When your product-based business starts doing well and expanding, it’s natural to begin looking towards new markets to keep that expansion and growth going. Tapping into international markets can seem like a massive undertaking, but it can also lead to huge opportunities for you and your business. That’s why it’s imperative that you know what you’re getting into when you begin, and choose the option that’s right for you.
First, your business should have a strong domestic track record. You’re trying to time your expansion just right, and to do that you need to have a successful record at home. If you reach out too soon, you could place too much strain on your resources and end up hurting your domestic market, as well.
You’ll also need to look into any necessary alterations to your product. That’s because many countries outside the U.S. have different regulations that your product will need to conform to. You might also find that different countries and cultures like different features, and your product would sell better if you added or cut some features before manufacturing it for foreign markets. That means you’ll need to do additional market research. Plenty of companies have made the mistake of thinking their product would sell in international markets simply because it sold in the U.S. You might also need to alter your price point in different countries. This is a lot to consider, and that’s why it’s important not to move too quickly, as we said before.
You also have to assume that you’re going to spend more money tapping into these markets than you did in the U.S. Some businesses give up too soon because they get discouraged by the time and cost associated with the move, but if you’ve done your due diligence and truly believe your product will make it, then the potential ROI is too big to give up quickly. It’s a tough proposition—failure could be disastrous, but success could lead to unheard of growth for your company.
Even if you’ve done all your homework, you believe this is the time to move, and you’re financially ready, there’s something else you can do to take some of the pressure off yourself. Consider a partnership with a global manufacturing and distribution firm that can ease your transition into international markets.
If you choose Pivot as a partner, what you get is access to our global manufacturing resources, combined with our industry expertise and experience. Reliable quality and on-time delivery will ensure that your product reaches markets just as you planned it would.
So if you’re looking for a way to tap into international markets, then Pivot International is your answer. Our manufacturing capabilities range from small, complex prototype runs to high-volume electrical assemblies, and our global presence allows us to meet whatever production needs your organization requires. Contact us today to find out exactly how we can help your business enter and thrive in new markets around the globe.