Any company that reaches a certain level of expansion will eventually face the prospect of working in a foreign market. Of course, for some businesses, this is an important part of the planning from the very beginning. For UK businesses that are hoping to break into international markets, whether as start-ups or further down the line, there are more opportunities today than there have ever been before.
Digital marketplace
The impact of the internet and digital communications platforms has transformed the way that almost every company does business. This is especially true in the way that a global marketplace has been opened up and a level playing field created, whereby clients, suppliers and other contacts can be accessed with relative ease. However, there are also challenges that come with the territory, and these mainly revolve around the way that different marketing strategies might be needed or existing ones used to gain traction abroad.
Profile
Raising the awareness of a business in a foreign market is essentially the same as doing it in a home country, but you might find that some tried-and-tested methods will work, and others need to be modified or abandoned completely. On an international stage, you will have to consider factors such as language and cultural variations that will come into play. For instance, the very name of a brand or product might mean something very different in a foreign language and even become offensive. Likewise, a product or service might be seen as being of a dubious nature due to prevalent religious or cultural preferences.
Multinationals
By their very nature, multinational companies are those that have successfully navigated the choppy waters of foreign trading many times, and so they can provide great examples of how to do things properly. Whether it is in the food and drink industries, entertainment, or oil and gas production and sale, there are many bigger companies that have sway in multiple countries. As you can see from Nasib Piriyev’s profile, he is the co-founder of PNN Group, which operates in more than ten countries. A family business founded in 1993, it has only taken two decades to become a successful international corporation. By actively seeking out and developing new business opportunities wherever they may occur, PNN Group shows how international markets can be conquered with relative ease.
Local knowledge
Of course, knowing when and where to delegate is an essential skill for an entrepreneur, and this is especially true when it comes to setting up shop in foreign markets. Having strategic partnerships that are based locally or that have extensive regional or national connections in your new target markets can be something that makes all the difference to a successful international expansion. However, for smaller or niche businesses that simply don’t need an “on the ground” aspect for overseas expansion, simply paying close attention to online marketing opportunities and making sure that a company’s web presence is accessible to all can be just as effective.