When a brand decides to expand their footprint internationally, especially outside of their region, they will almost always need to find new ways to connect with consumers due to differences in shopping trends and cultures. Solidifying connections with consumers should always be the top priority in sales, and when done appropriately, can reward the brand up to five times in revenue.
There are several considerations that brands need to measure before entering a market. One of them is understanding the complexity of operating in the potential market, such as their legal systems, political risks, taxes, and employment laws.
Another key consideration is measuring the size of the market. By using public data sources, brands can identify whether there are enough consumers that fit their target audience profiles. Lastly, brands also should determine whether they have an existing recognition and enough local demand to ensure immediate returns when they enter the market.
Read this article by The Asian Business Review to learn more about this topic here.