ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Business and Employment»
  • E-Commerce & How to Make Money Online

Expand Your Horizons With International Market Development Strategies

Updated on January 3, 2017

As the world becomes increasing connected, the digital economy is thriving more than ever before. More and more businesses are moving online and are able to extend their products and services to global areas. Movement of people and goods across borders is easier today than it was a decade ago. Also thanks to the internet, people are more aware of global products and this has made it easier for businesses to venture into international emporium. However, not all globalization attempts are successful. Here are a few guidelines from successful business leaders to keep in mind while building international market development strategies.

Learn From The Domestic Market

One mistake that is made very early on is trying to venture the product globally before it is domestically well established. No matter how tempting it might be to go the global agora, remember there is a huge learning in first establishing a domestic customer base wherein there are fewer unknowns and risk mitigation is considerably under your control. Armed with these learning’s you will make a better foray across borders.

Choosing Your Markets

Once you are ready to go international, the next question is which emporium do you enter. There are so many options - how do you figure out which country is best for you? You need to take into account a number of parameters such as which regions are most receptive to your products, how tough is the local competition, will there be language, political or other barriers to entry, how affinitive are the local laws, rules, and regulations, expected customer base and so on. Also, it is never a good idea to enter too many deli at once - you can expand in waves and gradually extend your coverage and market penetration.

Consider Customizing Your Product

Often a product needs to be localized to some extent. This strategy usually works well when you are introducing a new product that might need some time before being completely accepted or is best customized it locally. For e.g. fast food giant McDonald's has localized versions of its burgers in India to suit the Indian taste buds - so you will find a variety of vegetarian burgers in India which is not the same as in the US. Similarly, packaging requirements may vary from country to country. You might want to customize the package designs to adapt to local tastes while still highlighting the global brand.

Finding A Good Partner Can Make A Difference

You will also need to figure out how best to distribute your product. Usually, it is best to tie up with a local partner. This gives you a head start as the partner is already aware of local rules and regulations, has an established its base and thus could significantly reduce your risk of entry. While choosing a partner, it is important to lay out your goals and gain alignment from all stakeholders. Make sure you have a well-understood business strategy established with your local partners.

In summary, as part of your market development strategies make sure you have prepared a complete plan. This should include your goals, what is the value proposition your product offers vis a vis the competition, budget, and an execution plan.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)