Expanding your business from national to global can give you much larger profits. It also removes regionally economic problems that may affect your market. This will enable you to profit year around. Marketing internationally is easy to start but there are some things you should know before you decide to take this step.
Consider the Market
Just because something sells well in the United States does not mean that it will perform as well in another country. It will be necessary to talk to people in that country about your product and plans. You also need to be aware of the competition that certain products may face. While you may have a good portion of the market share here, another company may already be well-known in that country and established for selling a similar product over there. The U.S. Department of Commerce website can help with product information.
Check on Business Registration Laws
If you intend to open an office in another country, the laws will be different than if you only intend to ship products there. However, you may still be required to register your business or have a physical address registered where legal documents can be sent. You may also be required to have a native partner operating the business in that country for you. This will vary depending on the country.
Develop Your Website Carefully
When designing your website, be sure to use native people to write the text and ads. Otherwise, your website and ads may convey a completely wrong message to the people you want to target. Remember that other countries that have English as their main language may have very different meanings applied to some words or phrases.
You will also need to get a native speaker to help you choose the keywords you will focus on in your website to ensure that you get it right. For better sales, you also want to get a country-specific domain name instead of using the .com ending that is commonly used in the U.S.
Design Packaging to Suit Local Requirements
The nature of your product may require that you have some specific information on your product and shipping labels. You will need to know what they are for your product types to meet local regulations.
Understand the Income Tax Implications
Paying import or customs taxes is different than what you might need to pay in income taxes. You will need to discover if that country requires that you file an income tax since it will vary with the country. In some cases, you also may need to report income taxes in the U.S. as well, but you will need to know this in advance.
Choose Your Method of Delivery
You will need to determine the most cost-effective method of product delivery in that country. Extensive research will be needed to understand the various costs and methods needed to properly handle import costs, customs taxes, and how to work with agents. You may also need to find a distributor.
Use Social Media in That Country to Promote It
Social media in another country may be different than it is in the U.S. You will again need to use a native speaker to write your posts and post them. They may simply rewrite your posts. Or, if they are expert marketers, let them do it for you. You may also want to get local influencers to promote your product or website – which can help you get known in that country fast.