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Growth
Growth
Navigating Your International Expansion
International expansion is a journey. You will need the right vehicles, resources and it takes time to get to the place where you want to be.
How much are you ready to invest and what do you want to gain in return?
16 Sept. 2021 \\ Growth
Patrycja Maksymowicz
The decision to expand internationally depends on several factors, including increased profit, new skills and technologies, as well as higher margins. It is tempting to many, however, before developing and implementing a comprehensive expansion strategy, it is important to establish the company's readiness for expansion.
Some of many questions we like to ask companies that approach our team are:
- What Value do you see in the market for your business?
- What is the potential gain?
- What is your ambition?
- Have you tried to launch here?
- What are the challenges?
You might also like to read about the things to bear in mind in one of our recent articles here.
The more you research, learn and know, the bigger the chance for success. You must analyse the market thoroughly as well as your company's goals and attitude toward risk before entering the market.
Any strategy has to be clear and well-thought-out, any partners carefully and wisely chosen.
Once in the market, you will be constantly reviewing as the realities on the ground change quickly and for an international business to stay ahead of the local competition, knowledge, access to the right data, contacts to name a few are power.
What are the key internal and external considerations that companies need to be aware of? The product, the marketing, the location, and the timing are all critical to a successful market entry strategy.
Think:
- Does the product need to be localised?
- How much awareness is there of the product, the brand or the category?
- Is it necessary to educate consumers on how to use it?
- Where will the gateway into the country be?
- Is there a need for a couple of test sites?
- Are you the first with the solution?
The first-mover advantage is great but can be a high-risk, high-cost strategy. If you wait, you have the opportunity to imitate, avoid others' previous mistakes, gain a deeper understanding of the market, and find a niche that you can capitalize on.
New market competition is often underestimated by businesses.
Do not pursue the market if you cannot see how your product or service will be different from what's currently available.
Market expansion is a journey. You will need the right vehicles, resources and it takes time to get to the place where you want to be. It’s important to look at how much you are ready to invest vs what you want to gain.
To learn more about the key market entry methods to consider and their pros and cons contact our team
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