LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on keys for success in building an international market penetration strategy. Entering international markets where consumers think differently, follow different cultural norms, and speak entirely different languages could prove to be an extremely complicated task for organizations. In this article, experts at Infiniti delve into some factors to consider while pursuing a market penetration strategy on an international scale.
Market penetration strategy is a ‘must-have’ for companies seeking to venture into and establish themselves in an already competitive and culturally different market from what they currently operate in. Even some of the top international brands have faced failures while expanding their business into new markets. Having a comprehensive idea relating to how the brand can engage with local customers and undertaking promotions that resonate with the audience can help prevent such failures.
An untapped market won’t always be the right one for expansion; there are a lot of variables around brand economics, timing, and more that must be considered. Request a free proposal to know how to identify the right markets to invest in and choose an effective market penetration strategy to successfully establish your business in a new market.
International market penetration strategy
Focus on demographics
Brands planning an expansion must deep-dive into the demographics of the new market before formulating a market penetration strategy. They must gain a clear idea of how the market breaks down in terms of age, ethnicity, gender, income, and several broader census categories. Furthermore, varying levels of conformity and diversity can be seen in different regions. Gaining a clear understanding of these diversities can help brands create a successful market penetration strategy.
Identify target customers
When a brand plans to expand its business into a new region or country, this does not mean that the entire population of that country is their target audience. The target customers can be easily identified once the brand gains a clear idea relating to the demographics of the market that they want to venture into.
If you’re planning to enter new markets overseas, you’re likely looking to leverage market penetration strategy as a means of gaining a foothold. Get in touch with our experts and learn how we can help you achieve this.
Companies must first evaluate the feasibility of their market penetration strategy to enter a new market before rolling out the plan. Does the decision make sense financially? Will it net more revenue than the costs incurred? These are some of the key questions that businesses must find answers to before going ahead with the implementation of their market penetration strategy.
Localizing content and strategies are paramount for a brand to be accepted by local audiences in a new territory. Localization entails layering appropriate cultural nuances and content translation. Websites and mobile apps should be revamped to suit the taste of local audiences and must be easy to use and understand for the customers.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us.