Before deciding to expand into new markets it is vital to do your research. Remember, what works in one location doesn’t necessarily work in another. Cultural differences between markets can be enormous, with the drivers for consumers being quite diverse.
If you are taking a product or service to a new market, ask yourself why there is a need for it and why your offering is different and better than existing competitors.
Joint venture vs. Organic startup
Launching your core business into a new geography is not without risk and you may wish to consider an acquisition or joint venture rather than an organic startup. It may be cheaper in the long run, as you spend the first two or three years simply working out what the hell is going on!
Make sure you analyse companies in your field who are successful and the reasons why. Importantly, understand what success looks like in any given market so that you can set your expectations accordingly.
Building a global brand
At Talent, a calculated decision was taken to build a global brand that could support the company’s multi-national client base and provide greater offerings to a workforce that was increasingly growing in mobile technology.
We tried not to enter markets just because of hype, or because it seemed a fashionable or to simply create points on the map. We ensured there was sound logic and rationale driving our expansion plans; such as strong client demand or identifying emerging opportunities for Talent International’s specialised range of products and services.
From there it was, and still is, all about detailed planning and execution. We conducted relevant research and sought out learned opinions and viewpoints from trusted sources. We set realistic budgets, clear objectives and allocated sufficient capital to get the job done.
Choosing the right people
People are the heart of a successful global expansion.
Above all else, it is incredibly important to identify the right people to work or partner with and ensure these people understand the company’s vision and strategy.
Ensure they have a track record of successfully building businesses in that particular market – the wrong people can do enormous damage from both a financial and brand perspective.
However, the right people can take you to new and exciting places!
– Richard Earl
Innovation is in our DNA.
At Talent, we are passionate about the startup sector – about giving the brave and the bold the opportunity to flourish, grow and unleash innovative solutions to help make the world a better place.
The Talent Unleashed Awards was established to challenge and inspire this next generation of entrepreneurs, through promoting bold ideas and brave leaders.
Finalists for the 2017 Talent Unleashed Awards will be announced soon, so stay tuned!
Missed ‘Startup Tales #4: What is your Purpose?’ You can read it here.