101: Going global
Considering expanding the reach of your American company? Maybe you are seeing more of your client base overseas. Maybe you want to extend the life of products or services by introducing them in new, faraway markets. Or maybe you are looking for a way to reduce your dependence on domestic markets. Whichever your motivation, here are things to consider in exploring overseas.
Market research. Though many American products or services are embraced overseas, that's not always the case, says an article at Entrepreneur.com. “Invest a lot of time and money in consumer education,” the article reads. Avoid spinning your wheels trying to market something that won't mesh well with the culture. (However, if you manage to ultimately clinch that market niche, your brand will become synonymous with that product or service.)
Tax code and compliance issues. There are special reporting requirements in doing business overseas, and it's wise to consult with an expert. Also, says business consultant Joseph Paris Jr. at BusinessNewsDaily.com, these rules may very well impact your bottom line. “In Europe, your instructions, even for the simplest product, will be in … sometimes up to 24 languages. If your product is sold more regionally, you will have to consider the increase in packaging cost associated with labeling,” he said.
Make friends. It may seem like a logical strategy to get to know the country and culture, says Langley Steinert, co-founder of TripAdvisor, in a Forbes.com article by Kate Harrison. But cultural miscues and miscommunications happen. The key, he said, is to listen, not talk, when networking and building relationships. “Listening can lead to better product design, superior site-user experience, smarter pricing models and, most importantly, clearer expectations and rewards for staff members. Incentives and management style abroad can diverge significantly from what you're used to in the U.S,” he said.
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