beneficial to avoid pitfalls. - Fabrice Testa, Maana Electric 4. Considering Cultural Differences Cultural differences are a primary consideration. The first question you need to ask yourself is how well the product or service that is successful in one country travels across international borders. It's not just the language barrier and hiring a translator to address it. You will probably need to change every aspect of how you go to market so your brand feels like an insider versus an intruder. - Andrew Ellenberg, Rise Integrated Marketing 5. Hiring An International Team When building an internationally recognized brand, find local resources to understand, enter and grow in the foreign market. Assembling an international team can be achieved these days through partnerships, alliances and direct hiring. Review country-specific industry associations and begin connecting with leaders of their executive boards. - Marilisa Barbieri 6. Researching The Country's Language Knowledge Take your business global demands specific data as prerequisites for seeking hypothetical upshots of your product's absorption (penetration of the market) or adsorption (just scratching the market surface) rate. So, before your business starts marching toward international markets, you should primarily research the targeted country's language knowledge and purchasing power or GDP per capita. - Saikiran Chandha, Typeset 7. Being Available Across Time Zones My business is run completely in global markets and over the years, the most important thing that I have realized is to be available across almost all time zones for your clients. Customer service is at the core of my business and I have set up remote offices with their local speakers in different jurisdictions to ensure that no client has any issue when it comes to language or timely responses! - Aidan Healy, Healy Consultants Group PLC 8. Knowing The Product Value To International Countries "International" is a term that is so unspecific that it can be near meaningless in establishing a growth strategy. Instead, break down the regions, countries or communities of greatest alignment to the service or product being offered with the cultural connection of how it will fit a unique need in that locale. From there, a global growth strategy can be stepped and piloted with intent. - Lowell Aplebaum, Vista Cova 9. Understanding Customs, Culture And Desires What is the need for your product in that country? What do they have now? How will your presence contribute positively to the culture and the country? It's vital to understand the customs, culture and desires of the people as well as speak a language they are familiar with. Too often, companies expand without doing research into the differences. Understand the uniqueness before investing in expansion. - Kevin Coker, Proxima Clinical Research, Inc. 10. Doing Market Research Entrepreneurs must be cautious with each and every step of their expansion into the international market since the new market has its own risks and rewards. Learn about similar products or services' success or failure in the new market by getting into the streets personally would enable an entrepreneur to strategize their future success. - Kiara Streater, Extraordinary Headhunters LLC 11. Hiring Firms In The Countries You Expand To They need to fully understand the makeup of the country they want to expand into. Surveying the area and the market is the first action one needs to do in order to have any chance to expand in that territory. You need to know what people think and how they behave. I suggest hiring firms located in those countries to be sure to properly integrate with their aesthetic and perceived values. - Andrea d'Agostini, SalesJet & Monarchy Media 12. Creating A Brand Standard To Share With International Teams Before expanding, create a brand book that outlines your brand standards and covers everything from your company’s mission to approved logos and fonts. Not only is this a valuable exercise for your own internal use, but this book will ensure that your international partners adhere to your brand standards. - Kelley Higney, Bug Bite Thing 13. Doing The Necessary Research Research, research, research. Spend the time to understand the messaging and marketing materials you are going to use to hit the mark in your international campaigns. The current marketing strategy doesn’t always mirror itself in a new market. So research, test and then implement. - Udi Dorner, SetSchedule 14. Adapting Your Business To New Challenges How will expansion into a new international market affect current operations? Will there be linguistic and cultural barriers to face, and if so, how will you approach them? Which local laws will affect how you currently run your business and how will you have to adapt to them? What are the financial hurdles you might face with opening accounts in a new country? - Johan Hajji, UpperKey 15. Knowing The Cultural Norms When expanding into international markets, it is important for entrepreneurs to research the cultural differences in those markets and to adapt their business plans accordingly. For example, a business that is successful in the United States might not be successful in Japan because the cultural norms in those countries are different. - Matthew Ramirez, Rephrasely |
