International business expansion can be an arduous process in terms of compliance and legal complexity, and once you’ve got a handle on these aspects of expanding overseas, you may feel that you’re set for success. However, there’s another important factor you need to consider in order to ensure a seamless business expansion: an overhaul of your company’s marketing strategy.
At first, you may be inclined to simply stick with the strategy that’s worked in your home market. But international expansion requires more than just a copy-and-paste of your initial marketing strategy. Here’s how to tailor your business’s marketing tactics to your chosen expansion location, so you can quickly secure customers and clients in your new market.
Look at the Bigger Picture
First, examine the strategies that have succeeded for your company in the past. Considering what has worked for you in the past can help you put together a global approach – one that is customised to your target market, but still adheres to a consistent brand.
Research What Works
Of course, your past marketing techniques can provide insight into how to approach your new strategy, but the path you take should ultimately depend on what works in the market. To identify this, you’ll need to carry out comprehensive research on your target audience and what they respond to the most. What social media platforms do they use? How do they prefer to be contacted? How likely are they to try out a new brand? You should also study the tactics of your competitors, noting what has and has not worked for them in the past.
Consider Cultural Differences
While language barriers may be top of mind during international expansion, the biggest challenges for expanding overseas are often those rooted in culture. From differences in religious traditions, to holidays, to the way people express themselves, it is crucial that you understand the cultural intricacies of your target market in order to effectively promote your business.
Tailor Your Product or Service
When you’re bringing your product or service to a new market, your marketing strategy may not be the only thing that needs to be altered. Sometimes, you’ll need to adjust your offering to fit the market, as well. Ask yourself: how could my product better suit the needs of my customers? What is unique about this market, and is there anything I can do to make my company indispensable to it? After all, you can market a product as much as you want, but if it’s not appropriate for your target audience, it won’t have sustained success.
Reassessing your marketing strategy involves a great deal of planning, research and implementation. It requires you to strike a balance between a consistent global strategy and a localised approach. However, a well-tailored marketing plan will be rewarded in a loyal customer base – and it can provide foundational knowledge for future expansion plans, so your business can continue to grow on an international scale.
Galvin International is an international business expansion concierge that provides solutions for global growth. Get in touch to learn more about their market entry services.