| Nike's global strategy, one heavily supported by athletes and sports teams, allows businesses of all sizes to appreciate the attention to detail required when entering new markets. Executives, whether working for transnationals like Nike or local mom-and-pops, recognize that to compete successfully abroad, they must do the following: -
Never "pull an Incubus." Allocate the necessary time and resources to understanding the market you hope to penetrate. This does not mean that a company should push the limits of "paralysis by analysis," simply that adequate preparation will pay huge dividends. -
Study the rulebook. Realize that the rules of the game can be quite different in new markets. Simply shifting an existing strategy probably won't get the job done abroad. -
Know the dominant entertainment in their world. Whether a company is the 800-pound gorilla or the struggling sole proprietorship, it must recognize the appropriate platforms from which it can grow its business. -
Appreciate the nuances of "foreign" markets. Companies of all sizes must exert tremendous care whenever directly or indirectly on the global stage. Initiatives outside of a company's core territory can lead to high-profile failures that will limit its ability to enter a market in the future. -
Understand that allocating responsibility to different regions ultimately won't deflect attention positive or negative from the home office. -
Be your own Jim Keady. Take charge of addressing business challenges before others do it for you. In the long run, it will not only be cheaper, but will also lead to better brand management. -
Get involved in the community. Investing time and money in the communities in which the new markets are located favorably positions companies as good corporate citizens. -
Realize that expanding abroad by sending shipments or simply buying ad space in a new market might convince a company that it has arrived in a new market. However, not until a company establishes the requisite relationships and creates the proper infrastructure for close contacts between the company and its new local suppliers will customers know it exists. -
Seek credible product and brand messengers, individuals who lend the organization not just recognizability, but also the all-important credibility needed to establish and reinforce important business relationships.
Businesses desiring to sell products and services beyond their home markets often find it to be an insurmountable challenge. However, those organizations that succeed in doing so often establish a recognizable, global brand name in the process, much to the delight of shareholders. The ability to successfully penetrate new markets or grow the business in general is but one, albeit critical, component in the brand-building process. |
