Going global. Expanding beyond your home country into uncharted waters. Crossing borders and opening territories. Is it right for your company?
Many companies dream of expansion. Opening new offices and adding distributors in new countries can add a huge influx of sales to your company’s bottom line. It can also exponentially increase its costs, too.
Before leaping into a new country’s marketplace, consider the following factors. Then, talk to the experts at iAM Marketing about your international expansion needs.
- Have I fully explore the sales potential in my home country? Some companies automatically look to cross-border expansion as a means to increase sales yet haven’t done all they can to maximize opportunities at home. Consider whether or not you’ve done all that you can to promote your business in its country of origin before making the leap into new countries.
- Do I have the right people in place? Evaluate the people you have in place right now for key roles within your company. Do you think they can work equally as well in another country? Or will you need to hire experts from within the target location to ensure that the knowledge, skills, and experience are in place for successful growth in that country?
- Will my products appeal to the new target market? Products beloved by customers in Mexico may not be so well-liked in India. Always test the product waters before sinking money into expansion to ensure that products will sell well in other markets, too. They may need packaging tweaks, formulation or flavor tweaks, or a major overhaul before they are ready for the new target market.
- What about laws and jurisdiction? Find an attorney thoroughly versed in internal business expansion and make sure that your company is compliant with laws in its new market. A financial expert within the target market is also a plus to help you understand the banking and taxation laws in the new country in which you will be operating.
- We’ve just scratched the surface with considerations before international expansion. It’s a complex topic and one that may take some time for you to consider before making your move into a new country.
iAM Marketing works internationally and understands the nuances and challenges of launching products and services into new markets. If you’re interested in such opportunities, we invite you to contact us to see if we can assist you in making your global expansion a reality.