Strategists and top management teams of multinational corporations admit that globalization has had a huge impact on their businesses. They also acknowledge that it has now become more challenging to enter international markets, identify a perfect international marketing strategy, and choose the countries to do business with. Still, most businesses have stuck to the traditional strategies, which accentuate standardized approaches to enter international markets while sometimes experimenting with a few global strategies. As a result, many organizations, especially those operating in North America and Europe, are struggling to develop successful strategies and expand into global markets.
To succeed in international markets, businesses must devise global strategies that are different from the traditional approaches and must also find innovative ways of implementing them.
The main reason behind this challenge is the fact that the differences between the countries have grown over time, making it crucial for businesses to study markets in detail before scoping out a new market expansion strategy. This means tacticians across industries need help devising and managing their global strategies.
Conducting in-depth international market research can help you maximize success rates and business performance. Talk to our experts to get started.
Irrespective of the industry, every organization must fine-tune its strategy to ensure its in-line with growth drivers. Having helped leading businesses think through their global strategies and gain a strong foothold in global markets, we came up with a simple concept, a three-phased framework that empowers businesses to confidently assess and analyze the dynamism in markets they wish to enter.
The framework for assessing international markets comprises three main phases:
- International market research
- Benchmarking
- Strategy calibration
Even as businesses adapt their business models to address the voids in a country’s product market, they must retain their core value propositions and keep in mind the risk of losing their global branding by making shifts that are too radical.
A Three-step Framework for Assessing International Markets
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International Market Research
Analyzing global markets is a crucial first step in our framework for global expansion. We recommend businesses identify key factors driving business growth in local markets and gauge economic indicators equivalent to these factors in the international markets they are examining. Using a mix of demand and supply factors specific to the business model can help accelerate this process and derive conclusive market insights.
How we can help
Once you’ve established the need to expand your business, the next steps are identifying which international markets to pursue, how to succeed in those markets, and which timeline is most suitable for market entry.
By helping businesses throughout this process, Infiniti Research empowers its client to select the right markets and determine the viability of products and services in economies that are being considered. Our international market research approach is comprehensive and offers insights that will help shape your international business development strategy, business plan, and market expansion.
Lack of market insights and visibility are two major challenges for businesses looking o expand into international markets. Request a free brochure to discover how our custom market research solutions can help you address these challenges.
Benchmarking
Benchmarking geographies based on research data is crucial for business expansion. If you find several indicators affecting business growth in a particular region, categorize them according to their impact on your processes. The resulting categories may not trip off the tongue, but they definitely will help ensure business success and long-term growth.
How we can help
Benchmarking initiatives that cover product, pricing, and competitive benchmarking, are crucial for driving continuous business improvement. Our research expertise and unparalleled market knowledge can help you ensure that the progress being made is aligned with your business’s strategic objectives.
Through research-backed benchmarking, we ensure our clients gain a greater understanding of the best practices across markets. This data can also act as a market differentiator and help identify and prioritize new opportunities to achieve business goals and supersede industry benchmarks.
Strategy Calibration
Fine-tuning global strategies is crucial, and businesses must ensure it’s an ongoing process to minimize risks and keep abreast of evolving market trends. Calibrating global strategies can also help ensure they align with the core business objectives and goals you wish to achieve in new markets.
How we can help
International market expansions are undeniably complex. The challenge is to avoid tunnel vision and develop an organization-specific view of the target markets to invest in based on your business’s growth drivers. Fine-tuning business strategies and ensuring they are aligned with your business objectives is crucial for succeeding in international markets. At Infiniti, we help our clients assess markets and ensure they maximize success by realigning strategies on an ongoing basis.
As a leading custom market research company, our expertise spans different research areas, including collection, processing, and analysis of market information. Our market intelligence solutions and in-depth understanding of international markets have helped several Fortune 500 companies identify profitable markets and build a competitive strategy based on a deep understanding of the marketplace. As part of our bespoke international market research services, we partner with clients across multiple sectors, helping them assess and enter international markets confidently. We hope this article acts as a straightforward guide for your market expansion strategy—request more information from our experts for tailored solution recommendations.
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