Many companies have a great opportunity to make their product global but do not have enough resources to be able to expand their market. Selling your product in another country will generate many business opportunities. That is why we recommend that you pay attention to the following content. In it, you will find the keys that can help you to expand the frontiers of your product.
Reasons for seeking new markets
Every company should have an assessment of its growth, new customers and business possibilities. In the case of small companies, even if such an analysis is not done in such a deep way, there should be an analysis of how the business and your customers are doing.
It is in this kind of analysis that we should ask ourselves the questions that lead us to decide to sell our product in another country or area.
Why is our product not selling?
Have our customers run out?
Is our product no longer good?
What has changed to sell less?
It is often easy to blame oneself that something has changed to make us lose customers. Often this is not entirely true and it is the market that causes us to lose.
Our product may be at a mature stage. We may have a very specific product and have exhausted our customers. There is an infinite number of circumstances in which the market cannot offer us any more.
Finding the solution to this problem is not easy. What we must be clear about is that doing the same thing will not get rid of the problem. That is why experts recommend not to be insistent in markets in which we think we have reached our saturation point.
5 tips for selling in another country
To sell your product in another country you need a lot of planning, have a valuable product and know how to look for the right opportunities. That is why we consider it crucial to take some time to think about it before launching into the adventure.
Below, we explain some of the points that we consider key to expanding your business to foreign markets.
Get local contacts
To enter another country, we see it as a prerequisite to have a contact there who can facilitate the initiation period. Getting a local person to guide us in our first steps and help us in our introduction to that market will be very useful.
It is often difficult to have an acquaintance in another country or someone to whom we can entrust part of our efforts. For this reason, we also recommend forming alliances with companies in the area. That is to say, if we want to be part of a community, what better than to collaborate with it and its companies. If we go hand in hand with a well-known company, it will be easier to generate situations of trust with our potential clients.
Legislation of the country of destination
The situation is similar in terms of the rules of the countries in terms of legislation, it is not stable. Although we are in a world where the free market is the norm, there are areas where this is not the case.
Legislation and competent work by lawyers can save you a lot of time when deciding to introduce your product.
Transport, tariffs or cultural barriers can be some of the problems you may encounter when taking your product to another country.
Try to have a clear idea of how the legal aspects work in the destination country. From there, accept the rules and assess whether they are optimal for taking your product there.
Meet the competition
We are at a time when we consider that we have a globalised market, but perhaps it is not so globalised. When you try to sell your product in another country you may come across a competition that you didn’t know existed.
That is why we advise you to check the saturation of the market you want to enter before selling in a country. You mustn’t try to enter markets where there is a lot of competition or where there is a clear dominator. Your chances of success will be much lower.
On the other hand, you should think about whether your offer is good for that country. In other words, perhaps if there is not much competition, it is because your product is not accepted in that culture. Another option is that the product has not yet been brought to that area.
In the latter case, the market study should be more in-depth and try to find out if your product is accepted in that country.
Adapt to the country of destination
In our efforts to seek new horizons, we must be clear that we are addressing a different public than the one in our own country. That is why we should not be comfortable and offer the same offer.
You will need to know who your target audience is in that country. Zopto teaches you in the following post how to identify your new target audience.
Get to know the target country, its people, their behaviour, their customs and their way of communicating. Adapt yourself to it and generate closeness with them. The fact that the people of that country see an effort on your part to get closer to them will make them value you more.
Invest in marketing
One of the fundamental pillars of a company that wants to sell its products in another country is marketing. An element as powerful as communication is essential when it comes to reaching your customers.
When we are talking about a market in which we are not present, the best way to reach customers is with a powerful online marketing strategy.
Think about your product, analyse who your potential customers are, their gender, age and other characteristics. Once you have defined a plan of action do not hesitate to invest money in marketing.
The easiest, most powerful and cheapest way to make yourself known in the target country is with a good marketing strategy. Being present in the networks, collaborating with local artists, advertising in transit areas… All of this will help you to sell more.
It is not something that should be of low importance to launch into foreign markets. From Nementio we advise you to take your time when carrying out the relevant market research to sell your product in another country. Consider the opportunity to go to other markets and invest time to make it as good as possible.
We believe that a marketing company can give you the advice you need to enter foreign markets. That is why we offer unique advice on the possibility of selling your product in another country.