5 Tips for Marketing Your Business Overseas

Congratulations! You've reached the growth point in your business that so few others ever actually get to, and now you're ready to consider expanding beyond your local market. But what does that actually entail? The employer platform LinkedIn reckons that successful overseas expansion can solidify the evolution of your business from small to large, potentially producing millions of dollars in revenue if done correctly.

But that's easier said than done. Selling your product overseas requires getting to know an entirely different demographic and learning how to engage with them effectively. Here are the top five tips for marketing your business overseas.

Choose the Right Market

The first step is picking the right country for your business to expand into. Your first consideration should be geography; most businesses conduct trade with neighbouring countries. This is for good reason. First of all, the legal and cultural landscape is likely to be similar to your own country. Secondly, the costs of importing an exporting will be much lower than if you're trading with the other side of the world. Always consider the strengths of a country as a whole before choosing one. 

Know Your Market Inside and Out 

Market research will consume all of your time prior to expansion. You'll be wanting to engage millions of people with entirely different backgrounds and cultural expectations than yourself, so you'll need to study up. Make sure to conduct in-depth research about consumer habits, search terms, economic trends and so forth with marketing platforms on GrowthSupermarket, which will allow you to get a comprehensive picture of your new marketplace. 

Understand Cultural Nuances 

Expanding overseas requires a high degree of understanding of other countries' cultures. You'll need to visit and country extensively and speak to lots of locals before considering expanding there. You might find out that the culture of your desired marketplace is unsuited to your product, as the people are unlikely to buy it. It's also important to understand the culture of business and workplace etiquette if you want to stand any chance of establishing a business network in a new country. 

Prepare for Economic Differences 

Even if you're expanding from one affluent country to another, the economic playing field may be vastly different. Find out all you can about things like tariffs, taxes, brokerage fees, and levels of corruption (the last thing you want is to get drained by bribes by corrupt foreign officials) before launching your expansion. You'll also need to consider what the local purchasing power is like before you can think about things like pricing and branding. 

Find Local Partners 

It's virtually impossible to expand overseas alone. You'll need to make plenty of links with people in your country of choice, people who will be able to inform you and point you in the right direction. As a minimum, you should be joining business networks in your country of choice and attending conferences or forums related to your field. You'll want a healthy Rolodex of overseas contacts that you can rely on to help you out in the future. 

Taking your business international is a major achievement and a milestone that few ever achieve. If you follow these steps, you'll be in the perfect position to thrive as an international company. 
5 Tips for Marketing Your Business Overseas 5 Tips for Marketing Your Business Overseas Reviewed by Pravesh Kumar Maurya on 03:34 Rating: 5

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