The root of any successful self-made business is the culture and market of the audience that you are targeting. Having gained a good degree of confidence that your product or service is going to be competitive and desirable in these locales, a sound marketing strategy needs to be put in place to penetrate these markets and raise awareness of your arrival to the business world.
There are countless considerations and potential pitfalls when implementing a new business strategy, but the rewards for successfully pulling off such a move can be enormous. So, with much to consider, here’s a run through on the principles that need to be thought through before undertaking such a venture, and some advice on where companies in the past have succeeded – and failed.
Is the company ready for the mass market?
There’s two sides to this – the company itself and those who run it. There’s little sense in plunging into an expensive new marketing venture without a stable domestic market in place. Occasionally there may be exceptions to this rule when a marketplace is identified where you can be certain it your business will thrive, but do your research thoroughly (more on this to follow). The process of business expansion will require capital and considerable budgets for marketing and exports – can your new company realistically achieve this?
In regard to the people, the owner(s) need to take a look at them and ask if they are ready to expand the team and all the risks that it might imply, or in truth are they happier with their business as it is, just ticking over nicely? Branching out into the mass market isn’t for everyone.
Is the market there?
Firstly – does your product (or a product already very similar to it) exist in the market? If so, what is the likelihood that customers and clients will choose you over the indigenous or established brand? It’s essential to be realistic here, and much of this will be determined over the product or service that you offer.
If you retail high-end, unique consumer goods then there may well be a market for these status symbols with aspirational middle classes. But if you manufacture ball bearings, for instance, then once export costs and tariffs are paid there may not be much sense in expanding from your niche when people may opt to buy from vast manufacturing and industrial sectors (such as China) instead.
Don’t forget that just because a market may not exist now doesn’t mean it won’t in a few years, always be broad minded and look at other options instead.
How to penetrate the market
Presuming that we’ve found a likely customer base where we will be able to perform trade then it’s time to get out there. This is where it’s essential to consider local cultural differences and how your brand may need to adapt to become popular or viable to certain people. Take a look at McDonalds for example. While it’s true that a Big Mac is served the same the world over (where beef is permitted of course) they have adapted their menus to attract the culinary norms of their international market. Restaurants in the Far East have much more fish on the menu, while spices, couscous and lamb are popular in the Middle East.
This doesn’t just apply worldwide, as this ethic also applies regionally and to different parts of Great Britain, for instance, those in Scotland or Ireland may be looking for something slightly different than your English customers and equally bank holidays are different, which is something to bear in mind for promotions.
Partnerships are a good idea if you can find a local operator who may be able to mutually benefit. Say that you are selling a brand of underwater watches – why not try and get these into local sports chains or jewellers? This is true for every product and again it’s likely to be necessary to have a local agent in the field sourcing potential partners.
Final thoughts
Of course this is merely an outline of what you need to consider if you looking to make your self-made business a mass success. To improve your chances of expansion and success, visit www.intermarketingonline.com for expert advice on how to grow your business, which may inspire you to one day brand out into international markets, should the opportunity arise.