International expansion isn\u2019t something that just happens. Those who are successful have taken the time to plan. In a way, it\u2019s like starting your business from scratch. But the potential benefits of doing so are undeniable. With over 8 billion people worldwide, you have a much wider reach as an international seller \u2013 and it\u2019s now easier than ever. <\/p>\n\n\n\n
In this how-to guide, we\u2019ll tell you all you need to know about embracing global markets, from regulatory considerations to marketing strategies. But first, you need to understand your new market.<\/p>\n\n\n
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Conduct Market Research<\/h2>\n\n\n\n
Expanding is exciting. But jumping in without a plan is a recipe for disaster. So before considering things like finding an outbound call center solution<\/a> or logistics and shipping, you must understand your brand\u2019s market potential. Identifying target markets is a fundamental first step for any company looking to expand. Market research here is essential. <\/p>\n\n\n\n Failing to do adequate research is the biggest source of failure. And it\u2019s not only small to medium-sized businesses that get this wrong. In 2004, British retail giant Tesco failed to enter the Chinese market successfully. By 2020, the supermarket was no longer in the country at all. So why did it fail? Like many international forays, Tesco\u2019s China stint ended due to poor market research. <\/p>\n\n\n\n So where do you start? Here are some essential considerations:<\/p>\n\n\n\n Venturing into international eCommerce means navigating new legal and regulatory frameworks. Wherever you decide to sell, you\u2019ll need to consider country-specific laws and regulations on international trade. This could involve product restrictions, intellectual property rights, labeling requirements, and customs procedures. <\/p>\n\n\n\n Certain products need international registration and licensing. In most cases, product licensing can be done remotely via email or eFax. If you\u2019re wondering \u201cwhat is an eFax<\/a>?\u201d, it\u2019s short for electronic fax and essentially allows you to send and receive documents over the internet. <\/p>\n\n\n\n Other vital considerations include import and export regulations and taxation and duties. This applies to your country and the target country. It\u2019s advisable to consider engaging a legal expert to avoid potential pitfalls. <\/p>\n\n\n\n Most retailers choose one of two channels when selling in international markets: localizing an existing website or selling through popular online platforms. Choosing the right strategy depends on your business goals, existing resources, and target markets. <\/p>\n\n\n\n Website localization involves adapting your existing website to suit your target market. This isn\u2019t only about translating content; it also means adjusting the design to tailor the user experience. This might include adjusting date and time formats, payment methods, or units of measurement.<\/p>\n\n\n\n Don’t forget about images and videos. Are they sensitive to the target audience’s religions and cultural norms? <\/p>\n\n\n\n In addition, consider the use of colors and what they invoke. For example, in many Western countries, green is used for the environment and health. In Tibet and China, however, it represents exorcism and infidelity, respectively.<\/p>\n\n\n\n Beyond design, localization could also mean registering a more specialist domain that will set your business apart from local shoppers. For example, if your business is expanding into the Caribbean market, you might buy an OnlyDomains Anguilla domain<\/a> with a .ai extension, while companies expanding into the Middle East might consider a .ae domain name.<\/p>\n\n\n\n Selling through your website means you\u2019ll have complete control over your brand image and product presentation. You\u2019ll also be able to engage directly with customers, so you can build a loyal customer base. On top of this, you\u2019ll have access to analytics tools, enabling you to gather essential data that can steer future marketing campaigns. <\/p>\n\n\n\n That said, there are some considerations and potential downsides to website localization, too. Smaller companies might struggle with the demands and expectations of customer communication. Some businesses choose to employ local experts and professionals, but this is often beyond the reach of smaller companies. Understanding terms like VoIP phone meaning<\/a> will become essential here as these services can save you money in the long term. <\/p>\n\n\n Well-known, established eCommerce platforms provide immediate access to international customers. For example, setting up an eCommerce store on Shopify<\/a> requires minimal effort. <\/p>\n\n\n\n Other similar marketplace platforms to consider are Amazon<\/a>, Etsy, Rakuten, and eBay.<\/p>\n\n\n\n These can be particularly useful for small companies who may not want to invest heavily in their new overseas venture right off the bat. They also already have a strong international presence, which means familiarity for locals. <\/p>\n\n\n\n Listing products on an existing platform also requires less in the way of investment. There is the added benefit of streamlined shipping and simplified logistics. <\/p>\n\n\n\n Yet, you also face significant competition on these platforms. You also won\u2019t have full control of your brand image and customer interactions, and the platform may take fees that could impact your profits. <\/p>\n\n\n\n Remember that both approaches require a comprehensive understanding of the market. This is where considering a comp plan for a new territory<\/a> could prove beneficial. By incentivizing your sales team to focus on the specific international market, you can effectively drive sales and growth in the targeted region.<\/p>\n\n\n\n If your business is already established in one market, chances are you have a solid pricing strategy. But that doesn\u2019t mean the same pricing strategy will work in other countries. <\/p>\n\n\n\n To maximize revenue, consider different eCommerce pricing strategies<\/a> to help you price your products effectively. This is where doing the initial market research pays off, as it allows you to understand local trends and expectations. But, there are other considerations too.<\/p>\n\n\n\n Consider using a dynamic pricing tool. These adjust prices automatically when there are exchange rate fluctuations. <\/p>\n\n\n\n There are more costs involved when selling in other countries. You\u2019ll need to account for international shipping, tariffs, taxes, and customs fees. Use these to determine the minimum price required to generate a profit. <\/p>\n\n\n\n Following your market research, consider psychological and cultural factors when deciding your prices. Examples include:<\/p>\n\n\n\n As with every strategy, communications, marketing, and promotion require careful planning and adaptation for each target country. Your marketing messages will need to take cultural preferences and differences into consideration. <\/p>\n\n\n\n Ensure any promotional material is sensitive to local audiences. Consider these during your research stages and share best practices with your team through a unified communications<\/a> platform to ensure every message and campaign is appropriate, paying particular attention to religious holidays such as Ramadan or Diwali.<\/p>\n\n\n\n Even if you\u2019re a PaaS or SaaS provider and not selling a physical product, it\u2019s possible to branch out internationally. Let\u2019s say you\u2019re a unified communications provider that wants to branch out from the US into Asia. As part of this, you might create a campaign to promote your Voice over Internet Protocol phone service. <\/p>\n\n\n\n You might consider crafting messaging around VoIP caller info from Vonage<\/a> to introduce your new target market to the platform and tweak your messaging to suit any potential internet restrictions or local customs.<\/p>\n\n\n\n
Identify Legal and Regulatory Considerations <\/h2>\n\n\n\n
Develop a Sales Strategy<\/h2>\n\n\n\n
Website localization <\/h3>\n\n\n\n
Selling through online platforms<\/h3>\n\n\n\n
Establish a Pricing Model<\/h2>\n\n\n\n
Exchange rate fluctuations<\/h3>\n\n\n\n
Cost of goods sold (COGS)<\/h3>\n\n\n\n
Psychological pricing<\/h3>\n\n\n\n
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Review Your Communications, Marketing, and Promotional Strategies<\/h2>\n\n\n\n
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