Researching target markets
Use market data to find out where your services or products will sell. Use the Global Market Finder to look at promising markets – the Global Market Finder uses the world’s internet search data to look at keywords from all countries.
Find out how customers in your target market use the internet to buy things – do they research online then go to a physical store? Do they search online, read reviews then buy online? Google has lots of export tools to help you to understand your new audience without performing expensive surveys.
Adapt the business
Go digital in new markets, even if you have lots of different channels at home. This keeps your marketing cheaper and more flexible so you can go global much more rapidly.
There should also be a dedicated international team that can work autonomously. The team will know how to “read” international markets and therefore make the right decisions so that new campaigns can really flow.
Make sure products are localised
There’s no need for guesswork when it comes to overseas markets – there are plenty of analytics tools and data to help you understand your new customers. Once you understand the market, you can adapt your marketing, products and prices to it.
It’s not always necessary to localise, though. Many European populations speak excellent English and will be quite happy to use an English website that references UK culture. However, many countries will need more adaptation, like Thailand, as many cultural references will be obscure and where English may be someone’s third or fourth language.
Try different markets
International business still has the first mover advantage, so don’t be shy. If you’re the first company to offer a particular product, your name will stick. Using ecommerce is cheaper than hiring staff in your new territory, and if you can find a PR or marketing company in the new market, it can help you out with local knowledge and translations.
Be open to new ideas
Even if you’re not the first entry into the market for an industry, research the big players and replicate some of their methods, as they have likely invested a lot of money to determine what works there. This can include who they are targeting, what methods they’ve used and what results they’ve had. This information can be valuable to build upon as you enter the market.