Every market is different, and even within a defined national territory you may find big differences in tax, culture, expectation, regulation, technological availability, infrastructure availability, property and premises and employment law, even opening times. Success in each new market depends on you dealing appropriately with each of those differences while also doing an effective job of reaching the customers you seek.
This may sound like a lot of work, but there is huge opportunity in our rapidly globalizing market. Think about this: by 2025 annual consumption in emerging markets is expected to reach $30 trillion, up from $12 trillion in 2010, according to MGI estimates. By 2027, almost 60 percent of the roughly one billion households with earnings greater than $20,000 a year4 will live in the developing world, says McKinsey & Co.
That’s why so many enterprises now seek to spread their wings. Fast-growth markets offer huge potential, but you will need to perform due diligence into local regulatory complexity. For example, it can take months to get the regulatory get-go if you’re attempting to set up business in Argentina.
When you decide to launch in a new market you need to analyze all the differences you can expect to find. As well as figuring out your pitch to local customers and partners, you’ll need to think about how your business works, what it needs, what it needs from its employees and what local regulatory, infrastructure, training and other challenges exist that need to be overcome – and how to do so.
How expensive is broadband in Sri Lanka, Cuba or Brazil? Will you need back-up providers, or even a satellite-based connections? If you need to build premises how long does it take to win planning approval, and how can you make sure you succeed? Can import taxes making it prohibitively expensive to bring in new equipment?
As you research all these differences you’ll often find additional cultural or other barriers that need to be dealt with in order to do business effectively there. No wonder then that most businesses with experience of doing this recognize that knowing where to start and finding the right local partners are two of the biggest challenges they’ll face.
That’s where we at Orange Business Services can help you, of course, with our global network of people, services and technology. We are international and local and already offer connectivity in 220 countries and with staff only too happy to help you build communications-based business solutions to help support your attempt to bring your business into new countries.
Find more going global data on the Planet Local infographic
International Social and Media Manager at Orange Business Services. I'm in charge of our International social media and the English language blogs at Orange Business Services. In my spare time I'm literally captain of my own ship, spending my time on the wonderful rivers and canals of England.