Mistakes Businesses Make When Expanding Internationally
But of course, simply having a presence in a territory doesn’t mean that it’ll be successful. While there’s a lot of potential for growth, the fact is that expanding internationally, while worthwhile, requires almost as much effort as setting up the business in the first place.
In this post, we’ll run through some mistakes that businesses make time and time again when expanding internationally. Make sure you’re not guilty of them, and your chances of success will be much higher.
Targeting the Wrong Markets
It’s a big old world out there. Some markets will be more appropriate for your expansion than others. While there’s no way to guarantee that your expansion will be successful, choosing the right international market will go a long way toward increasing your chances.
You’ll probably already have an idea of which markets make the most sense for your business. Focus on those, and then narrow down your choices until you have one. If that expansion proves to be successful, then you can always expand into other markets.
Failure to Understand the Target Demographic
It’s unlikely that you’re trying to target all consumers in your home territory. You’ll be targeting a specific audience. The same will apply when you expand internationally.
Be aware, however, that your international audience will have different preferences and expectations. As such, you’ll need to more than simply replicate what’s worked in your home country. Conducting market research and analyzing competitors can help to give you a better sense of what your target audience wants and needs, allowing you to more easily meet their expectations.
Lack of Hype
You might be a big deal in your home territory, but you’ll likely be starting from scratch when you move into a new country. Getting the attention of your new target audience will require a robust marketing strategy that gets your voice heard. Again, it’s not recommended to simply replicate your normal marketing strategy and hope it works. Working with an international PPC agency will help put together campaigns that speak to local audiences. In doing so, you’ll be able to connect with your target demographic in a way that makes sense to them.
Payment Errors
Finally, keep in mind that international audiences may have their preferred way of making payments. Audiences in the USA might like to pay via PayPal or Stripe, but customers in China prefer to pay via services like UnionPay and AliPay. Understanding how locals like to pay is essential for offering a smooth payment process. Also keep in mind the currency factor — international audiences are much more likely to make an order if the price is presented in their own currency, rather than in an international currency they don’t understand.