Are you based in one or two markets and looking to expand? Care to open up your offering overseas and capture a larger share of the global market?
The great thing about the online world is that storefronts can be built and launched within days as opposed to years, but there are some things to consider when looking to grow your business in new markets that you are unfamiliar with.
First, do your research - much is made to North American based online businesses about the benefits of expanding in to Europe or Asia, yet when we think about interacting with customers from different cultures - not only to we need to ensure that we get to them, but that we are effective in marketing to them once we do.
The UK, Germany, France and Japan, for example, are some of the most lucrative online marketplaces to get in to if you are coming from an online business that primarily markets and operates within North America.
A recent article in eMarketer talks about 'E-Germany' and how Germany leads the way with a percentage of online buyers at 73% of internet users aged 18-55 and higher than any other country sampled:
Pretty remarkable stuff and if you asked most North Americans (even those that work in the online industry), they would probably not even know about the opportunity that lies outside our borders.
Still, with such opportunity comes risk and you need to know what you are doing.
Chances are your US or Canadian website as-is is not going to gain much traction in the new markets you are about to enter.
You need to think about what to do.
10 Key Points To Think About
Relevant Markets, Relevant Channels
I spent time overseas running Partner Marketing for AOL in Europe some years back.
The Germans, French and Brits are not only different from North Americans; they are different form each other as well as the citizens of every other country in Europe. Their online behaviors are different in everything from what they want to read about to what they buy online to what they do online.
For example, online auctions are big in North America, yet virtually non-existent in the UK as most of their auctions are SMS based.
Be sure that whatever you are selling, promoting, auctioning or giving away is relevant to the market you are selling in and that you are leveraging the right online channels and communications vehicles to do so.
Research your markets...it's not only about size, but the right customers for your product.
Spain has a much smaller percentage of household internet penetration than Germany, yet if you are selling Spanish Tapas - then Spain is likely a better market for you than Germany just like how cupcakes are more appealing to US consumers than the French.
What are your experiences with international marketing?