Entering a new market with any kind of product is a challenge, but when it comes to industries that are already saturated, it can seem downright impossible. Fortunately, there are numerous strategies that can help you make your brand known by addressing the top five market entry pain points that companies are most likely to encounter along the way.
One of the trickiest parts about entering a foreign market is ensuring that your brand’s personality isn’t (literally) lost in translation. Utilizing nonverbal and often universal elements is one exciting way to help make your brand’s content feel more familiar to the new market, but this is often not enough for a brand to make a name for itself. It’s important to understand the new market’s culture and how they view certain elements – especially when it comes to value building.
Perhaps the biggest obstacle brands face when preparing to enter a foreign market has to do with a lack of time and money. Selling a product in another country can be downright expensive, not to mention all the time and effort that goes into it. If you rush it, you’re very likely to experience a lower-quality response, and you really do get what you pay for when it comes to marketing your brand. Fortunately, it’s possible to outsource many of these tasks while saving yourself a great deal of time and money in the process.
It’s important to make sure that your company is truly prepared for entering a new market by evaluating the size and scope of its infrastructure. For example, are you prepared to offer customer service according to another country’s local time zones and languages? Are you familiar with any laws that may affect the way you export your goods or operate your business? Can your CRM effectively format things like dates, currencies, and measurements? Overlooking even the simple things can lead to disaster, so make sure you’re prepared for your success in a foreign country before it happens.
Although you might have already considered the competition that you’ll face from the brands that already exist in your target country, it’s also important to do some research into companies that could become your competitors later down the line. The earlier you prepare, the better off you will be in the long run. You will want to be sure that your products exceed the quality of your competitors’, that your brand image resonates with consumers, and that you find the perfect balance between fitting in with your audience while standing out from the competition.
In order to successfully sell a product in a foreign market, you’ll need consumers in that country to be aware that your products exist – and you’ll need them to trust you, too. One of the best ways to address this early on is with social media. Building a presence in that nation’s most popular platforms – Facebook, Instagram, and others – can provide crucial information that could potentially make your product launch in that country much, much simpler.
Market entry can be stressful, challenging, expensive, time consuming, and more. The list goes on and on. However, with the right team of professionals by your side and with a solid brand behind you, success is more than just possible – it’s imminent.