With countries opening their borders to trade with Canada, this is a great time for businesses who are looking to expand into other markets to make their move.
When moving into a new market, here are a few things to consider.
Give customers what they want. While a certain product may be successful in one country it might not be successful in another unless the manufacturer adapts it.
For example, a manufacturer of iced tea may find its North American customers like their tea to be very sweet and available in large bottles, whereas that same iced tea may be too sweet for Asian tastes. The manufacturer will then have to adjust the sweetness to suite the tastes of his Asian clientele.
Companies should also be ready to communicate with clients in their native language in order to gain the client’s confidence and to meet their needs. About 73% of the global market prefers websites that provide content in their native tongue, according to a Common Sense Advisory study.
Another factor in succeeding in a foreign market is to make sure that regulations are clearly understood. When the European Union was formed in 1993, it acted like a single market with free borders, but each country has its own regulations in regards to payments, sales, promotions, and data protection.
When expanding an e-commerce site in another country, the site should not only be in the language of the people there, but it should use keywords to provide optimized SEO. Social media pages and customer service should all be geared to the preferences of that country.
The company brand should fit the culture and values of the country it is entering. For example, an IKEA Canada catalogue cover showed a woman with her family in the bathroom. That woman was digitally erased from the scene in the catalogue when it was distributed in Saudi Arabia.