Go Global: How to expand your business in international market

Is your brand ready to go global? Once your brand has become successful and profitable in your home market, you will probably set your sights on expanding internationally and entering new markets. 

Expanding into international markets is a great way for brands to grow and increase sales. Scaling your brand internationally will broaden your customer base, balance out the instabilities of your domestic market and grow your business faster.

In this article we will take a look at some top tips for brands that are considering expanding globally.

Research the market

When expanding into a new market, you’ll need to undertake market research to better understand the consumers, their purchasing habits and needs. You should study who your competitors are and what they offer. Perhaps there are some cultural differences that you’ll need to be aware of. You can then use this research to customise your offer to the new market and ensure it appeals to your target audience.

Customise your products to the local market

This may seem obvious, but you need to have a viable product that will sell in the international market locally. Use the market research you have done to ensure that you have something unique to offer to your target market and that there is a viable target audience for your product. 

Choose the best method for expansion

There are various ways in which a brand can enter a foreign market, with each differing in the amount of time and investment that is required. Research each type and pursue the one that is best for your business. A few different options to expand internationally include:

• Exporting, which is one of the most common ways to enter an international market
• Licensing agreements for other companies to utilise your brand
• Strategic partnerships with local companies already embedded within a specific market
• Subsidiaries to build a local presence that your business has full control over
• Mergers and acquisitions

Build the right infrastructure within your organisation

Having a good team around you is essential when building an international brand. 

Your business should first identify the biggest problems that need to be resolved to achieve milestones and success. You then need to organise your international growth team to ensure you have the right people with the right skills and expertise in place to solve these problems.

When launching products or services into a new market, you will also probably require a local presence and to hire new staff based in the country. Having local resources also helps you to better understand the local market and culture. The good news is video and audio conferencing technologies have made communicating with international colleagues easier than ever.

Define your localised marketing strategy

As we mentioned earlier, understanding the local culture and consumer habits is key. As well as adapting your products and services to the local market, you’ll also need to localise your marketing strategy. Remember that the marketing strategy you are using in your home market may not be the best way to market your products abroad! You’ll need to re-evaluate everything, from your pricing model, your branding and messaging, to which marketing channels you will use.

Adapt your tax and financial processes 

You’ll need to ensure you are on top of the local legal and compliance procedures when establishing a brand presence in a new country. For example, your business will need to register for taxes, open bank accounts and report sales and VAT to the government. You may also need to establish an international payroll system and exchange currencies.

We understand that all of these processes may seem overwhelming. Choosing a wholesale B2B platform like BLANC can make expanding into the international market easier and more efficient for your brand. Get in touch with the BLANC team today and go global!