Every company dreams of becoming big one day. Time, effort, money, everything leads to reaching new markets and making more money. What many don’t understand is that the bigger the company is, or the larger the market they serve, the problems just pile up.
Why? It’s simple. Because managing 10 people and managing 100 is a completely different world. And when someone dives into it without being prepared for it it results in slow growth, or none, money down the drain and in many cases it can end the company all together.
So what is the idea? Abandon the option of growth? Of course not. The idea is to make sure whatever is done is done slowly and with the right support in place.
Research the Market Thoroughly
The first step before even setting a foot in the market is to do proper research. It’s not enough to be looking at the size of the population or GDP. In fact, don’t even look at that. Instead, focus on
- behavior:
- buying habits,
- spending power,
- cultural preferences.
These few points above are what can make or break the business. What you need to be looking at is what’ the common behaviour of the target audience. Analyze in detail their buying habits, how often they buy, when, why. How much money are these people spending on similar products and what is the thing that will make your product different? This, combined with their cultural preferences will help you create your buyer persona.
This buyer persona will be the basis for all marketing campaigns or even influence the decision about the product, service or whatever it is that needs to be launched on that market.
A proper research will also mean that you were able to look into similar companies and learn from their mistakes. Is there something that worked or didn’t work for them that you can apply in your business? Because the reality is, if you can learn from other people’s mistakes – do it.
And finally, look beyond the statistics. Often the numbers tell a story, but not necessarily the full story. Reach out to local distributors or potential customers to get insights beyond statistics.
Adapt Products and Services
Now that the research phase is done, make sure you have the right product for the market you plan on targeting. A simple copy and paste of the product might not be the smartest move. Just because something sells in one country, it doesn’t mean it will sell in another. You can’t expect to sell the same amount of pasta in Italy and in Tokyo. Your product needs to match the market you are targeting.
And if the product does fit, maybe the features or packaging needs adjustment. Everything needs to be in line with the local market. You need to be able to “speak their language” in order to pass the message and get them to buy what you are selling.
All big companies do this. You have fast food chains that have different menus depending on the country and their eating habits. You even have giants as IKEA resizing their furniture to fit the different housing needs of the market they are targeting.
For tech-driven startups, this adaptation often requires significant technical adjustments. A software development company for startups can help rebuild or modify digital products to meet local requirements—whether that’s integrating local payment gateways, adjusting for different languages, or ensuring compliance with regional data protection laws.
Apart from all this, don’t forget that some things are not “nice to do” but a “must to do”. For example, different countries have different rules on labeling, ingredients, safety standards, all of which you must be in compliance with unless you want to close the business faster than it started.
Choose Your Entry Strategy
Let’s assume that all of the above is already taken into account. The next step is to decide how you want to take over the marker. And the options are endless: exporting, licensing, local distributors, joint ventures, or direct subsidiaries.
Each of these options comes with their pros and cons. Going through all of them might be a problem on its own, so sometimes the best strategy is to think about outsourcing.
Luckily for you there are so called business consulting companies that do all the work for you. The positive thing here is that you don’t need to be an expert in everything, and you shouldn’t be. By having someone that will take all that off your place, you have the opportunity to focus on the things that really matter – conquering the market as smooth as possible and growing your business.
Start Small, Then Scale
The mistake that many make is that they want to go all in, all at once. Don’t do that. Instead, start with baby steps. Even if the initial location is very successful and you are making a ton of money, the success of the second is not given. It might require the same amount of work, if not more to get to that level. Or maybe not. You never know as the world of business is shaky.
But the good thing is, you don’t have to know. You just need to try and see where it will take you.
The thing is, expanding your business globally is not being everywhere. It’s being at the right palace at the right time in front of a hungry crowd ready to buy what you are selling. Simple as that.
Debabrata Bahera is a Senior Growth Marketing Executive known for driving business growth through data-driven strategies and digital innovation. Skilled in SEO, and conversion optimization, he blends analytical insight with creative execution to stay ahead of trends and tech