Taking a product to a new market abroad can be a difficult yet exciting prospect. There are all sorts of things to think about before embarking on a move like this: from the language spoken in the new country to whether or not there is any proper demand for the product or service in that
Taking a product to a new market abroad can be a difficult yet exciting prospect. There are all sorts of things to think about before embarking on a move like this: from the language spoken in the new country to whether or not there is any proper demand for the product or service in that location, you’ll need to think carefully before you make the move. But if you get it right, the rewards can be immense.
Depending on where you plan to expand, you may well find that you have to adjust to a new language. If you’re expanding from the UK to another Anglosphere country, such as the US or Australia, it’s likely that all you’ll have to do is accept some small cultural differences. But expanding to Europe or Asia could well mean that you have to hire translators and multilingual lawyers in order to get your businessthere off the ground.
Also, if you’re an involved business leader who wants to participate in supplier negotiations and job interviews, it’s advisable that you learn the local language – perhaps through the use of an app such as Duolingo.
Registrations and rules
Another thing to bear in mind is that not all countries have the same approach to regulations and rules as the UK does: in fact, every country has its own complex patchwork of rules, and you’ll need to make sure that you adhere to them when distributing your item abroad. If you are exporting a people-based service, perhaps such as human resources or communications, you might not have too much of a problem.
But companies in the science and medicine fields can often come up against problems. Those looking to secure Chinese medical device registration may need to engage the services of a specialist drug development organisation, while anyone who wants to open a chemical laboratory in the US may also need some support. Finance is another one: some financial products thatare legal in some jurisdictions, such as binary options, are banned in many major countries and regions – such as Europe, thanks to the European Securities and Markets Authority. The best thing to do is to get some expert help to test the waters.
Finally, it’s worth also devoting some resources to carrying out market research. Just because a product or service works at home, or because a particular pain point exists in your target country, doesn’t mean that a product will necessarily be in demand there. Doing your homework, then, is wise.
Entering a new foreign market is a challenge at the best of times – and as this article has explained, it’s not a walk in the park even if you have an item that’s selling well in your domestic environment. You’ll need to consider everything from local language to the dynamics of the market in that particularplace, although if you succeed in navigating these issues, you could find yourself being very successful.