Bringing a Business to New Markets

New markets mean new opportunities but great responsibility.

As the first employee in a new territory, you are the local representative, the trusted conduit between HQ and the new region. As the company’s representative, not only are you are the face of the business, but you are the handshake that seals the deal and gets business flourishing.

So, no pressure then.

The person chosen for opening an office in a new country will often be an experienced team member who relocates to start up the new operation. But sometimes they’ll have more experience of the local culture at the expense of product knowledge.

Often, the first person overseas will need to build a team with a sales focus. Regardless of experience, it is critical to have a game plan.

The first in a country may need to:

· Create a sales team in the region and train them to meet the company’s standards;

· Market the new product regionally to create demand;

· Align new team members with the corporate-wide message, processes and culture;

· Be prepared to justify their plans and results.

Research the Region

Even though access to services like Employers of Record makes it faster and easier than ever to place employees in other countries, it is still essential to perform thorough due diligence.

The region’s suitability must be assessed before hiring anyone and those first international employees must understand the local culture, industry and product to successfully represent the company.

The Competition

The first local hire should start by assessing the competitive landscape and understanding how to achieve success. Do rival businesses have the same range of products and services or are they unique? What is their marketing strategy? How are they received by the country?

When researching any competitors’ success, it’s prudent to avoid duplicating their strategy. Not only will the industry spot the lack of unoriginality but mimicking an established local business can be the kiss of death when trying to stand out. Be unique to the region.

What Makes You Standout?

When introducing a new product or service to a region, a company must fully understand the product and its place in the industry. Are they a disruptor, changing how a legacy industry operates or perhaps they are well established and are bringing a sought-after product to a wider audience?

· What makes the company or product unique?

· How will the product or service differ from competitors already in the region?

· Do you cover the same locations as the competition?

· Are you faster or more cost-effective?

Draft a Local Sales Strategy

Creating a sales strategy for a new region is a skill and must acknowledge how familiar the country is with your product or similar products.

· Understand your target audience’s pain points and define how your product fixes them better than others.

· Is the new country already familiar with the expanding company? Have they received any inquiries from the country previously?

· What data is there on your target market?

· Marketing is key to educating the new country. The audience needs to know they exist.

Creating a Team for Success

There are many ways to create a well-balanced team in a new country:

· Add local expertise to your team. If the culture is unfamiliar, employing local talent ensures that you have expertise at hand;

· Get to know the salespeople who are already succeeding locally. LinkedIn is a great place to look;

· You may need to start the team with more experienced professionals.

Don’t Sweat the Legal Stuff

Gone are the days where a company needed a huge investment to secure a presence in another country. Businesses today can easily access other regions via an Employer of Record (EOR), so there is no reason to worry about any liabilities or risks associated with having employees internationally. The EOR handles your employees’ visa, legal HR and tax needs while you focus on winning over the new country.

· Ease the legal pressure of being in a new country by using an EOR to assume the compliance risks when employing overseas.

· Focus on attracting your target audience while an EOR handles the rest.

· Consider the local compliance requirements for the country, like data protection when using any information or lists for marketing purposes.

Conclusion

As the chosen leader for the company’s success, brand, and reputation in a new country, there is pressure to get it right. The business will need a point person to hit the ground running and quickly understand what is needed to succeed. As with any business, these first steps are crucial to ensure an optimal start in the region.

Focus the strategy on getting noticed while truly understanding the marketplace and plan for a return on investment within a reasonable timeframe. It makes sense to discuss this with the wider business.

Give the company the greatest chance of success by focusing on growth, while partnering with experts in legal, HR and Labor laws that can deliver international compliance. This allows a company to be bold and expand into new regions with confidence.