It’s a great feeling: your company has overcome its growing pains, your customer satisfaction is through the roof, and the sky’s the limit! Everywhere you look, you seem to be bombarded with two words and the possibilities they entail: international expansion. Transitioning into being a multi-national organization is a huge step! At this point, it seems like the next logical choice, but is it? It’s crucial to learn about some of the ways in which the culture of your target market differs from your domestic one.
What is the median income of the average consumer? What are their spending habits? Do you want to operate there simply for the sake of international expansion (and, presumably, total world domination), or is there truly a viable market for the products or services you provide? A lot of folks think that they can implement across-the-board policies and everything will be hunky-dory. Unfortunately, when it comes to international expansion, you have to tailor your approach carefully in order to best meet the needs of an entirely new client base. Without such measures, you might find that an otherwise solid business strategy is failing to meet expectations.