Original Article by TechSling Weblog:
If you’ve recently purchased one of the houses in Connecticut for sale, or in one of many other areas of the country, you know how difficult it is to score a good deal during a seller’s Market. But that’s probably going to be a fraction of the challenge you’ll face when trying to penetrate a foreign market, particularly one with strict rules and regulations.
Even the massive coffee chain Starbucks, with 27,339 stores across the globe as of 2017, wasn’t able to expand in Australia. The company naively assumed Australians loved coffee just as much as they do in Seattle or at least the average American city, but that wasn’t the case – Australians didn’t care for its hot beverages or its high prices. Starbucks’ last stores Down Under closed in 2014.
If you’re hoping to enter and be successful in a foreign market, there’s a lesson you can learn from the mistake Starbucks made – you need to know and understand your potential buyers and not make assumptions about their wants and needs. Is there interest in your services or products – what does the competition look like? Are there other businesses within your niche that operate there, and if so, what can you do to stand out from the competition?
Do your research to get the answers to those questions and consider these tips for better odds of success.
Networking is a key part of any business, particularly international business. You’ll want to contact people you know in the U.S. who’ve expanded globally already for some insight as well as those in your target market. You might start by connecting with others online, or by attending trade shows closer to home that tends to draw contacts from outside the country, but you’ll also want to travel too, meeting in person with those who may be a great resource for help and information.
Aim to Have a Local Presence
While it’s not always a must to have a local presence for a successful business in an international market, it can sometimes make a big difference. It shows that you’re serious and invested in the nation, boosting credibility which makes it significantly easier to market effectively to potential buyers.
Technology can be one of the most important parts of any international business plan. Use these tools to collaborate and communicate with partners and others you have relationships with overseas. Regular contact is key to success, and using technology helps you to save big when it comes to both time and money. It can also help you stay more organized, keep track of shipments and serve many other purposes.
Learn What the Regulations Are and Be Prepared for all the Paperwork
Each country has its own rules and regulations, but no matter which one you plan to expand in, it will require lots of paperwork. You not only need to research al the rules and regulations but set up an organization system that allows you to keep track of all documents like contracts, forms and other correspondence. Consulting a global expert or hiring an attorney with experience in international business can help to avoid potential legal bumps down the road.
The post Tips for Businesses to Penetrate a Foreign Market first appeared on TechSling Weblog.
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