In planning for a global expansion of your company, the following are criteria that are to be put into consideration to ensure a smooth market entry and penetration.
1. Research New Market
Before moving into a new market, detailed research of the market, its activities, key players, trends, and operational activities, are required to get a proper perspective of whether or not it is right to enter that market.
2. Evaluate New Market & Local Content
From insights gotten from your research, a detailed evaluation and analysis of the market should be carried out to help craft local content that communicates your company’s values and propositions to the market.
3. Balance Risks with Opportunities
There are many new risk exposures to consider like, local compliance issues, intellectual property (IP) protection, fraud, bribery, tax, etc. Being able to make informed decisions around these is critical to managing those risks.
4. Develop a Market Entry Strategy
Before every market expansion, determine the best route to enter the market, that aligns with the overall strategy and the capacity of your organization.
5. Involve Local Market Professionals.
To position the company in the best way possible in new markets, you need authoritative & commercial intelligence from local experts like Astridia, who already understand the market and can give insight into how customers behave and will best access your product/service.