You’re an Israel-based cybersecurity company that has successfully proven a new solution in the local market. Now it’s time to expand. The question is where? United States, Canada, India, and Korea are all viable markets. Choosing the right international market is critical.
Your Choice Depends on Expected Returns
Your decision needs to be based on many factors - how attractive the market is, how your solution fits in the competitive landscape, and your understanding of the markets’ pain points, business practices and social norms.
As you segment your potential target audience - demographically, geographically, etc. - you’ll discover how each market segment usually acts in terms of purchasing power, as well as the potential market size – and profitability, of course.
Find Which Global Market Fits Your B2B Offering as Well as Your Business Model
Defining your “next market” requires a combination of research, both primary and secondary, as well as “gut instinct,” which is based on experience.
Invest time on the ground speaking to the locals as well as using comprehensive data analysis to determine the markets where there is greatest demand for your product. You can opt to select a market like yours – for example, Canada, if you’re UK-based - in terms of language or culture.
Get Your Guide to International Marketing Strategy
Use social media and inbound marketing analyses to discover where interest in your platform is coming from. Leverage web analytics to find out which territories drive higher traffic to your website. With this data, you can start targeting your marketing efforts to this region to see what works.
Now is the time to speak with peers with similar, non-competing products in your desired regions. Collaborative marketing is a good option here. Talk to industry experts, analysts, and thought leaders who have their ears to the ground in your desired location. Whichever foreign market you choose, make sure it has a stable economy and not a business-killing regulatory environment.
Research is Key
Conduct primary market research using surveys or interviews to gather data from potential buyers, agents, or proxies in your chosen foreign market. Such research may cost money and consume valuable time - but the upside is that you’ll get your specific questions answered, and you can customize the research to your specific requirements.
More Easily Manage Your International Marketing Team
You can also choose to perform secondary market research via the Internet, collecting critical business data from the country you’re targeting: trade statistics, business trends, supply chain information, customer decision-making preferences, and even local influencers. Always check to see if the data is current and specific enough for your needs.
Make it Business, Not Personal
Launching an international marketing campaign is not quick or easy. Before you even start selecting the foreign market you want, make sure you’re in it for the right reasons. If you do want to access a particular customer base or acquire a specific resource or capability your business requires or cater to underserved markets - then go for it.
Of course, try to maintain levels of objectivity. You may really want to enter a specific market because you have family there, the lifestyle seems more appealing than in your home country, or you want to provide international experiences to your children. Keep all of this out of the ultimate consideration, which should be what is good for business. Don’t disregard your potential for happiness but keep it in check.
Go Through the Entire International Market Selection Process
- Don’t take shortcuts. It is important to make a thorough assessment - using specific criteria and with your company goals and resources in mind - of the global markets you are considering.
- Determine your business’s international marketing objective.
- Set out the standards for selecting which foreign market can best achieve your objective.
- Keep in mind considerations such as company resources, competition and market situation, the global environment, government regulations, policies, etc.
- Screen your initial list of markets to keep only those that meet your requirements regarding population size, per capita income, infrastructure, political circumstances, and more.
- Re-evaluate the markets in your shortlist and rank them on feasibility, cost-benefit, and general attractiveness.
- Finally, assess the selected market via a small-scale launch of your product to acquire market feedback and consumer response.
Finally, Pick the Perfect Global Marketing Partner
Don’t go it alone. Partner with a marketing agency with considerable experience guiding tech companies through their international marketing journey - and several decades of experience shepherding 250+ clients in integrated marketing communications strategies and tactics. K2 is your English-language region-focused agency in Israel, targeting Australia, New Zealand, Singapore, the United Kingdom, and the United States, with American-level service and the ability to consult with you in whichever time zone you’re in.
Let’s go global together.