Are you a business owner pondering international expansion? Do you want to discover what it takes to move into new markets successfully? If you answered yes, then this blog post is a must-read for you. Web Antler sat down with Grant Osborne from Crayon, a seasoned expert in the marketing space, to discuss key lessons for businesses looking to expand overseas. Keep reading to gain powerful insights that could be game-changing for your international business strategy.
Grant suggests that before fully diving into a new market, you should always dip your toes in the water first. This could be as simple as running paid search ads targeted at the area you're considering. These initial tests don't require a significant investment but can offer invaluable insights into the market.
Going it alone can be a challenging feat. Having a local partner, whether a supplier or a complementary business, can make a world of difference. For example, Crayon partnered with Microsoft and AWS in Australia to leverage their established market trust, thereby bypassing the credibility barrier they would otherwise have had to break through.
Grant shared that while Ecommerce businesses can often manage international expansion with local resources, the story changes when you're in a high-touch B2B business. The emphasis here is on relationship-building, which in many cases necessitates boots on the ground. Physical presence enables better market understanding and cultivates trust—two crucial factors for success.
The first step is to have a deep understanding of the market size and your potential fit. Knowing your customer acquisition cost, lifetime value, and the potential ROI is crucial before making any big moves.
Expanding into new markets is not a one-person job. Your sales, marketing, and product teams need to be fully aligned with the expansion strategy. Whether you call it a growth team or a go-to-market team, internal alignment is paramount for international success.
Grant also stresses that funding is a crucial aspect of international expansion, especially for businesses in small markets like New Zealand. It's essential to recognize the financial commitments required and be prepared to make that investment.
Remember, moving into a new market is not just about selling a product; it's about selling your credibility, your trust, and your brand. So, take the time to learn, partner wisely, and go in fully prepared. You won't regret it.
