An expansion for any business can bring its fair share of risks
UK-based MarketStorm Global offers small businesses advice on international expansion, following their recent success in Poland.
Sales and marketing agency MarketStorm Global who specialise in direct marketing strategies recently expanded their business to Poland. Originally based in Leeds, the firm saw great success in providing their direct marketing knowledge to a wide range of clients spanning many industries. With a second office opening in London not long after, MarketStorm Global continued to see rapid growth and great results for their clients through increased brand awareness and customer acquisition. To further their expansion, MarketStorm Global have recently brought their direct marketing services to Poland, a move it seems, although still in its early stages, has been a great success.
An expansion for any business can bring its fair share of risks, and an international move can be especially difficult. A business may find that it simply does not work in certain countries, or that the demand for their services isn't as great as originally believed. It’s important to thoroughly understand the local market before taking the decision to expand in order to avoid the venture failing. This level of research takes time and therefore it’s important not to overlook the day to day running of the original business whilst simultaneously working out the future of the company elsewhere. Likewise, once a business has established itself in a new location, its vital to work out a balance between keeping the original in profit whilst setting up roots elsewhere, this is where many businesses run the risk of failure.
Due to their recent successes overseas, MarketStorm Global offer other small businesses some important factors they should consider before expanding to new markets:
1. Knowing the market inside and out is paramount before even considering the other logistics of expanding a business. Businesses should seek out their most promising target locations and take into consideration the size of local towns both in terms of population and economic growth. Businesses should also look into the leading industries and the rate that these industries are growing.
2. Feeling isolated is inevitable when expanding a business overseas, and the success of a business relies on how quickly a business surrounds itself with a solid business network. In a country with a possible language barrier, this may seem like a daunting task; however by integrating with the local community and reaching out to others through start-up events and business meet ups, businesses may be surprised at how many people are willing to be part of their business network.
3. Many working practices and business strategies don’t transfer well to other countries. Businesses should be aware how companies in other countries operate and what strategies they use. Leadership and management styles especially differ from country to country, therefore businesses should ensure they know the best way to organise a team overseas.
4. Taking advantage of a co-working space is a fantastic way for a business in a new location to integrate with the local business community. Collaborative workspaces are a great way of building connections with other industries, and may even provide businesses with the opportunity to share clients and knowledge.
It may be tempting for a company to try and blend in to their new location by playing down their international credentials. However being an international enterprise brings diversity to the market and is a big asset that clients are likely to respond well to. International business knowledge spans a wider market than that of local competitors, this is an attractive prospect to clients as it gives them the chance to profit from this knowledge and grow themselves on an international level.
Press release distributed by Pressat on behalf of MarketStorm Global Ltd, on Friday 4 July, 2014. For more information subscribe and follow http://www.pressat.co.uk/
Business & Finance
Media & Marketing