5 Tips to Overcome Your Market Entry Barrier for any Country
International business and foreign-based startups are becoming more popular as time goes on. Maybe you’re considering doing business in Thailand, maybe you’re eyeing up India, or maybe you have somewhere entirely different on your mind. Wherever it is you’re thinking of doing business, there will always be some difficulties when first starting out. These collective difficulties are often referred to as the “market entry barrier.” Don’t worry too much about it, though, as we’re here to give you 5 tips to overcome your market entry barriers for any country.
- Learn the Culture – This is vital. You need to learn about the target country’s culture before you do any work there. Pay careful attention to what they see as offensive and disrespectful, so that you can avoid doing any of it within your advertisement campaigns. Try your best to gain an understanding of the local humor and media consumption, so that you know what kind of advertisements might be most effective on them. Also, try and find out what traits their culture values and use them to your advantage.
- Find Someone Who Speaks the Language – If the market you’re going into is predominantly comprised of people who do not speak your language, then you’re going to want to coordinate very closely with someone who speaks theirs. Hire someone who can do translations for you and who can give final approval for all public statements, advertisements, and branding decisions. This person’s entire job will be making sure that the things you’re showing the public (as well as what you’re selling them) are not full of embarrassing or otherwise offensive mistakes.
- Find a Local Business Consultant – It doesn’t matter what country you’re considering, you should run your ideas by a consultant that’s familiar with the area. If you’re trying some crazy new startup and you’re not sure if it’s been done before then they might be able to help you out. They can give you their professional opinion on the potential that your business plan has. It’s a good idea to keep someone like this on retainer so that you can call them up whenever you need them.
- Scope Out the Competition – You should avoid setting up shop in places where a similar product is already being offered nearby. A local company with a decent fan base is all it takes to muscle you out before you can start to take root in the area. It’s hard to change people’s minds when they already like the business that is taking care of their needs. Why would they bother with you if they’re satisfied?
- Hire Local Talent – If you’re running a physical store, or you have an office in the area that people can walk into for services, then you should try and hire some local talent. Workers from the area will make consumers feel at ease and more familiar with your brand. It’ll help make your place of business feel like home. It will also show that you value and support the local community.
As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand or for a free startup consultation. We operate as a single source for your business operations in Thailand/Asia with our Thailand Market Entry Services and we specialize in Startups | Representations | Regional Business Development | Virtual Offices | Liaison Services. Check out your options here.