When you decide to expand your business and conquer new markets, it is wise to have a strategy for your company to pick up fast in terms of growth and profit. Here is how to get started.
Research
Educate yourself on the customs and business etiquette of the new market. It is better to know the history, the proper way to greet someone, the ordinary times for lunch (or prayer times) so that you don’t look odd when pitching for business. Gather historical data on the currency value, fluctuation and import or export timelines. This is important as the deal you discuss today may not be executed in time to reap the full benefits. You could be negotiating a deal that will be worth 15 percent less a few months later.
Understand the laws
Know how the laws governing business will affect your operations. At the same time try and get representation locally and seek advice from experts as it will help you navigate those unforeseen obstacles. Before you sign any contracts ensure that you understand all the terminologies and provisions. Comb out everything and read between the lines before you sign any legally binding contract.
Culture
What’s your view on culture in the region you are looking to expand into? Studying both professional and personal customs will give you the green light and help you conduct yourself in a respectful manner. It will show the new business community that at least you know how they do things and that you have taken your time to adapt to their culture. Make sure you point reaches home in any communication. And use appropriate salutations – in most countries men are referred to as MR and women as Madam so don’t get it twisted.
Time
When is the best time to launch? Put yourself in the shoes of clients or consumers in your new market, and ensure that your products and services are launched at the right time. Consumers have an innate mindset and behavior so do it at the right time so that they are able to remember your brand. Conduct focus groups to test the waters and understand the people you are targeting. It will position you for a bigger share of that new market.
Strategy
You don’t have to test the waters to do well in a new market. Find out what your competitors are doing in the same territory. Who else is planning to enter the same market and why? What are the challenges and obstacles they face. Armed with the answers, you will be able to approach the market in style. Do things differently and make sure that you are building your brand’s presence and market share. Make sure that your brand is understood, and that what you bring to the table is proof that you did your homework.
