Whether you are expanding locally or internationally, the right brand positioning can be the difference between a profitable launch or a costly failure. A brand that is differentiated from the competition, has a perceived value consistent with its position in the market and target audience, can be found easily by the target audience, and whose promotion reflects and reinforces the brand position is key to success, no matter where a product or brand is launched. That said, international expansion comes with a unique set of challenges, especially if the organization has not done business in the market before. Below are some key strategies to address competitive challenges when expanding your brand beyond your current markets.
First, understanding the local market is crucial. This means more than just knowing the language; you need to grasp the cultural nuances and consumer behaviors that drive purchasing decisions. Conducting thorough market research to identify local preferences and partnering with local experts to gain deeper insights is a critical first step for a successful launch.
Next, assessing and understanding the competitive landscape will help you to understand the potential opportunities and risks before you invest in the launch. Identify who your main competitors are and what makes them successful in that market. Look for gaps in their offerings that you can exploit, like poor customer service or disadvantages in product features. Use these gaps to your advantage by positioning your brand as the superior choice.
Adaptation is also key. Your existing marketing strategies may not translate well across borders. Tailor your branding, messaging, and product offerings to meet local tastes and preferences. This might involve modifying your product to comply with local regulations or tweaking your marketing campaigns to resonate with local audiences.
Picking the right pricing strategy is also important. Price sensitivity can vary greatly from one country to another. Research the local economic conditions and adjust your pricing accordingly to stay competitive.
Finally, build strong local partnerships. Whether it’s with distributors, retailers, or even influencers, having local allies can help you navigate the complexities of a new market and build credibility faster.
By thoroughly understanding the local market, assessing the competition, adapting your strategies, and forging local partnerships, you can effectively position your brand and overcome competitive challenges in your international expansion journey.
ExecHQ’s International Group are expert at helping clients to successfully enter new markets.
We’re ready to help – please give us a call.
By Kathy Leech