5 Common mistakes brands make when expanding to new markets

Faith Ocampo Published on May 12, 2017

businessman thinking deeply looking at globe in hand

If you’re running a business, one of your main goals may be to expand to new markets outside your domestic borders. But some mistakes can lead you to failure.

In the process of expanding, it’s possible for business owners to make some mistakes. Even the most seasoned entrepreneurs are prone to overlooking these lapses, especially if they make hasty decisions.


While some of these mistakes can be easily dealt with, some can have detrimental impacts on your business. If your growth strategy fails to take into account the crucial aspects of expansion, it may hurt your profits. Worse, some errors may even land you in jail.
To make your expansion a success, read about the most common mistakes entrepreneurs make in the process of capturing the international market.

1.     Expanding for the wrong reasons

confused businessman looking at globe

While going global is an attractive idea, there may be many reasons why it isn’t always what’s best for your business. For instance, if your goal is to get rich quickly, it might be worth taking a step back to reevaluate your decision.

Business growth is something that takes a lot of time, patience, and planning. It’s a long-term investment, and the returns may not be immediate. To find out if you’re ready to expand, consider these first:

•     Is your team, especially the management, ready to face global challenges?
•     Is your organizational structure flexible enough to meet the needs of new markets?
•     Can your financial status support your international growth strategy?
•     Do you have the resources and people (e.g., customer service agents, IT personnel, marketing experts) needed to facilitate your expansion?

2.     Expanding without a plan

worried businessman holding paper with world map backdrop

Global expansion is indeed an exciting venture, but rushing the whole process can lead to more problems. Laying the necessary groundwork can prepare your organization better for challenges you may meet along the way.

Before going beyond your borders, make sure to conduct a thorough market research. This will help you understand your target market, their special needs, and purchasing behavior. Afterwards, think about your marketing strategies and customer support approach. Having a plan in place gives your organization a solid direction, lets you anticipate and gear up for risks, and ensures better chances of success.

 

3.     Hiring inexperienced workers

confused office employee with post it on forehead coworkers in back

Setting up operations in a new market means you also have to build a new team. Because of the costs involved in hiring new people, you may resort to hiring inexperienced workers as it’s cheaper. But this can lead to poor performance.

When you’re expanding to foreign markets, investing in high-quality talents is a must. Make sure to hire the best people and experts who can help you become successful in a new territory. You may hire local professionals who are knowledgeable about your target location, or you may partner with outsourcing companies in the area. Multilingual call centers, for instance, can equip you with a team of highly capable workers who are familiar with various cultures.

4.     Failing to consult experts

worried businessman with headache in office looking at laptop

Not all entrepreneurs possess the knowledge and expertise needed to successfully market to a new location. Consulting experts—such as marketing specialists, customer service strategists, corporate lawyers, and others—can help you devise a holistic growth strategy.

5.     Forgetting about local culture and preferences

office coworkers arguing worried woman in back

Take the time to get to know your target customers on a personal level. Product preferences may vary from one culture to another, so it’s important to think about how you’ll adjust to these differences. They may also have a different communication style or purchasing behavior. These factors can influence people’s perceptions about your brand and their willingness to conduct business transactions with you.

 

Join us on facebook
Open Access BPO 21 hours ago
Open Access BPO 23 hours ago
Open Access BPO 3 days ago
We're stepping into the future.

The next chapter of Open Access BPO is almost here.

Be part of it.
Open Access BPO 6 days ago
Over the years, you've known us as a trusted BPO partner. Now, we're stepping into the next chapter, just beneath the surface.

Fresh, thoughtful, and ready for what's ahead.

Be there to see what’s next.
Open Access BPO 41 days ago
For global businesses, #outsourcing has evolved beyond a cost-saving measure into a strategic pillar for building true business resilience.

𝗔 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗼𝗻𝗲 𝘁𝗵𝗮𝘁 𝗻𝗼𝘁 𝗼𝗻𝗹𝘆 𝘄𝗲𝗮𝘁𝗵𝗲𝗿𝘀 𝗱𝗶𝘀𝗿𝘂𝗽𝘁𝗶𝗼𝗻𝘀 𝗯𝘂𝘁 𝗮𝗹𝘀𝗼 𝗮𝗱𝗮𝗽𝘁𝘀 𝗮𝗻𝗱 𝗲𝗺𝗲𝗿𝗴𝗲𝘀 𝘀𝘁𝗿𝗼𝗻𝗴𝗲𝗿.

❓ How do you future-proof your business in an unpredictable market?
❓ What is your approach to building a business that is built to last in an unpredictable market?

Learn more about creating an unbreakable business model, continue the conversation with us over at: https://buff.ly/N4b8hOD

________________________________
Brands trust Open Access BPO in building resilience, with our customized solutions and a diverse, multilingual workforce that strengthens their operations.

Don't wait for the next market shift—connect with us now to start building your unbreakable business:
https://buff.ly/rWaK05N

#WeSpeakYourLanguage
#PhilippineCallCenters #BusinessContinuity
#BusinessResilience #StrategicOutsourcing
#B2B #FutureProofing #BusinessAgility
Open Access BPO 56 days ago
Disasters can happen at any time. So, if you're thinking about #outsourcing to a #CallCenter.

The best thing you can do to ensure your ops' resilience is to choose an #OutsourcingPartner with robust #DisasterRecover and #BusinessContinuity strategies.

Here's why and how (plus tips for implementing a successful outsourcing strategy):
https://buff.ly/Zf9nscz

——————————
Open Access BPO's commitment extends beyond exceptional #CX.

Our robust information security strategy ensure the protection of your data, even in times of disaster: https://buff.ly/TVHntWT

#WeSpeakYourLanugage
#PhilippineCallCenters #DisasterPreparedness
#BusinessResilience #RiskManagement
#CrisisManagement #EmployeeSafety