International Atomik Research Centre
Five things to consider when preparing for an overseas venture
Floating in low Earth orbit, between 200 and 270 miles from earth, the International Atomik Research Centre works tirelessly feeding back data on the latest consumer trends from around the world. Its purpose is to give businesses and brands the insights they need to succeed in an increasingly globalised world. Faced with regional differences and cultural, political and economically diverse environments it aims to equip organisations with crucial information that can mitigate risk and assist with unearthing new markets.
Completely fictitious, of course, but it creates quite a handy metaphor for a new range of international market research services we have unveiled here at Atomik Research. As businesses become increasingly international in scope, we have devised a number of research options that can help businesses test new markets. One thing for sure is that companies have to know their onions when expanding internationally, so we’ve compiled five factors to consider when preparing for an overseas venture:
It’s hardly controversial to suggest that there are cultural differences between China and the USA, but what are they and how might they impact the chance of success for your product or service? It can be quite surprising how little we actually know about different cultures. Did you know, for example, Russia celebrates Christmas on 7th January and that ten European countries don’t work at all on Ascension Day? Getting to grips with cultural quirks can often prove to make or break your global ambitions.
Marketing and PR
Marketing and public relations is another area that needs a good dose of local knowledge. Marketing campaigns that work in Paris will rarely have the same impact in Johannesburg, so keep in mind that money spent on individual, targeted marketing campaigns is usually money well-spent. The key is to get to know your audience.
Product or Service
Your product or service was most likely developed in relation to your home country with gaps identified within your domestic market, but these traits can often be specific to region and are not always transferable abroad. Consider whether there is a need for your product or service and, if so, is there likely to be a demand for it? Keep in mind that even where a need exists there will not always be demand for it, which is where research comes in handy!
Evaluating the current market conditions of the country you are looking to expand into will help you set realistic expectations of how well your product or service will perform or determine whether overseas expansion should be put on hold for now. Look at both political and economic factors in the country which will help you evaluate whether the market is ripe for expansion. Consider political stability, market regulation as well as the economic conditions such as growth and prosperity in the region.
Once you have decided to embark on an overseas venture there are several administrative tasks that should be considered. For example, what are the local employment laws and visa requirements? Should you be a branch or corporate vehicle? Then there is VAT and other indirect taxes to keep in mind as well as customs and excise duties, capital duties and accounting and audit requirements.
Get in touch with us to see how our international market research services can help you navigate some of these hurdles to give you global information that really does mean something.