entering international marketsEntering international markets can both be a daunting and a thrilling endeavor. However, a lot of misconceptions are being had by business owners regarding entering global markets simply because it’s all about unfamiliar territory. And unfamiliarity with anything can give rise to myths to try and encourage (or discourage) this endeavor.

Here we list 10 myths that some companies (and even you) may believe about entering international markets.

  1. Better mousetraps will entice our potential clients.

There is one question we must first answer. Is it the only factor that comes into play when penetrating and entering global markets? Will it be enough to sell overseas. If it’s just about the quality of the product, how come a lot of sub par quality products still abound?

  1. English will overcome any language barrier when entering international markets.

When entering international markets, you have to think about your clients and the people you work with. Do they all speak in English? Always remember that consensus is mostly the basis for decision- making. If everyone does not understand each other, no consensus will be made. Also, consider your marketing materials. No matter how good they may be, if your clients cannot connect with it, it all becomes useless.

  1. Labor costs are too expensive for overseas marketing.

If this was true, then think about this: how can Japan be trading with the United States in the first place? It has been proven that about 55% of Japan’s surplus comes from us so this is simply another myth about entering international markets. If labor cost was a deciding factor in entering global markets, how can Germany be trading abroad?

  1. Our prices are too high.

Is price alone the only competition you’re worried about? Because if it is, then think about other commodities that are also dependent on price. A lot of successes in the international markets do not rely on prices on alone.

  1. Our marketers know how to penetrate overseas markets.

Marketing, no matter where you are, is dependent on awareness, belief, and understanding. If you are entering international markets, then you must make sure that your marketers are able to achieve all of that in a way that will appeal to the locals.

  1. In- house foreign nationals will make it all possible, marketing- wise.

Don’t be fooled into thinking that just because you have a foreign national in your team will mean success when entering international markets. I know of a U.S.- based CEO who has a Chinese wife. He believes that his wife could negotiate their company’s entry into the Chinese market. You have to ask whether that person is a skilled negotiator, whether they understand the process, and whether they’re motivated enough to do all they can.

  1. Local partners will take care of the marketing.

Always remember that when entering international markets, you are not handing off your company to another. You still need to be there to guide them through the motions, especially if it’s a relatively new partnership. It is rare to find a company enjoying international success without having a hand in their foreign endeavors. Your partners will never stop looking to you for support, whether for marketing, management, information or dealing with consumer demands.

  1. The partner has expressed interest, and even ok’d the proposal.

Beware of overseas firms who pose as buyers. When entering international markets, you have to be aware that they conduct market research this way. Be wise about it. Always remember that sales are only complete when money has changed hands.

  1. Web presence is enough, investments are not needed.

Web sites are indeed useful—they can act as your brochures. But when entering international markets, always remember that a physical presence is always better. It gives your customers a place where they can touch and feel your product, obtain support, and generally get to know your company better.

  1. If it’s good enough for the US, it’s good enough anywhere.

Don’t fall into the quicksand most companies fall into when entering international markets based on their domestic success. Arrogance and impatience will lead you nowhere, except maybe to the downfall of your company.  Be cautious and always remember that conditions both for market and buying, business practices, and other factors will differ from place to place.

Where do you find help then? The Market Access Toolkit contains everything you need to know about entering international markets. It contains spreadsheets, articles, white papers, audio products, booklets, and more that aims to help you succeed when entering global markets. It also has a money back guarantee so you actually have nothing to lose, and everything to gain!

 

Use these tips and the Market Access Toolkit to identify the right markets when you’re planning on entering international markets and how to succeed in it. Now, doesn’t it seem a little less daunting?

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