Companies should leverage local expertise to identify potential pitfalls in an expansion strategy

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 26, 2019, 5:58 AM UTC

They could also study regulations that would demand compliance in a new market.

Businesses must be mindful of some points while planning to enter new markets. Broadly, companies must research the new market well and consider how their offering can be adapted for that market. For every new market, brands must set aside “significant dedicated resources”.

The author suggests that brands must bring in local expertise to help identify potential pitfalls in strategy. Also to be factored in are regulations regarding a particular product and service. Businesses must be conscious of the time it might take to comply with the regulatory requirements of the new market.

They could also account for whether information or website codes would be written in a way that they can accommodate translations to local languages. The translations must ensure that a brand’s tone and style remain consistent.     

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