1. Know why you are going
2. Sort out your strategy before you get in too deep
This one is key! To ensure that you’re not one of the companies that makes a dumb decision about where to expand to, work out why you are expanding and how the way in which you are expanding matches what you are trying to achieve.
3. Remember that international market entry will be a roller coaster
4. You can’t be half pregnant
5. Make sure that your domestic business is in order before you start
6. Go somewhere where you will get some wins in a reasonable timeframe
7. Don’t repeatedly recreate the wheel
8. Fail fast and use a process
9. Only enter one new international market on the ground at a time
10. Don’t try to “copy + paste” what you do at home
Re-wrapping products rarely works in international markets, because customer demographics, spending power, psychography and expectations vary enormously from one country to the next. Typically, you will need to localize your product or service to be a top player in the space.
Taking your business into new international markets is a risky and capital intensive strategy. Following these market best practices will minimize your risks and set your team up for success.