What’s your most promising market? Research the European market to see which are best suited to your product. Look for plenty of customers already interested in your product and what you do. See if any markets will accept your product as it is, or if there is any existing brand awareness.
What are the local regulations? Europe is a trailblazer for regulation. Rules are stricter and will also foreshadow what’s to come elsewhere. However, the adoption of regulations is not uniform across the continent. Before breaking into a new market, you need a full understanding of the rules, how they are enforced, and the attitudes of local people.
Could cultural or language issues affect the way you’re perceived? If your product doesn’t work in the native language, you’ll have a serious branding problem. Different countries also differ in how they work and the aspirations of their consumers. Marketing strategies that succeed in the US, may not work elsewhere.
Can technology help you? In the short term, big data offers exciting opportunities in data analytics. These platforms can bring together a huge amount of data to unlock hidden insights to help you identify trends and opportunities. Advanced technologies such as AI are promising but are still developing.
Going social: Social media has changed the game for marketing. Influencers can make or break demand. Controlling their output can be impossible, so you need to identify the most relevant influencers for your brand and develop mutually beneficial partnerships in which they have the creative freedom to promote your brand to their audience.
Research your market: Poor research is a common source of failure. Scope out your intended market and send sales teams ahead to identify demand, establish partnerships, and analyse opportunities. Find out where your customers will be and position yourself accordingly.
Most importantly, international expansion is not something you can do half-heartedly. Dipping your toe in the market will not work. Once you decide to enter a new market, commit to it. Invest resources, do your research, and establish a network on the ground. That’s the difference between a smooth and successful expansion and one that never gets off the ground.
