Despite there being many keys for a successful international expansion, these are three of the more important things to get right to have the best chance of success.
There are often differing consumer and business preferences across geographies, and so having a strong understanding of the target market is crucial. It will allow you to be able to effectively communicate your message in a way that truly resonates with your customers. Having this understanding allows you to tailor your approach and provide products and services that are specially tailored to the market you are trying to serve.
Local partners that are already established in your target market can be a highly useful resource capable of making the international expansion process much smoother. The right relationship can be the tipping point that establishes your presence in the market and pushes your business to a new level. Developing new relationships, and maintaining existing ones, should be a constant behaviour, something you always look to do.
It is really important, for whatever market you are trying to expand to, to see it as a long term sustainable opportunity to do business in that market. This will ensure that when you come across obstacles (which are inevitable), you have the resilience to see it through and not move on to the next opportunity. Following trends and having a short-term mindset is not the best approach, when you expand to a new foreign market, it takes time for things to develop.
Brought to you by Tom Ellis, Investment Director, Mai Capital