Growing your brand and entering the international market has never been easier. Thanks to the internet, one can now test the global market without having to invest a considerable amount of cash. One can easily reach new audiences without needing to travel from one country or state to the other. As long as you have the right tools and marketing strategy, along with the necessary permits, you can start conquering new territories.
But the question is, why choose to take your brand in new territories when you can simply target new local customers?
Access a Bigger Consumer Group
One consumer market worth keeping an eye on is the Muslim market. According to Business Insider, the global halal market is expected to grow up to $12.14 trillion by 2024. By entering their market, you can substantially grow your brand thanks to their large Muslim population. Of course, there are many things to keep in mind before you enter such a conservative market.
For one, you will need to make sure your products are halal-approved. The Muslim market demands high-quality, safe, and righteous goods from licensed sellers. You will need to position your brand in a way that won’t oppose the Sharia law. Do business just like how Islamic forex brokers would when offering their services. Keep the Sharia law and mind and you can increase your chances of growing your brand in the Muslim market.
Sometimes, Consumers Make the Call
If you see that there is a market for your brand elsewhere, why not take the risk? In business, it is all about risk-taking. One can’t magically grow a business without taking calculated risks. But what not many experts fail to tell us is that sometimes, brands are driven to enter new markets after they build up demand in other territories.
Take the multinational tech giant, Apple, for instance. The company initially opened its first retail stores in the U.S. way back in 2001. Apple only started opening their first international retail stores in 2003 before it made its way to China in 2008. It is important to note that the company outsourced its manufacturing to China since it can immediately cater to the tech giant’s demand for speed and flexibility. But why did the company have to wait at least seven years before opening its first store in the country where they manufacture their products in the first place?
As it turns out, Apple made the decision to wait for the demand to surge before entering the Chinese market. What they did was take note and monitor the demand little by little before they start opening retail stores across the globe. In the end, they succeeded to boost their sales despite the presence of many local phone maker companies in China. According to reports, their discount strategies and the high demand for the iPhone 11 series made it possible for Apple to enjoy a 62% increase in their iPhone sales despite the threat of the pandemic. This goes to show that sometimes, the consumers will be the ones to tell you when it the best time to expand your business in brand-new territories.
One of the biggest reasons why businesses choose to cater to new clients in a new land is to take advantage of the consumer’s buying power. If you find that your products have a market elsewhere and you can take on the challenge to deliver their expectations, why not take the plunge? While such a strategy requires careful planning, it can be your best way in bringing greater success to your brand.