top of page
mattclark003

Crafting an International Market Entry Plan


I often meet with companies starting their expansion into new international markets and they say "Oh, we already have a plan." When I ask "What is it?" the conversation becomes very vague. They usually rattle off a list of 2-3 countries and that is the extent of it.


When I ask "Can we look over the details of your plan?" it becomes apparent that there isn't a comprehensive written plan, but just good intentions and lots of activity.


Very often, companies don't create a comprehensive market entry plan simply because they don't know what to include or how to approach it.


To devise a robust international market entry plan, it's essential to address six key elements: Marketing, Sales, Product, Infrastructure, Administration, and Organization. This approach is set forth in Global Class: How the World's Fastest-Growing Companies Scale Globally by Focusing Locally, the pioneering book by Klaus Wehage and Aaron McDaniel.


Here is how to begin:


Marketing: Effective marketing is fundamental for establishing brand presence and generating demand in a new market. Don't automatically rely upon the marketing approach that you used in your domestic market. Tailoring marketing strategies to resonate with the target audience's preferences, cultural nuances, and communication channels is crucial. This may involve localized advertising campaigns, leveraging digital platforms, and engaging with local influencers to enhance brand awareness and drive customer engagement.


Sales: Developing a sales strategy tailored to the target market's distribution channels and consumer purchasing behaviors is paramount. Whether through direct sales, partnerships with distributors, or online channels, businesses must identify the most effective sales channels to reach and engage customers efficiently. Building strong relationships with local sales partners and providing adequate training and support are vital for driving sales growth and market penetration.


Product: Adapting products or services to meet the specific needs and preferences of the target market is essential for success. This may involve product localization, customization, or even developing entirely new offerings tailored to local demand. Conducting thorough market research and gathering feedback from local consumers are critical steps in refining and optimizing products for the new market.


Infrastructure: Establishing a robust infrastructure is essential for supporting business operations and delivering products or services effectively. This includes logistics and supply chain management, warehousing, transportation, and customer support services. Investing in infrastructure that is scalable and flexible enables businesses to adapt to changing market conditions and customer demands while ensuring operational efficiency and customer satisfaction.


Administration: Navigating the regulatory and legal landscape of a new market requires meticulous attention to detail and compliance. From company registration and tax obligations to intellectual property protection and import/export regulations, businesses must ensure full compliance with local laws and regulations. Establishing strong relationships with in-country legal advisors and local authorities can help streamline administrative processes and mitigate legal risks.


Organization: Building a capable and adaptable organizational structure is crucial for managing international expansion effectively. This may involve hiring local talent, establishing cross-functional teams, and implementing clear communication channels and decision-making processes. Cultivating a culture of collaboration, innovation, and adaptability enables organizations to navigate challenges and capitalize on opportunities in the new market.


To sum all of this up, by carefully considering each element listed above and tailoring strategies to the specific needs and characteristics of the target market, your business can greatly enhance it's chances of success and achieve sustainable growth in new international markets.


If you have any questions or need assistance with any of these elements, I'd be happy to help. Just contact me via this link.




Comentários


blogd.jpg

FREE STRATEGY SESSION

"You’ve Achieved Success In Your Domestic Market And Believe That There Are Tremendous Opportunities Internationally. How do you identify those, create a strategy and prepare your company to scale internationally? That’s where we come in.”

bottom of page