Expanding your product abroad involves a series of strategic steps designed to ensure your international business venture is successful. Here are key steps to consider:
Conduct In-depth Market Research: Understand the demand for your product, identify potential markets, and gather insights about local competitors and consumer preferences.
Understand Cultural Differences: Be aware of cultural nuances and preferences that may affect the reception of your product. Customizing your offer to suit local tastes can be crucial.
For example, in Japanese tradition, the number 4 is considered unlucky due to its pronunciation, “shi,” which also means death. As a result, hospitals and hotels often omit floors or rooms numbered with 4. This is especially true in maternity wards, where room number 43 is specifically avoided for its connotation with “stillbirth.” Such cultural believe should be factored in when targeting Japanese Market.
Develop a Comprehensive Business Plan: Outline your strategy for entering the new market, including financial projections, marketing strategies, and an operational plan.
Find the Right Local Partners: Establishing partnerships with local businesses can provide valuable insights and resources, making your expansion smoother. You can employ a local freelancer or company to conduct the research for you if necessary.
Ensure Product Readiness: Adapt your product as necessary to meet local regulations (e.g NAFDAC Number for Food and Drugs in Nigeria), standards, and consumer expectations (taste, color preference, size, language).
Establish a Local Presence: Consider setting up a local office or team (a “beachhead team”) to manage operations and build relationships in the target market. You can employ virtual team or full time branch.
Leverage Digital Marketing: Utilize online platforms to promote your product, considering the digital habits of your target market to reach potential customers effectively. You can setup social media accounts, ecommerce website, list on popular social media marketplaces etc.
Taking these steps can help mitigate risks and leverage opportunities as you take your product to international markets.