As an entrepreneur, one of the most challenging parts of developing and maintaining a reliable business is finding overseas customers. If your business is within the digital field, you can take advantage of the internet and technology to expand its reach and find new target markets. Here are six things you need to know when targeting foreign customers:
Research overseas markets
Exporting goods to overseas countries is a serious undertaking that require entrepreneurs to do everything right. You will need to conduct high-quality research about oversea markets before you commit yourself into targeting customers in those regions. Take your time to identify markets that you could successfully sell your goods and services. You may find carrying out market research somehow intimidating, but much of the information is readily available. If you didn’t know, being on top of every detail and following the required logical procedure can help you boost your chances of breaking into the international scene.
Seeking out Assistance and Advice
It doesn’t matter how experienced or successful your business is in the local scene. Sometimes globally expanding a business can feel like a nightmare, but that doesn’t mean there is no help out there. You need to understand that every market, audience and industry you encounter is unique with specific challenges that you need to carefully address. Reaching out to people who have who have overcome these challenges, could help you know your next step. If you want to do it alone, you can find a plethora of advice on the International Trade Association website or other niche sites.
Build a website and implement your international plan
International businesses do not operate in a vacuum. Apart from your local premises, you may also consider establishing an online presence. The common practice of establishing an online presence is by building a website for your products and services and attempt to implement your international plan. There are affordable packages out there for business owners who want to build websites for their services and products. Whatever package you choose, make sure you select a language that your target market understands. You may also publish marketing videos on your website subtitling them within the same language or across languages.
Understand Your Industry
Before you commit your time and resources in an attempt to reach the global market, you must understand your industry. Find out if your products or services are applicable to the market you are targeting. If they are indeed needed on the other side of the world, think of the positives as well as the limitations of going international. For instance, you will need to consider supply constraints and factors that could interfere or promote your services. If technological advances could render your product or service obsolete in the next ten years, expanding your local business to reach the global customers may not be the best idea.
The first plan that you created when you first started your local business may only be applicable for domestic expansion but not global expansion. You may simply need to change the plan slightly or formulate further plans to translate directly into foreign markets. Your new plans should adapt to the needs of your new market and audience. When formulating new plans, you should consider other factors such as your potential sources, additional costs, your pricing strategies, customers and markets, financing streams, anticipated revenues and license and legal requirements.
Identify Global Market Trends and Modify as Needed
You may consider surveying your target customers giving them sample products to help you determine if they want it or prefer a new version of that product. Also when surveying new target customers, you may also want to identify their preferred international payment methods to help you know the type of operational tools to use.