Securing a Customer Base in Your Expansion Location
Setting up a business in a new market may require you to adopt a different approach in order to gain loyal customers. Here’s what to consider as you establish your company in your chosen expansion location.
Understand Your Market
A thorough understanding of your target market is crucial to every element of a business’s expansion, but it can prove particularly beneficial when securing a customer base. Examining localised trends and researching local keywords can be a simple but effective way of understanding where your business fits within your new market, and will allow you to adapt your strategy accordingly. Therefore, this step should be completed before you begin to carry out your expansion.
Adaptation and Localisation
The next step in securing a customer base should be to adapt and localise your existing business structures in response to your market analysis. Consider carrying out an extensive audit of your online presence to determine which elements can be carried over, and which will need to be changed in order to suit the demands of the new market.
If there is a language barrier between your current market and the one you are expanding to, it is important to ensure that your translations are seamless and accurate. However, these acts of adaptation apply to more than language – it is also advisable to customise your currency displays and date and time formats to suit your target market. As well as demonstrating an awareness of the market and culture you are moving into, this will also make it easier for customers to understand your business and transact with you – establishing the sort of good reputation that is conducive to a strong customer base.
Establishing Expansion Partnerships
One of the most significant steps you can take when building your customer base is to form partnerships with local organisations and experts. Expansion partnerships have many benefits, ranging from expertise in local tax regulations to providing access to existing resources and infrastructure. However, they also carry several distinct advantages when seeking out customers. The first of these is the access they can give you to existing client information, local industry contacts and other sources of information that will help you to better target your campaigns.
The other major benefit that an expansion partner can provide you with is a level of name-recognition and respectability that you would otherwise be required to earn from scratch. Customers in most markets prefer to avoid brands that are unfamiliar to them, whereas they are more likely to feel comfortable accepting a company that arrives with the endorsement of an established name.
How Galvin International Can Help
When you’re expanding your business overseas, it’s important that you have the right team of experts and a clear-sighted strategy – that’s where Galvin International can help. Our international expansion concierge service untangles the complexities of the expansion process, offering expert advice, custom solutions and on-ground support with implementation. From market analysis and entry, through to putting you in contact with the right local expertise, we work with your business to ensure that it achieves the overseas growth it is capable of.
Get in touch with us today to learn how we can help your business achieve your expansion goals.
What Lies Ahead for International Business in 2019
With 2019 underway, here are some of the global trends that are currently being predicted for 2019.continue to read