| Overseas markets can be very good for your | | | | It is however, advisable to have a local agent or |
| business. Once you break into the market, profits | | | | distributor for your products in the international |
| would flow smoothly. Market entry can take time, | | | | market. While agents represent you directly in the |
| but once you have built up a reputation in the | | | | local market, distributors buy products from you and |
| overseas markets, your business can grow big. This | | | | sell them in their local market. They also play a crucial |
| article discusses how to make a successful entry into | | | | role in customer relationship management and after |
| international markets, promote your business and sell | | | | sales support. |
| products. | | | | Joint ventures are also a good option if you wish to |
| Before entering into new markets, you need to find | | | | do business in overseas markets, as you can retain |
| out where the best markets for your products exist. | | | | partial control over management and profits. Opening |
| You can do this by asking yourself certain questions: | | | | a small local office is also a good idea. Before you |
| 1) Where do you have the most number of potential | | | | enter any foreign market, be sure to consult your |
| customers? | | | | legal and trade advisor. |
| 2) Which of your products do they prefer? | | | | Promoting Your Business in Overseas Markets: |
| 3) What kind of promotion do your products need | | | | Promotional campaigns work best when you |
| overseas? | | | | understand the local conditions and are not hampered |
| 4) How much money can you afford in order to | | | | by language barriers. If there is a language problem, |
| make an entry into an international market? | | | | hire a local representative to work on your behalf. |
| 5) Can you customize your products to suit local | | | | You need to build your brand image from scratch, |
| needs? | | | | unless you run a large, internationally recognized |
| Overseas Market Entry: | | | | company. You may need to adapt your work culture |
| Before entering a new market, keep the following in | | | | and products to be more in tune with local conditions. |
| mind. | | | | You also need to keep local laws in mind when you |
| 1) Do you have the funds for transportation to | | | | sell and promote your products. |
| overseas markets? Can you buy real estate there? | | | | Nothing works like a personal visit to the place you |
| 2) How will you promote your products? Will you sell | | | | are planning to set shop. You can assess the ground |
| through a local dealer or open a fully owned | | | | situation, talk to local experts, scout for local partners |
| subsidiary? | | | | and understand the needs of the customers better if |
| 3) Sort out delivery and payment issues beforehand. | | | | you are personally present. You can build contacts |
| Selling in International Markets: | | | | and network with people who will be able to help |
| Selling in overseas markets can be the biggest | | | | you. If you need to know more about how to break |
| challenge. If you do not want to open another office | | | | into overseas markets, you can consult a business |
| in a foreign location, you can sell online, through mail | | | | advisor. |
| catalogues and trade fairs. | | | | |