Strategically Evaluating Opportunities
Expanding your business into new countries offers numerous advantages. As a Certified International Trade Professional (CITP), I’ve dedicated my career to assisting companies in entering new markets. While I strongly support this, I also emphasize the importance of a strategic approach rather than just seizing opportunities as they arise.
Consider this scenario: you sell high-performance kayaks and receive an inquiry from a specialty sporting goods retailer in Germany. You contact me, saying, “I need to be in Germany.” My response would be, “Let’s research first. Germany might be where you’ll find a solid customer base, not just this one prospect, but potentially others as well. However, Japan might be a better fit.”
When exploring any new market, remember that success at home doesn’t guarantee the same results internationally. Entering new markets involves a range of considerations that require careful planning:
Trust the Process
Developing an international marketing plan is crucial for success in a new export market. As a professor of international sales and marketing, I teach this analytical process throughout an entire semester. For this introduction, I’ll summarize the key points, keeping in mind that we’re only scratching the surface. The aim is to encourage strategic thinking, enabling you to capitalize on global opportunities with the greatest chance of success.
The purpose of creating a plan is to prevent costly errors based on incorrect assumptions. By the end of the process, you will have identified and addressed gaps, evaluated risks, and accurately assessed your potential return on investment.
Learn more here: https://www.edc.ca/en/article/4ps-of-international-marketing.html
