In the previous blog, you learned about the various techniques of finding a reputed buyer for your business.  In today’s blog, let’s understand how to establish your business in foreign markets. Selling in a foreign land is not an easy task. It requires double the sales and marketing effort that you did in your country. You also need to adapt to the cultural norms, language, and business etiquette to succeed.  You may need to do a lot of research as well as take the help of consultants to reach out to the potential markets for selling your markets. It may take a while before your investments start showing results. 

When you ready to close the deal?

Once you have received the offers from various potential buyers, verify the proposal and choose the best one for further negotiations. You can either reject or counter other proposals. Once the negotiations are completed and both the parties have mutually agreed on certain terms and conditions, get a contract draft ready with the help of a lawyer. The buyer will also perform due diligence. He will inspect all the assets and aspects of business operations. Finally, the deal is signed and closed by both parties.

Which country to go to for business trips and market research?

Are you are looking to launch your business in different countries? You are likely to face various queries as mentioned below:

• In which country you should launch your products?
• What will be your product positioning strategy?
• How will you contact the local agencies?
• Will your product face any cultural barriers?
• What will be your marketing strategy?
• Will you open a franchise or a direct office?

You cannot get answers to the above questions through the Internet. To get insights, you will have to do the groundwork and visit the country and do market research to get practical insights. However, before visiting them you can do basic research through various online tools to check the import potential of your product. 

You can also check the pricing and market trends. Select 2-3 promising countries and then plan your visits. You can hire a local consultant to help you fix business meetings and first introduction. Additionally, you can also contact the trade commissioner, embassy, and local chamber of commerce. 

Meet potential distributors and agents to get product views, competitor information, and price for your products.

Find an international distributor, or choose for direct sales

You have three major options available to set up your distribution abroad which include hiring a local distributor, direct sales, and through online channels.

Local distributor

Hiring a local distributor will help you in reaching potential customers in the local market. They will also buy in bulk quantities and easily penetrate the market. Your product uniqueness will help in creating high demand amongst the customers.

 If your product is not unique then try to create a presence either through great customer service, better pricing, or branding strategy so that you can stand amongst the competitors.

Good distributors will sell your products only if they believe in your products. Finding and convincing them to place a new product in the market needs a lot of convincing. If your idea is not exciting, they will not spend time on it. 

So, prepare a clear strategy along with the sales data from various other countries to present it during your meetings with the distributors.

Online paid promotions

You can launch your website or place your products on different e-commerce websites such as Amazon, Lazada, and Alibaba. Although placing your products on these websites doesn’t guarantee any sales. You still need to do paid promotions on social media channels such as Facebook Ads or Google Ads.

Plan your market entry and close the right agreements

Plan about entering the market to ensure your business is properly set up and sales are up and running. If you have hired a distributor, train the staff about your products and selling techniques. Also, keep in mind that if you are selling a complex or delicate product, you will receive returns due to defects.

Ensure good packaging and quality check before the product dispatch. Train the staff about handling them well. Negotiate this matter beforehand with your distributor. Although it will neither be profitable for you nor your distributor. But it will protect your brand from unwanted loss.

Do strong product marketing for your brand. Use good promotion materials, product demos, displays, and a free customer care line to handle customer queries and complaints.

Contact Infotax group specialists to learn more about find buyer

The Infotax group is a globally known consultancy that supports businesses in entering foreign markets. We have a great customer portfolio and footprints in many countries across the world. 

they are not commission-based agents or a distributor. We are consultants and charge fees for our services. Our team comprises well-qualified and experienced professionals with an excellent track record of helping various companies in establishing their presence in the global market.

You can also hire us as a part-time export or country manager in the new markets to understand the business operations, work culture, and developing an extensive network.