There is no wrong time to do the right
thing. But when it comes to expanding beyond known borders, timing is
God. A right product at the wrong time would spell doom for the
company.
There is nothing in the world today
that we can’t buy on the internet. Even love is not an exception. In
that case, what’s the need for expansion? Why go to another country
when we can dispatch products to almost any location from our own
warehouse right here in our own city?
Nothing like home. We all can agree
with that. Home is where the heart is. No matter how valuable a
product is, we look for its serviceability and connect-ability to our
local needs.
Mere expansion alone doesn’t make a
brand/company eligible to be called ‘imported local’. There are
several other factors involved.
The reasons to expand beyond a home
country are many. Market saturation could be one. Or it could simply
be that the brand wants to make an impact and capitalise in countries
that are cherishing a spike in both economy and population. Increased
industrialisation increases the hunger for technology and
connectivity. That is why, in the last couple of years, we are seeing
a large number of high profile companies taking kindly to developing
countries like India, China, Indonesia, and other South American
countries.
Before the ships have been set to sail
to the international destinations where you plan to flag your next
flagships, it is important to get into the head of your expansion
destination.
Think of the move as if you are
relocating with your family: When we move to a new city we consider
the rent, distances, people’s culture, lifestyle, places, language,
local tastes, etc. The same things are to be taken into account
before entering a new market/country. What may work in Amsterdam may
not work in Algeria. Understanding the land inside out will help you
serve better to the local audience.
You are not alone: As anything is
possible, and exclusivity has lost its charm to money, competition is
not hard to find. Find out who your competitors are. Understand what
they are doing. How they are addressing the market. What percentage
of the market do they have a control over. You can also consider the
possibilities of working together. Remember, an enemy’s enemy is your
friend. Well, at least until you fulfil your business’ objectives.
“The power of the lawyer is in the
uncertainty of the law.” – Jeremy Bentham: When in Rome do as the
Romans do. A tiny little infraction can do a large damage for the
company. A foreign company in a new land, has to be careful about
what it does. One wrong move and the local competition brands will be
on the ledge waiting to eat you up.
Thorough and expert insights pertaining
to land, people, and context will help a company’s process of
expansion easier and fruitful.
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