How to market your business overseas
Any business that’s focused on growth will eventually realize the advantages of moving into entirely new markets. It’s never been easier for brands to target a new area, but it needs to be actioned very carefully. It can be an incredibly daunting step to take, especially if you’re already working hard and overcoming challenges. Trading overseas might be operationally easier than it used to be, but marketing remains problematic. The key is to ensure that your overseas marketing plan is designed to suit the audience. Even the biggest brands in the world have made overseas marketing blunders because they have used existing marketing strategies instead of focusing on the specifics.
Choosing the Market
You are going to need to do some research on the best market for your brand and your products. You will have to decide on which factors are most important for your growth plans. That means that you need to consider:
- Does the new location have suitable product demand and market size?
- Will your product or your brand be culturally appropriate?
- Are there competitors with an established market share?
- The income of residents and affordability of your product
- Ease of the supply chain and standardized products and packaging
Take plenty of time to investigate every potential new market to determine suitability.
Adapting Online Channels and Content
Expansion into new markets may mean that you suddenly have a target audience that doesn’t speak the same language as you. That can lead to potential issues with translation errors that can reduce the impact of your targeted marketing messages. Technology is the answer here, with cutting-edge multimedia translation services ensuring that all of your marketing messages can be understood easily by the newly targeted audience, whatever language they speak. It’s also smart to have a physical presence in the counties that you trade in. Having a native team on the ground can be extremely high-value for identifying cultural missteps. For example, you might be expanding into a country where school terms are different. Your marketing material that targets that time of year may be launched weeks early or late, meaning that impact is significantly reduced.
Every marketing strategy starts with market research, and that’s even more important when entering new markets. Start preparing your marketing strategy by doing deep research into your competitors, your price points, and the cost of logistics. The good news is that there is more readily available access to data than ever. There are websites such as Worldbank that can be a goldmine of information regarding global development data. Other resources like the Overseas Market Introduction Service help to connect business owners with local contacts and experts in your sector.
Expanding into new markets is one of the most effective ways to force business growth. While there are plenty of dangers to consider, marketing in other countries has rarely been as easy as it is now. From adapting your digital channels to the seamless nature of today’s supply chains, marketing to an entirely new audience is now accessible to brands of all sizes and sectors.