Advice For Traveling Internationally To Gauge Market Opportunities & Norms

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As the world feels increasingly global, business interests are often trying to solidify their position in as many countries as possible. We’re seeing more and more US brands in Europe, and to a lesser extent, the reverse is true, also.

However, with huge developing markets like India and China becoming more of a presence, it’s no wonder more and more companies are looking to gain a foothold in new areas. But while this often makes business sense, it’s not always clear how you’d go about it.

Bringing this desire back to its most essential principles can help you format your approach with wisdom, no matter what the markets end up looking like, and no matter what your final decision will be.

Research Local Cultural Expectations & Business Practices

Local business culture really does influence everything, and if you’re coming from a country that might not have the same priorities, well, now is the time to learn them precisely. In Japan, for instance, building relationships often matters more than rushing to sign contracts. Many Western companies learn this the hard way, pushing too hard too fast and causing offense as they do so. 

Little expressions like when to exchange business cards or whether to eat lunch with colleagues can affect how local partners view you, and so getting a feel for this in your meetings is essential. Learn from others of course, but smart companies spend time watching and learning before making any big moves, and that means traveling there.

Start Small & Build Genuine Local Connections

Most successful international expansions start with a modest presence for the most part. This might mean opening one store in a major city or working with a single local distributor who really knows their market. But first you have to live here, and so booking one bedroom apartments in DC or your chosen location can help you truly understand who the local players are, or give accommodations to send out your best staff for the outcomes they most need. Companies that try to launch everywhere at once usually struggle, especially if they don’t follow this principle.

Consider Joint Ventures Over Complete Ownership

Going into a new market alone carries a fair amount of risk, as you might imagine. That’s why some companies consider connecting and ultimately partnering with known and functional local businesses. These partnerships can offer you built-in knowledge of local regulations, existing customer relationships, and teams who understand the market – this info is nothing to sniff at. Tesla did this in China, working with local partners to build their Shanghai factory while ensuring the scouting professionals were placed in comfortable accommodations that included client meeting spaces.. While you might make less money this way at first, the reduced risk and faster market entry often make up for it. 

With this advice, you’ll feel more capable of traveling abroad in a professional capacity to fully inspect and understand if an overseas market is worth your time and attention. This could help you spot opportunities others miss.