You’ll know it’s the right time to expand your brand into new countries when the following have happened:
1. You are profitable for 3 consecutive years. You don’t have to see significant growth YOY, just consecutive years with a profit.
2. Once you’ve exhausted the potential in your current market. If you have maximized your market potential domestically, it’s time to consider expansion. Or when your market size shrinks domestically.
3. When you identified an emerging demand in international markets. Market research is vital to understand what the demand and capacity will be for your products in various international markets. Working with an agency that has expertise in your vertical can make this step much simpler and more accurate (and less costly).
4. When you have the capabilities to localize. Adapting your messaging to suit the social and cultural climate of the markets you are entering can be a crucial step that determines if you succeed or fail in that market. If you have the sales and marketing structures in place, it’s a good time to consider expanding.
5. You’ve got the foundational structure of your company built. This ensures you can scale quickly if your overseas expansion is successful. Optimize and create scalable operations and processes before considering a foray into new markets.
The team at AMI can help to assess your market readiness, create strategies to get you there and help you prepare for success. Contact us today for a free consultation!