Thinking of going international with your business and expanding abroad? With the rise in foreign markets, especially in Asia and South America, it’s not surprising that many companies have expanded their business and lead to an overall growth strategy.
Here are five things to keep in mind when you’re expanding abroad.
1. Ensure a Solid Foundation
Understand the right time to develop when your market growth and share is at its highest. When you decide to grow your business, you must carry the impression that you have built in your core market as well as the experience you have gained.
It is essential to building a strong foundation for your business in your home base and make sure that it is already stable and continues to grow strong. This is crucial if you are planning to pursue foreign markets.
2. Make Sure Timing is Right
The key to a successful transition is to understand the right timing. Even with a highly innovative product, there is a need for the necessary infrastructure to support your business. In other words, the foreign market should be ready and willing to accept the product. Be sure not to enter a market with weak demand and plenty of established competitors.
3. Ensure Compliance in the Foreign Country
Understand that business ethics is different from every country. Gain a complete understanding of tax laws, corporate laws and everything you need to comply.
4. Learn to Adapt
Companies who enter foreign markets are not a single-track movement. You need to determine how your business translates in the market abroad and how you will support the expansion of technology, finances, and human resources.
5. Set a Realistic Budget
Similar to a start-up business, international development takes plenty of time, effort, and planning before it becomes profitable. Be sure to have a long-term financial plan to decrease the pressure of immediate profit.
There are five things you should keep in mind when you’re planning to expand abroad successfully. What other factors can you recommend? Comment below and let us know what has helped you grow your business!
Market research is meant to help businesses understand the reasons customers will have an interest in your product. This helps study their behavior, including culture, personal and societal factors that may influence their actions.
While doing an adequate market research requires a lot of time and effort, you can still find the right answers without spending your budget. Here are four great tips on doing a quick market research without spending any money.
Tip #1: Interview Customers and Potential Prospects
The most cost-efficient way to market research is to take advantage of the value of conversation. Invite customers to lunch or event and ask them what they think about your brand. In a friendly environment, they are most usually going to be willing and forthcoming. Asking the right questions will give insight on what’s working for them and what isn’t. Simple conversations will provide better knowledge that will help make a better company.
Tip #2: Start a Content Strategy Survey
Will customers take the time to answer your questions? Choose the ideal clients to help you get the answers you need.
Who are your customers? Consider their age, income, occupation, lifestyle, etc.
What are their interests? Describe their habits related to your product or service. Include their favored suppliers, popular features and how often they buy.
Why would they buy your product? A tricky question, but important none the less. Consider factors that would interest them to your product.
What will make them buy from you? Consider market information for sales figures and consumer motivations. Use informational sources that will provide answers.
Tip #3: Run User Testing
Gain information about your site performance from basic analytics of which pages are grabbing the most traffic. From there, you will gain feedback on the elements of your site.
Tip #4: Collect Data
Remember that no business will succeed without the proper knowledge and understanding of their customers, services and products in the general market. Competition can be fierce, and without adequate research, your competitors will have the upper advantage.
What other market research techniques have you tried without spending money? Do you have any other recommendations for useful tools or websites that can help conduct quick results without spending a fortune?