Building Your International Business
Examining New Markets
Expansion into new markets may become an objective of your international business after the first successful venture. A long-term strategy should be devised with multiple markets selected for expansion purposes. Remember, one size does not fit all and products need to be adapted in each new market to meet specific market needs. Don’t necessarily focus on a specific region but countries that best meet your needs and offer you the best potential for success.
The partners you work with in your first international venture can be very useful in helping you as you grow. They know your business and products and most importantly they know you and can recommend good business partners in new markets. Using your business network can be key to growing your business. Developing new joint ventures, moving into new markets or focusing on new targets can become easier if you leverage your partners.
Your customers are your best marketing tool as you move into new international markets. Use your customers to explore new opportunities that might arise. Continually evaluate their overall acceptance of your product and brand and create new ways to increase customer loyalty. The more loyal your customers are the less you have to spend on marketing in the long-term. Using your customers to conduct market research and test new products will lead you in the right path to expanding your business.
Developing New Partnerships
Creating new partnerships abroad can lead to new and unseen opportunities. Use your network, attend events and meet as many people as possible in your new market.
Using Government Resources
Keep in touch with the Canadian government trade offices world-wide much as you will when first entering the international arena. Your success in one market will provide you with credibility as you enter new ones. Trade Commissioners share information so make sure you keep the discussion open. They will keep you informed of the programs, missions, trade shows, events and export training programs they offer. There are other provincial organizations similar to DFAIT but provide a much more specialized service. The BC Government has several officers around Asia and Europe with similar expertise as the Trade Commissioners.
Canadian Sources for Research, Planning and Country Information
The resources available to you on the internet are almost limitless. The web site below provides links to every topic you will need to know about at some stage in your drive to succeed in international markets.