Company results have been great year after year but shareholders want more. A logical step might be to launch a new range of products or to take your bestsellers to a foreign market. Surely your bestselling product will sell in a similar market? Despite the market being similar, some companies are still not able to survive in the foreign markets due in most part to poor marketing strategies and lack of understanding of how to operate in the new market.
Comvort will be with you throughout the whole process of marketing your product range to a new international market, enriching your campaign with local expertise that has a deep understanding of your targeted regional culture better than anyone else. Here are a few pointers to give you a better idea:
Research is the key – before launching a product you need to understand customer preferences, potential competitors, appropriate market price, relevant laws, internet penetration but also payment providers.
When you market your products internationally use local media channels. When you are using these make sure that your brand message is conveyed in the local language. Particular care should be given to ensure that your brand name doesn’t mean anything else to a different culture. An unfortunate example is when Nokia launched their mobile phone ‘Lumia’ in Spain, which translated to slang for prostitute.
When marketing in a foreign market there is so much more to pricing than simply exchanging £10 to a local currency. Pricing levels and overhead costs need to be taken into account when coming up with the prices for your products. For example, if you are trying to sell goods to India take into account that duties could sometimes be as high as the selling price of the product.
When you are doing business abroad be sure to consult your local marketing agency first.