• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

New Frontiers: Overcoming the challenges of international expansion

By Tim Furdui, Senior Research Analyst at Atomik Research Market research is a fundamental prerequisite of international expansion for business. Without it, businesses expanding into overseas markets risk marketing their products and services blindfolded and to an unresponsive audience. As global trade becomes more important, insight will become paramount. According to annual investment figures from […]

Joe Mellor by Joe Mellor
2014-09-09 08:57
in Business
FacebookTwitterLinkedinEmailWhatsapp

By Tim Furdui, Senior Research Analyst at Atomik Research

Market research is a fundamental prerequisite of international expansion for business. Without it, businesses expanding into overseas markets risk marketing their products and services blindfolded and to an unresponsive audience. As global trade becomes more important, insight will become paramount.

According to annual investment figures from UK Trade and Investment for 2013 to 2014 the UK is becoming a truly global economy attracting the most inward investment projects since records began in the 1980s. Annual investment figures show that the UK attracted 14 per cent more projects than last year and 66,390 new jobs were created by 1,773 investment projects set up by foreign businesses in the UK during the 2013 to 2014 financial year.

These figures correspond with the Forbes’ list of “The World’s Most Influential Cities 2014” which ranked London as the most influential city in the world thanks to the amount of foreign investment it has attracted and how many international corporate headquarters it houses. London is now Europe’s top technology start-up centre, according to the Startup Genome project, with upward of 3,000 tech startups as well as Google’s largest office outside Silicon Valley. The city’s connectivity is also frequently cited as one of the main reasons it has become an international hub for business.

But there is becoming a strong impetus on exporting British goods and services abroad. Emerging market economies are seen as the key growth areas for business and with many countries becoming increasingly accessible, growing businesses overseas has never been more achievable.

In an increasingly globalised world championing the ‘Made in Britain’ slogan abroad has been proved to be a lucrative endeavour if it is done correctly. But there are many challenges your business will need to overcome to make a successful move to a new jurisdiction which are listed in detail here, but for the purpose of this article, I’ll quickly review.

First of all, getting to grips with the cultural differences is a challenge. It’s axiomatic to suggest that baguettes are more likely to sell well in Paris than in Pretoria, but cultural intricacies are often deeply rooted and firms can miss a trick by not addressing what they are before expanding into new territories. This also applies to marketing and public relations. Just as you’ll find knock-knock jokes don’t usually translate outside of the UK there are many marketing messages that can be lost if you fail to adequately judge consumer sentiment.

Timing is also an important factor. Evaluating the current market conditions of the country you are looking to expand into will help you set realistic expectations of how well your product or service will perform or determine whether overseas expansion should be put on hold for now. Evaluating the various tax and legal requirements of expanding is also key.

Thankfully, these challenges can all be overcome with a bit of planning. As well as making a few visits to the area you wish to relocate to it is essential that you research your customer base. This will help establish whether there is sufficient demand for your product or services as well as identifying how to market it to your key audiences.

RelatedPosts

The future of e-commerce: an interview with James Pitts-Drake 

Wetherspoon sales under pressure with costs ‘substantially higher’

Billionaire fashion ower gives company away to ‘Earth’ as rocketman Bezos sees Amazon workers vote on strike

Manufacturing sector shrinks as recession looms – Ports and Brexit complications made matters worse

Market research is the best way of getting to grips with an overseas market. Our international market research is a great way of uncovering trends, consumer habits and quirks in overseas territories. We’ve developed a new and innovative approach to international market research to ensure we deliver results which give your brand the best chance of succeeding in an increasingly globalised economy.

Get in touch today to find out more.

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Man chased through streets of north London before murder named as Calvin Bungisa

Britain will not sanction Russian oligarchs ‘for weeks and months’

Woman who ‘deliberately and sadistically’ abused children is jailed.

Armed cops & gangsters in shoot-out during high speed car chase in London

UK-EU Brexit talks break up without new agreement

Paedophile sign language tutor snared by woman posing as underage boy gets reduced sentence as he is deaf

British woman left paralysed in French hospital after horrific crash

Draw a Line in the Sand for more powers to the Scottish Parliament

BAO and Black Axe Mangal collaborate on limited-edition meal kits

EuroMillions Results for Friday 30 July 2021 Tonight’s winning numbers

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.