How To Grow In New And International Markets

Global and international markets offer a wide variety of opportunities for startups to grow and expand. Especially at a time when the Indian startup ecosystem is booming, startups should start looking at international markets to sell their goods, products, and services. For all those growth minded business owners, learn how to navigate the turbulent international waters with these hacks.

1. Market Analysis
Before you make the move to a new bigger market, analyze the situation in the multiple international markets and across various industries before deciding to expand. Identify the motives behind your decision to explore entering the international marketplace and choose the market that best suits your intentions. Perform a gap analysis to make sure there’s enough space and demand for your products and services. It also helps to perform a SWOT analysis to see how your products compare to other options already available. Study and perform a full audit of your current capabilities and of the opportunities offered by the specific market you’re planning to expand to.

2. Growth Strategy
Work on a strategy that will help take your company to the next level. A growth strategy plan includes introduction of customized products for the market, special launch offers and services for segmented groups drawn from your overall target audience. The introduction of Uber Autos is a classic example of customized products. Create a unique identity for your company in the new markets by giving people what they need by conducting thorough research and targeting niche markets.

3. History and local laws
The importance of history cannot be emphasized enough. The country’s currency value fluctuation and import and export timelines are crucial. The economic environment of a country will directly influence your company. Take a close look at how other international companies have faired in the nation and what are the benefits and pitfalls. At the same time, have local representation if possible, someone who can help you navigate any unforeseen obstacles and explain all contract provisions and terminology. Read and understand the laws and regulations of the jurisdiction that governs your contract before it becomes legally binding.

4. Focus Groups
Before a full scale launch, conduct smaller focus group based launches or launch a beta version to improve the product and remove all the kinks. Observe the focus groups to better understand the culture, the people and the type of resources they require. Focus Groups will give you a rough idea regarding the viability of the product in that country and set up a proper marketing strategy.

5. Prepare a Local Team
Have a local team ready to go to work with the local authorities, prepare customised marketing and advertising strategies and get the right approvals. A trained team who is constantly in touch with the chief executives in the headquarters is the fastest way to enter a new market. The local team is responsible for finding local partners for the company to provide everything from translation and localization services to efficient distribution of your products in the new market.

So there you have it. 5 simple yet effective tips to expand your company in international markets! Let us know of any tips or hacks that have helped you grow your company in the comments sections!