6 Ways to Maximize Your Chances of International Success

 

How to increase your product’s international success?

With the world increasingly getting smaller, reaching international markets for any size company becomes more attainable. Today’s technology makes it possible for products to be sold almost anywhere in less time and effort than ever before. However, being able to sell a product in one country does not mean that you have great international success and certainly not that you have maximized it.

1. Making an impact: identifying your target audience

The first step in creating a successful international strategy is identifying your target audience. This means investigating mostly the economic and cultural aspects of the different markets you want to target and having a good understanding of the requirements of different customer segments. 

Once you have identified your target audience, and your ICP (Ideal Customer Profile), you can develop a tailored marketing strategy that will help you reach them more effectively. When you start building your strategy, don’t forget to include the language, customs, and values of your target audience. This will help you to ensure that the message is communicated in a way that resonates with them. 

2. Creating an international business plan

If you want to ensure that the international expansion of your company and product will be successful you need to develop a comprehensive business plan. This plan should include detailed information about your market entry strategy, product, packaging, product pricing, sales and marketing budget timelines, focused directly to consumers or in-store directly to retailers or via distribution partnerships. A well-crafted plan will give you a roadmap for success and help you stay focused on your long-term goals.

Besides the cultural differences between countries, you should also consider the dangers of expanding internationally, such as currency volatility, political unpredictability, and communication difficulties e.g. Brexit. So, don’t be afraid to spend time on research and planning, as it is highly unlikely to be successful without them. 

3. Diversifying your team for global reach

To make the process more efficient, it is important to have a diverse team that can effectively communicate with different markets. Language and sales skills are the most important aspects here. For example, it is recommended to hire someone with fluent Spanish if you are targeting Spain, South America or Central America or German for the DACH region.  A diverse team will not only give you access to new markets but will also help you develop more creative solutions to problems.

This is easier said than done. If you are an emerging brand you might not have the budget to hire 3-4 account managers to manage these targeted territories. So, it is vital to understand which market to enter first.

4. Understanding local regulations and laws

If you want to expand internationally, you have to understand the local regulations and laws. Each country has different rules and regulations that companies must comply with, and failure can lead to fines and penalties. Before entering any new market, you have to research local rules and regulations to ensure compliance. You may develop a powerful foreign marketing plan by spending the time to research and understand deeper the regulations and laws of your target audience’s countries. The GDPR rules in the DACH region are a good example here. 

5. Localization

It’s essential to optimize your products for worldwide markets in order to achieve maximum international success. This is more than just adding the target market’s local language on the packaging. This entails identifying the needs of clients and developing solutions that are specifically tailored to fulfill those demands. Pricing is a critical factor here. What works for the US market and Germany may well be too expensive in Portugal or Greece. Moreover, you should localize your offerings or develop totally new goods for niche markets.

For example, you can create a less premium product with a different name and features to offer a more fitted product for the target market. You may wonder why a different name, well, you don’t want to confuse your buyers online by having the same name product with one being premium and the other in a completely different price range. Often the differences will not be specified and your customer will be focused on what product to buy. This way you will be able to maintain your competitiveness in many different markets.

6. Developing a sustainable and scalable international model

Finally, most successful companies create a scalable and adaptable international model for different markets. To stay competitive, businesses must be able to react swiftly to shifting market conditions and consumer expectations. One way to do this is by having many different partnerships with distributors across many territories. This way, if an important market is lost because of an economic crisis or political reason e.g. Russia, you would be able to quickly put your focus and resources on other markets and minimize the impact on the overall company performance.

Preparing for challenges and opportunities ahead

International expansion requires careful planning and preparation to ensure success. While you are entering a new market, you should also anticipate potential challenges that may arise and be well-prepared to take swift action. One great advantage of using distributors to enter a new market is that they can provide you with the feedback you need to adjust your offering for the market they know very well and support you in your search for local retailers. By staying ahead of the game and remaining competitive in the industry, you can maximize your international success.

If you are a consumer electronics brand and you are looking for ways to find distribution partners that can help you enter new markets in a cost-efficient way, reach out to one of our specialists at Tradesnest.com. We help emerging brands within the consumer electronics industry find the best distribution and retail partners in over 80 markets.