Around the Block or Around the World
How to Enter New, Global Markets
- New markets have specific needs, and companies will not be successful without a localized and adaptive approach.
- Any successful market entry strategy is based on an understanding of cultural and behavioral norms and how a company's product relates to those norms.
- Local partners can provide valuable capabilities, both in helping to adapt offers to local tastes and in providing capabilities that can enable a company to scale its presence and reach quickly and with less risk.
Global expansion is not a new phenomenon. Businesses in search of growth and new opportunities have been looking outside their established borders for thousands of years. And when they've gone exploring new horizons, businesses always have found various challenges along the way that threatened to thwart their efforts. Those that managed to find a way to overcome those challenges were rewarded. However, the instances of enterprises that failed far exceeded the number of success stories.
Today is no exception. Whether a company is going from developed to emerging markets, or the reverse, it's much harder than it looks.
Indeed, everyone is trying to play by the rulebook in expanding to developed markets (especially in China, India, and other Asia-Pacific countries). But nonetheless there are myriad examples of large, influential companies ...