Taking your business across national borders means accessing entirely new markets. It might represent an entirely new opportunity for growth. It means extending the lifespan of existing products and services, reducing your dependence on any one region, and, as a consequence, steadying your ship against the waves of seasonal change.
But how can you sell products overseas? There are a number of challenges to face down while you’re making the transition from a domestic business to an international one. Fortunately, the modern entrepreneur has access to a range of tools which simplify the process.
Logistics Apps
Apps like the one provided by Parcel2Go allow businesses to assess and compare international couriers. The advantages of each are laid out on an easy-to-read table, allowing you to make at-a-glance comparisons without devoting hours to the study of shipping solutions in the more than 180 countries which the app caters to. Parcel delivery, and logistics in general, will account for a significant chunk of your international expenditure, and could make or break your business overseas. Do not neglect it! Features include: Unrivalled postage costs, an extensive range of courier services, the ability to manage all of your orders and international shipping options. All of these offering convenience and flexibility for your business!
Learn the new market culture Selling into a new market demands more than just applying the same strategies and models that worked in the familiar one. You will need to assess things by collaborating with those already acquainted with the territory into which you’re looking to expand. There may be cultural pitfalls and procedural ones, too – and an awareness of this will help you to avoid embarrassing and costly slip- ups.
Research Demand
Before you decide to start selling in a new territory, it is worth first assessing whether the process will be worthwhile. Do the residents of this potential new market want the product or service you are selling? If not, then the effort may ultimately be fruitless. Of course, it is possible to persuade new markets that they do, in fact, want what you have to offer, and in the process make a great deal of money. But it is easier to tap into a pre-existing demand than it is to instill a new one. Low-hanging fruit should be reached for first.
Research The Competition
The problem with tantalising emerging markets is that they tempt your would-be rivals, too. By identifying a new market where the competition is less fierce, you will give yourself an easier time when you come to set up shop there. Look at what other businesses are doing and see if you can learn from their mistakes. Conduct research into people’s complaints about your rivals, and see if you can address those complaints.
Even if you are not expanding into China, you might recall your Sun Tzu: you need to know your enemy as well as yourself if you want to succeed, in war and in business!
