Are you ready for Market Expansion?
In today’s market, there are two methods to market expansion: selling online from your country or physical presence in the new market. Both require a marketing strategy, market research (customer and competitor), cultural & language insights, resources, due diligence and developing marketing initiatives that fit and communicate into the new market. But a physical presence requires a larger investment that comes with a larger ROI.
Selling online is a simple method to reaching a global market and allows you to ship directly to any customer you reach but it has limitations. At some point, you must enhance your distribution and customer engagement model to sell more efficiently and this requires a presence in that market. Building a local presence allows to you properly communicate with customers in real time to foster the relationships that creates trust and repeat customers.
My global experience had led me to identify three areas any company must consider before becoming global.
- Is there a market demand for your product or service?
- Is the market compatible with my own market?
- Resources needed to implement your marketing strategy?
Subscribe and download to read more as I discuss these three questions in detail and address key challenges with approaches to market expansion.
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Empower organizations to understand the true value of data by turning data into digital assets. Illumulus provides digital transformation strategies, digital marketing strategies, digital implementation models and create artificial intelligence experiences.