{"id":2043,"date":"2019-03-13T00:00:00","date_gmt":"2019-03-13T00:00:00","guid":{"rendered":"https:\/\/www.motionpoint.com\/?post_type=blog&#038;p=2043"},"modified":"2021-11-23T15:01:49","modified_gmt":"2021-11-23T15:01:49","slug":"how-to-select-new-global-markets-for-your-business-part-2","status":"publish","type":"blog","link":"https:\/\/www.motionpoint.com\/blog\/how-to-select-new-global-markets-for-your-business-part-2\/","title":{"rendered":"How to Select New Global Markets for Your Business (Part 2)"},"template":"","blog_categories":[2,5,107,15],"resource_categories":[27,28,37,34,30,24,35,33,26,23,22,17,29,18],"targeted_localized_audience":[],"document_categories":[],"class_list":["post-2043","blog","type-blog","status-publish","hentry","blog_categories-b2b-strategy","blog_categories-international-business-strategies","blog_categories-translation-technology","blog_categories-website-translation","resource_categories-industry-b2b-manufacturing","resource_categories-industry-b2c-manufacturing","resource_categories-content-type-blog-post","resource_categories-business-goal-brand-experience","resource_categories-business-goal","resource_categories-role-business-strategist","resource_categories-content-type","resource_categories-business-goal-global-expansion","resource_categories-industry","resource_categories-role-marketer","resource_categories-role","resource_categories-topic","resource_categories-industry-travel","resource_categories-topic-website-translation"],"acf":{"blog_short_description":"Leveraging these best practices can help you easily and effectively evaluate new markets for expansion.","news_inline_styles":"","blog_video_id":"","article_body":"<p>In <a href=\"http:\/\/www.motionpoint.com\/blog\/how-to-select-new-global-markets-for-your-business-part-1\">the first part of our two-part guide<\/a> to selecting new global markets for your B2B brand, we introduced two key criteria to identifying expansion-worthy global markets: <b>attractiveness<\/b> and <b>accessibility<\/b>.<\/p>\n<p>  Once you\u2019ve established a baseline viability for your business in a <a href=\"\/resources\/c\/business-goal-global-expansion\/\">global market<\/a> by evaluating how attractive it can be as well as how easy or difficult it might be to do business there, you\u2019ll want to dive more deeply into market research. Here are a several advanced questions to ask as you evaluate new markets.<\/p>\n<h2>What\u2019s the Profile of Your Ideal Customer?<\/h2>\n<p>  If you\u2019re successful in other global markets, take a look at what makes those markets viable for you, and what those customers have in common. Are they in specific industries or roles? Do you find that you\u2019re a great fit for a certain size of company but maybe not others?<\/p>\n<p>  Compiling and evaluating detailed ideal customer profiles can ensure you not only understand the customers you have, but know where to find them in new countries, cities and global markets.<\/p>\n<p>  Examine your existing website analytics to determine:<\/p>\n<ul>\n<li>From which countries are customers visiting? <\/li>\n<li>What languages do they browse in? <\/li>\n<li>What do engagement metrics like bounce rate and time on-site look like, per market? <\/li>\n<li>What is the conversion rate and average value per conversion? <\/li>\n<\/ul>\n<p>  These numbers can also help tell you where you have opportunities to better serve <a href=\"\/resources\/c\/business-goal-global-expansion\/\">global markets<\/a>, or regions where it can pay to test the viability of your brand through localized websites.<\/p>\n<h2>Where are Competitors Doing Business?<\/h2>\n<p>  Competitive intelligence can be a very informative tool when you\u2019re entering new markets. Examine how your competitors are positioning themselves in other countries. This can help you determine which markets may be over-saturated or ultra-competitive.<\/p>\n<p>  And don\u2019t forget to look at markets where there is <i>no<\/i> competition. Sometimes, this can mean opportunities are waiting for you. However, it can also be a sign that a market isn\u2019t ready or willing to invest in the products and services in your category yet.<\/p>\n<h2>Should I Pay Attention to Technology Trends? <\/h2>\n<p>  When you\u2019re planning to enter a new market, it\u2019s important to have a handle on both current technology advancements and future influences that can affect your potential success.<\/p>\n<p>  Are there key technology trends that are affecting how you might serve different global markets? From artificial intelligence to machine learning and advances in medical research, nanotechnology, environmental technologies and more, global markets are constantly influenced by the role that innovation plays. <\/p>\n<p>  Understanding the impact of innovation can help you find markets where your offerings can enhance, build upon, and leverage advancements in the market to better serve local customers.<\/p>\n<h2>How Do I Plan for the Future?<\/h2>\n<p>  Change is the one constant in a modern business. What economic, political or sociological changes might affect your business in a year? Five years?<\/p>\n<p>  Changes in international laws and regulations can make business easier for some and more difficult, if not impossible, for others. Marketers, for example, must look carefully at the recent General Data Protection Regulation (GDPR) regulations in the EU and ensure that their customer data practices are compliant.<\/p>\n<p>  Industrial trends and indicators from economists, journalists and analysts can also help you plan for a number of variables that can impact your business both in the short term and in the long run.<\/p>\n<h2>Test, Test and Test Some More<\/h2>\n<p>  Now that you have your global map, your attractiveness \/ accessibility analysis and information about what markets might work for you, the best investment you can make is to test those markets through cost-effective, low-risk initiatives that can inform your next steps.<\/p>\n<p>  Start by evaluating your online presence and looking for opportunities to localize your existing marketing efforts for <a href=\"\/resources\/c\/business-goal-global-expansion\/\">global markets<\/a>. Consider the low-cost, low-risk act of translating your website and digital content channels\u2014such as email and social media\u2014to provide content in the local languages of the markets you\u2019ve targeted. <\/p>\n<p>  Or consider establishing distribution partnerships with local partners or wholesalers\u2014or even popular virtual marketplaces\u2014to test product sales in specific countries. By providing them with accurately and comprehensively translated content, you can accelerate your time to market and get feedback, fast.<\/p>\n<p>  The best website translation solutions can help you localize your website and omnichannel content, as well as provide technologies like proxies and APIs to integrate your content into third-party systems and marketplaces. This can deliver seamless launches in new markets, and effortless content updates.<\/p>\n<h2>Conclusion<\/h2>\n<p>  Going global poses challenges for B2C businesses, but you can make it less daunting with careful analysis, planning and smart testing. 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