3-2-1 Lift Off! Ensure A Successful Global Launch For Your Product
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It doesn’t matter whether you sell custom-made t-shirts, bespoke artisan furniture or ball bearings, if you are raking up the sales, there is obviously a clear market for your product. You may be tempted to try your luck on the international stage and try to emulate the domestic success of your profit margin. In theory, this sounds like the logical next step, but there are some considerations that you’ll need to take into account.
Will It Fit?
It’s vital that you do your market research in the destination you are planning to launch just as you would in your homeland with any new product. If you are expanding operations to a totally different culture such as Japan or Korea or China, you must take into account any potential sensitivities. If your product is food-based, ensure that it caters for a different palette. Your unique variety of corn dog may not go down too well on the street corners of Tokyo.
Do You Have The Money?
It costs a small fortune to break into new markets. However, the rewards can be lucrative. After you’ve analyzed your market research and spotted a gap in the market for your line of footwear, it pays to ensure that you have the cash flow required to set up in a foreign land. Securing trade finance for your venture requires you to support your business supply chain with the right funding option utilizing revolving unsecured credit. Opt for a lender with access to competitive exchange rates, so you are getting the best deal on your new global payments.
Ensuring your cash flow is buoyant will allow you to cover the costs of any unforeseen problems. International expansion rarely goes smoothly and having a few extra dollars in your account could make or break the success of your venture.
Can You Speak The Language?
While it may seem like nearly everyone in Japan and China can speak English, they won’t want to conduct business in anything other than their native language. You will also have to consider the language you use towards your potential new customer base. It’s vital that you learn the basics. After all, the chances are that you will have to spend some time preparing for the product launch in your new market. It pays to immerse yourself in the new culture and enjoy the ride.
Has Your New Market Seen Your Product Before?
This really is a rhetorical question as any answer could be deemed a positive or a negative. If the country you are planning to sell your wares in is familiar with your product, you won’t have to spend your time educating the masses about its benefits, but you will be competing against established rivals. On the flip side, if they haven’t experienced your product before, you’ll need to spend more time and money on an education piece, but you’ll be able to monopolize a potentially lucrative market.
Expanding your business is fraught with obstacles and difficulties. However, if you can overcome these, you could be in for the most exhilarating experience of your professional life.
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