In a global economy it comes natural to consider new markets to capture. In fact, we recommend it at a minimum as a discussion point in your strategy meetings.
Tapping into new economic cycles, fresh types of consumption and socioeconomic trends can not only increase revenues but also reduce risk as a diversification strategy from your core market.
Like with all new endeavors there are considerations. Here are the most overlooked common points by business when entering a new market:
Culture
communication, interaction and values vary differently around the world. This is probably the biggest and most common mistake we see. There are many famous failures including major brands of market entrants just because they didn’t understand the culture.
Critical Mass
Just because you have 1 client in an area it doesn’t warrant a full expansion. Market analysis must be done to make sure there is sufficient potential to meet ROI and other metrics goals.
Exit Strategy
For better or worst you should always identify potential exits. If you succeed, who can be a potential buyer? If you fail, what is the fastest and best way of cutting your losses? This will also help you identify risks and give you another answer in another way for the reason you are expanding to begin with.
We work closely with government, trade and ecosystems in many parts around the world. Together we will help you execute a flawless expansion and save cost. We can help you with:
Research
Identify all is needed for an educated decision. No surprises; Including local politics, laws and regulations.
Governance Structure
You want to make sure you have the proper ability to pivot fast and achieve the results you set out to. How will the expansion affect current operations?
Networks
We will connect you to local potential partnerships, trade organizations, financial institutions and other relevant key players for a smooth and supporter expansion.
Where are you wanting to go?