Effective strategies for breaking into new markets
The dream of every business owner is becoming a global brand. Achieving this will open a lot of business opportunities that will help the organization secure a larger market share and adequate funding to run the business. Currently, we see many household brand names that were formerly limited to the North American regions opening branches all over Europe and the UK. It is not surprising that these companies have thought it important to break into new markets in foreign countries. Obviously, the demand for their products is high and this means more profits for the company. Typically, there have also been new entrants into various business fields in America by companies from Asia and the UK, competing with the American brands for the vast market opportunities in America.
The international marketing policies encourage global expansion of businesses because of the positive impact it has on the economy. Foreign businesses coming into the country means added revenue both for the government which will come at minimal costs to the business when compared with the potential of reaping huge profits by virtue of the business expansion. Currently, the competition is doing it so why don’t you start planning to break into new grounds.
The introduction of better technology has made it easier for businesses to break into foreign markets, referring to online e-commerce websites where purchases can be made online and the goods shipped to the customers in a few days. However, if your business requires setting up a factory and physical sales outlets, setting up business in a foreign country will require more procedures as defined by the regulations in the new country.
Some foreign countries have friendly laws and foreign policies controlling the entrance of foreign businesses, but there are other countries where the requirements as stated by the applicable laws could be very stringent and sometimes lengthy, this could discourage a business owner from pursuing plans to expand its business in those countries.
Every global expansion plan needs to be executed carefully to avoid common mistakes like the following:
- Hiring untrained staff
- Failing to establish an adequate marketing strategy tailored to the foreign market
- Losing out on the advantages of early entrants into the foreign market
- Low customer conversion results due to poor marketing strategies
Hiring the right people
There are options to outsource your hiring, but you will still be required to provide some guidelines that will determine the kind of employees that will be hired to work for you. The focus should be to hire proficient candidates who have evidence of past experience in your line of business.
Once you have been able to identify candidates who have sufficient experience in your line of business, the next step is to screen them to identify positive attributes like intelligence, confidence, high self-esteem, mental stability, good temperament, ability and willingness to learn quickly and good customer relations. Having experience alone will not work; experience has to be combined with a number of these traits to provide value for your business.
The essence of every recruitment exercise is to build a formidable team that will implement the right strategies to successfully break into a new or already existing local market despite the challenges.
If you’re working with head-hunters for recruitment in China or Europe, you need to ensure that they understand the local market and can demonstrate a track record of success in helping their clients build successful teams in early-stage environments.
Building a good team
Building the right team might take a while, what matters is that you have gathered a group of people with special skills that can complement each other while the team gradually takes shape. Your team needs to be guided on its path to success with the right goals.
One thing is certain; you need to establish a business that will grow to become one of the leading brands in your niche. This is why building and developing a good team is important. Your team will continue a successful repetitive strategy that will grow your business over time.
It all depends on the effectiveness of your marketing strategy. When your employees use the best marketing strategies in the right way, the target audience will be reached and your brand messages communicated to them. Creating awareness for your brand in a new market should be the priority here; your target audience needs to know about your brand's existence and the promise of customer satisfaction they will get when they patronize your business instead of the competition.
The benefits of short-term goals
Setting both long and short term goals must be an important part of your plan to secure a larger market share when breaking into new markets. The short term goals are easily achievable and they serve as an encouragement to forge ahead even when there are apparent challenges ahead.
Your business goals should never be vague; they should always be in line with growing your business. When this is done, no matter how minor the short term goals that have been met are, your business will feel the positive impact.
Short term goals can be easily met when experience and good marketing skills are combined to convince customers to patronize the business. Breaking into new markets will pose more challenges that will in most cases require an extra effort to be used in marketing your services.
Getting ahead of any competition in the market will require conducting the relevant market surveys aimed at studying and understanding the exact needs of your potential customers. With this information, you will be able to make better decisions that will drive sales and increase the level of customer satisfaction.
Sustaining a steady revenue drive
Now you have met some short-term targets for your business, you would have also secured the loyalty of some customers. But the revenue being generated at this stage is nothing compared with what your business will have when major long-term goals have been met. This means there should be a consistent drive to increase productivity, customer support, and marketing targeted at increasing customer conversion and improving sales.
Always review and improve your strategies aimed at studying the existing market and the needs of your target audience. There will be changes in demand; you need to know what caused these changes and how you can adapt your business to the changes to keep your customers.
The market scene in foreign countries might be similar or much different from what is witnessed in your local market. Whatever the differences are the general principle of studying your market and knowing your customers will still apply. What needs to be done is adapting your business to suit the needs of the foreign market.
In conclusion, it is possible for your business to succeed in a foreign market. The benefits are too enormous to avoid expanding your business when the opportunity presents itself. Following these guidelines will definitely result in a successful venture. First, you have to put together a good team of professionals, eager and willing to conquer the new market. Then you need to know your new customers, what they need and what they expect to get from your services. Then strive to achieve short term goals in view of major long-term goals. This will create a steady revenue stream while encouraging your team to put in more efforts to grow the business. An excellent customer service is the best way keep you customers and it encourages potential customers to patronize your business.