How to Succeed in the Global Market?

The global economy is trembling. The impact of the pandemic is fluctuating, causing uncertainty about the future of the international economy. Are we afraid of discussing expansion in global markets? Is it worth thinking about demand and offering our products and services in other parts of the world when the current economic order is so uncertain at home?

It's worth it ... and more than ever! Crisis and confusion mean "reorganization" and it is the best time to find your place in the network of international commerce. Globalization has become a permanent element of everyone's life, therefore, the best we can do is to carefully intensify our international presence and prepare to deal with different conditions.

A recipe for growth from the domestic market is to go out into the world, with what often requires adaptation of the business model. However, this is not easy and requires thorough preparation. Many of the failures that have occurred in foreign expansion result from changes in the required investments, often undertaken without a well-constructed business plan.

Before you start, consider the investment risks of addressing foreign markets. The risks are always there, but they can be minimized through risk management. It is important to analyze the data needed to make a responsible decision. Between articles in Entrepreneur (1/29/2019) and Forbes (10/8/2013), there are 9 key topics to consider for a well-constructed expansion abroad.

1. Research - a key to success in the development of new markets, especially foreign markets, is the promise that the product will be well received. Research needs to be geared to understanding things such as consumer demand, who are the existing competitors, and what are the barriers to entry.
2. Learn the culture - Study what you can about the foreign consumers, their culture and values, including education levels. Often, you’ll find the necessity of modifying existing products or even developing new ones appropriate for the foreign market.
3. Improve product quality - Quality can be a deciding factor in whether a product will be sold on the international market or not. Although countries around the world have different tolerances for price, product quality must meet local expectations.