{"id":3407,"date":"2022-05-08T01:34:56","date_gmt":"2022-05-08T01:34:56","guid":{"rendered":"https:\/\/globalizationpedia.com\/?p=3407"},"modified":"2023-06-29T12:08:43","modified_gmt":"2023-06-29T12:08:43","slug":"market-expansion","status":"publish","type":"post","link":"https:\/\/globalizationpedia.com\/market-expansion\/","title":{"rendered":"5 Strategies for Successful International Market Expansion"},"content":{"rendered":"\n
One of the key components of achieving business success is consistent focus on market expansion. In this era of high competition, it is important to come up with the right strategies and goals for expanding your business beyond its current borders if you want to achieve sustainable long term growth of a global scale. However, for your expansion efforts to bear fruit, you will need a solid action plan. This article discusses five such strategies that will help you in achieving successful international market expansion.<\/p>\n\n\n\n
International market expansion, also called global expansion, refers to taking your business operations to a new country<\/strong>. It is not merely investing in nations other than the home country of the company. Rather, it refers to setting up a legal entity<\/strong> in a foreign land and conducting business<\/strong> from there.<\/p>\n\n\n\n Once you are sure about taking your business overseas, you will need some solid strategies to be successful. Since various countries have different ways of doing business, along with a specific sets of rules, it is imperative that your strategies are tailored to your business. What works in your home country headquarters most likely won’t be effective in another place. <\/p>\n\n\n\n Keeping that in mind, the following are five tips that can take your international market expansion plans to the next level. <\/p>\n\n\n\n One of the tenets of an effective international business is forming strong and lasting partnerships – both with internal and external stakeholders. While venturing into an unknown market, it is prudent to check with existing team members whether they have any valuable experience of that country or market that can be shared with you. This will help you to have a strong idea of the characteristics of the target international market beforehand. Through such internal partnerships, you can strategically assess the existing competition, form a network, and seek out suppliers and customers using existing trusting relationships.<\/p>\n\n\n\n Equally important is to have external partners. Forming a partnership with a local company can give you much-needed leverage as a new entrant into the market. For example, the Swedish multinational IKEA carries out its business across the globe by partnering with the local companies in most places.<\/p>\n\n\n\n Like any good thing, international market expansion takes time. According to the Harvard Business Review, for most companies expanding globally, it usually takes a decade<\/a> to see a modest growth in their revenues.<\/p>\n\n\n\n Hence, to see your company thriving in an international market, you will have to be patient while implementing your plans. Success will not come overnight. However, with consistent efforts over a period of time, your business will gain traction and you should see the desired outcome. Keep in mind that any international market expansion represents a long-term investment and thus needs enough time to show results.<\/p>\n\n\n\n Diving into global expansion without knowing the target market is never a good idea in business. Hence, before you decide to invest a fortune to create a subsidiary in a foreign location, it is wise to have tested the market.<\/p>\n\n\n\n5 Strategies for International Market Expansion<\/h2>\n\n\n\n
1. Look for Partners<\/h3>\n\n\n\n
2. Give it Time<\/h3>\n\n\n\n
3. Test the Waters<\/h3>\n\n\n\n