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The Juni international expansion marketing starter kit International expansion can seem a daunting process for any ecommerce business–especially when it comes to your marketing. So to help you make the successful transition to becoming a global enterprise, we’ve created this handy starter kit.
Global expansion is a big undertaking for any business, and while it comes with a lot of unknowns, there are lots of benefits too:
International expansion also comes with its challenges. It’s important not to make any assumptions and keep your expectations realistic. You need to know your market to grow in it and have a robust international expansion strategy with global marketing management at the heart of it.
The main thing to consider for your international expansion strategy is the difference between translation and localisation. Translation is when a business simply translates its current strategy to a new territory. While this copy-and-paste approach might be tempting to save on time and budget, it isn’t always going to have the impact you intended.
What resonates for one market may not resonate for another. Locally targeted content gets six times more engagement than content designed to appeal to the global market. That’s why localisation is vital. It’s the practice of reshaping your strategy to fit the target market to give the right impact in a relevant way for your new customer base.
Pay attention to these steps to ensure your international expansion follows a localised marketing strategy.
First and foremost, you need to know about the market you’re joining. The best way to do that is with thorough research. Here are some points you need to consider:
Understanding seasonal trends in a new market is essential. Are there different holidays in the calendar that could influence sales? Is consumer behaviour different due to weather or culture?
What are people willing to pay for your product in this new territory? How does your offering compare to what’s already there? Whether you’re marketing a luxury or budget product, it’s important to consider the market price. If you have to downgrade your pricing so significantly that it’ll affect profitability, it may be worth considering if the territory is viable.
Payment preferences are surprisingly diverse. Paypal is Monaco's number one payment method but only the seventh in Hong Kong. The reasons for these preferences can be complex and heavily tied to the security of a country’s banking system. It’s essential to know them so you can cater your payment experience and associated marketing to your customers’ needs.
This point is critical. If you’re unfamiliar with the regulations governing advertising in your target market, you could face significant fines and even shutting your business there.
Every successful business needs a USP. But a local USP might not resonate with a new market. Take note of your competitors' offerings as part of your international marketing strategy. If someone’s already doing the same thing, adapt your marketing to differentiate you or attract an untapped segment.
Marketing isn’t one-size-fits-all. Good local marketing tactics require that you make the most of locally preferred channels. For companies with an established social media strategy, for instance, expanding into Latin America may be pretty straightforward. Colombia and Brazil have the world’s highest social media usage, whereas Japan has the lowest. In China, WeChat is a hugely popular platform, whereas, in South Korea, you’d have greater success with Line. Knowing where consumers are most likely to see your branding in a given country is essential to ensuring your international marketing strategy is successful.
You might think that in the world of international ecommerce, location might not be that important. But consumers like to feel that the business they’re buying from has a local presence. Opening offices abroad might not be feasible, but buying a local web domain, adapting your packaging, and fitting your advertising to local customs can help customers feel comfortable with your brand. The most important thing, though, is language. 40% of online consumers will never purchase from a website in a language other than their native language, and 55% of consumers say that having information available in their native language is more important than the price.
While expanding internationally, businesses often make the mistake of assuming what local consumers want. This can backfire in all sorts of ways, from failing to make a lasting impression to actively offending people. The solution is to consult local agencies and businesses and hire local freelancers. Consider finding trusted partners on the ground who can help guide your strategy according to local customs, and invest in a native-speaking copywriter—nothing looks worse than a poorly written product description, website, or email. If your brand partners with local influences at home, you should also research the best potential partners in your target territory.
There’s a lot to consider when planning an international expansion strategy, but the more information you have, the more successful you’ll be.
With Juni, you can have all the information you need at your fingertips in a single, smart dashboard, manage your cash flow more effectively across territories, and match receipts for market spend so you know exactly what’s working as you expand internationally.
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Juni is the financial platform built for ecommerce. We give you a unified view of your finances, with cards, mulitcurrency accounts, and banking, accounting and advertising integrations - all in one place. We can even help boost your cash flow with working capital, cashback and more.
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