Chris Virgin shares 10 Tips to Enter in International Markets

 Here Chris Virgin the creator and executive producer of The #AskChrisV Show an educational, inspiring show on Facebook Live and Youtube Live about personal finance, investing, career and business.

TIP #1 - FIND SOMEONE WHO HAS DONE IT BEFORE

There is nothing worse than learning through trial and error. Especially, once you are talking about international markets where you most likely know little about the culture, customs and language. Find someone to illustrate the roadblocks and also the opportunities. Someone who can make introductions has resources and a network to help you. Someone who knows a way to approach the market along with your products.

It will cost you something. But, the money and time you may save are far but what you'd have wasted doing it on your own.

TIP #2 - DON'T TAKE the simple ANSWER doltishly future

So you agree you wish to seek out someone who has done it before - now the caveat: select your partners carefully! you would possibly be 'partnering' with them for an extended time, and that they are going to be critical to your success. So how does one select someone after you know little about the international market? rummage around for referrals - international trade organizations in your state, or industry groups are a decent place to start.

Don't stop there though: create an inventory of criteria and a profile that's most vital to your company. Then interview, check references and do an area visit for those on your shortlist. Assessing the strengths and weaknesses of potential partners against your company's needs and desires can facilitate your make an informed decision while still allowing you to create a timely decision.

TIP #3 - it's NOT the identical AS SELLING within the US

Not so fast: approaching new markets with the identical best practices that cause you to succeed in your home market might work - but possibly not, and you risk a negative perception of your brand at launch.

This doesn't mean you are doing all the work. After all, that's why you have got partners. However, you may want to manage the method and work along with your partners to grasp which parts of the selling process are the foremost critical to localize, versus what's nice to own. Yes, it's less expensive but quite that it allows you to specialise in what is going to have the best positive impact on sales right out of the chute.

Language, culture, humour will be key (English isn't the same!). Also, consider infrastructure - how does advertising get done, what percentage of people or businesses are online, etc. examine motivation and influencers of your end customers; they will vary than those in your home market. What works "here" doesn't work everywhere; plan upfront for the key differences.

TIP #4 - BUILD RELATIONSHIPS NOT MERCENARIES

"Sell! Sell! Sell!" There are plenty of reasons to expand into another market, and after all, increasing revenue is sometimes at the highest of the list. If you're currently based in an exceedingly culture where sales professionals are primarily motivated by money, it would seem counter-intuitive to spend time building relationships along with your new sales channel. So why do it? it'll pay off in both the short-term and therefore the long-term, over and over!

I recently heard a story of a couple of guys who worked at a corporation that had a large banner hanging within the foyer where employees entered the building. The message: "You are working here to form money." the corporate survived; the worker turnover was high. That single focus resulted in an employer/employee relationship that lacked trust, respect and communication. It worked OK in good times. it was a disaster in bad times.

Building good relationships together with your representatives in new markets will allow you both to make understanding and knowledge of every other and your respective businesses; your values, expectations, and objectives will become known and understood. Trust, respect and mutual support will grow as you partner overtime to make market share, grow revenue, and revel in sustainable profitability. Find what your partners are good at and leverage it. Fill within the blanks and support them where they're weak. Good relationships end in an honest customer experience. most are happy.

Focus only on the money, and you're likely to travel to the underside of the list in terms of attention given to your products. Others may hunt for opportunities to leap ship - maybe to your competitors. It's just not worthwhile. Take the time - build the link.

TIP #5 - DON'T IGNORE THE LANGUAGE

Sure, many folks around the world speak English - it's become the language of business. Does that make doing business across borders easy? Simple things are often difficult. Even native English speakers across the world can have misunderstandings because of language! Be diligent about product naming, translation of instructions, advertising and more.

TIP # 6 - CULTURE, CULTURE, CULTURE

Business language, greetings, titles, business cards, conversational topics, negotiation, introductions, business meals, public behaviour... need i am going on? of these and more must be handled within the culture where you're doing business. Tips and guidelines are available for several cultures.

But what about colours, pricing standards, truth in advertising, humour, product naming, packaging? Culture drives attitudes and behaviours in business partners and would-be customers, and new market entrants must be able to adjust - to "localize" where it is vital.

Look at how people buy and sell: trying to export channels strategies that job in one country may feel more sort of a square peg in a very round hole:

• Japan has many layers of small players

• Brazil has many small shops

• Argentina mall was like being within the US

Cultural differences can trip you up if you do not listen - little things mean more, so do your homework and concentrate to detail right from the beginning! Bonus: you'll need more fun and build stronger relationships!

TIP # 7 - DON'T IGNORE THE POLITICAL SITUATION

Ownership, operating, and funds transfer risks are key areas to listen to when assessing the political situation during a new target market. You already know that knowledge and appreciation of a country's history, language and culture is critical - review the political background to round out the image before making a long-term investment. Monitor political developments, and factors outside of state control like strikes, and build country-specific approaches to your business model, including contingency plans.

Be careful to contemplate laws or regulations that will impact marketing your products, such as

• Entry of products

• Anti-dumping/below-cost sales of products

• Licensing

• Recycling fees and CE Mark issues

• Health and safety standards

• Advertising

• Membership requirements (e.g. chamber, trade union)

• Nationalistic buyers or suppliers

• Currency and remittance restrictions

• Value-added and export performance requirements

There's a lot to contemplate, but the nice news is there are many resources available to tap both within the U.S. and within the target market.

TIP # 8 - DISTANCE MAKES EVERYTHING harder

In market entry decisions, it is important to seem beyond the "math equation" - sales potential is also great, but is it the most effective, next opportunity? the gap can make a difference, and "distance" is over geographic.

TIP # 9 - DON'T HIRE IF you would like to fireplace

Local laws and regulations differ, but often are far more stringent than employment laws within the U.S. especially when it involves letting someone go, whether thanks to business reasons or for a cause.

You might say it is the classic question of "control" versus "risk". While more companies are 'born international' in today's economy, most companies still go through the life cycle of 'going international'. on average annually, 15% of exporters will stop exporting, while 10% of non-exporters will begin. Companies more or less advance along stages until they reach level right for his or her capabilities or product (or stop), with the foremost critical junctures: beginning or stopping exporting.

As noted above, you would like to take care choosing any partner, whether distributor or employee. it's going to be tempting to rent immediately, with the thought that you just will have more 'control' than you would possibly with a distributor relationship (for example). However, the risks may be similar, and severing the link is even more costly, so make certain it's really what you wish before taking that step. 

There are four key factors to contemplate in making your decision:

• Degree of standardization in product offerings

• Marketing program beyond the merchandise

• Location and extent of value-added activities

• Competitive scenarios

Finding a balance is critical to your success.

TIP # 10 - it is not JUST the merchandise

• Messaging

• Marketing materials

• Sales and channel tools

• Customer service and support

It's all there, and prepared to travel, now the question is what proportion 'localization' does one have to do to realize the sales? Language, culture, and buying patterns are just some factors that will impact the effectiveness of your product support structure and materials.

Ideally, you'd build adaptability up front, but typically companies are deciding the way to adapt products and services that are already successful within the home market. you'll or might not have to adapt the merchandise itself to local markets, but you may likely need some adaptation of materials, packaging, training and more - at minimum, translation of selling and sales materials into the local language - to achieve success.

Key takeaway: don't skimp on what it takes to support your international markets.

Chris Virgin is that the founding father of Chris Vergin Media He encompasses a strong background in creating and implementing international strategies, contains a broad understanding of the medical device markets and has over 25 years of experience with retail and e-commerce channels.