Digital marketing · Fundraising

What is the best way to Market/ Expand a product outside the country of Origin?

Abu Yousuf Cofounder & CEO, Maityo - developed by Winnopro Technologies Pvt Ltd

August 8th, 2018

Apologies if this question has been answered earlier as I couldn't see any.


Wanted to check how can a newly launched Integrated Digital Marketing Platform be expanded/ marketed Globally. The challenges I see it as below:

  1. Being a startup, lack of legal compliance knowledge/ skill to handle a different market or geography
  2. Lack of manpower to grow/ expand
  3. Lack of funding/ investment
  4. Restrictions/ limitations in the local startup guidelines
  5. Lack of Global Market knowledge/ trends/ behaviour

The possible solutions, I see as:

  1. Find a Global Investor/ VC (who takes care all the legal & compliance)
  2. Find a like-minded or relevant Co-founder in other geographies
  3. Keep patience and let others test and experiment your product till it gets matured
  4. Just forget about it and focus on the current/ existing market

What is your thought? Any advise or suggestions? Really appreciate answers.


Thanks in advance.

Raghu Ranjolkar Strategy & Marketing Consultant

Last updated on August 27th, 2018

Expanding into the global market is never going to be a walk in the park. As important as it is, reaching out to the international market is one of the most chaotic things for a company to go through.

With today’s highly competitive business environment, global expansion is becoming a vital piece of an organization’s growth strategy.Businesses use several tactics to achieve their global expansion plans, including exporting goods, forming strategic partnerships.

Exporting

Exporting goods from a corporation's home country to other nations can be a solid starting point for global expansion. Exporting allows companies to introduce their brands and products to foreign markets with minimal or no direct investment in each country.

Strategic Partnerships

Gain a strong competitive advantage by creating a supporting ecosystem of complimentary products and services, which can come via third-party relationships. These relationships can support the scaling of the organization while minimizing the financial risk.

  • Negotiate alliance/partner/distributorship programs.
  • Develop an ecosystem strategy and business model.
  • Build an internal alliance team to manage and foster relationships.

Adopt a Clear Product Strategy

  • Develop a ‘leading edge’ product that encourages you to expand into new countries and regions.
  • Test your product in the target country to ensure success and determine if adjustments are needed. Note that if a product is thriving domestically, don’t assume that it will do even better overseas.
  • Utilize associates in overseas markets to monitor new developments, maintain contacts with decision makers, and identify opportunities.

Reinvest Revenue Gains

Once you have a marketplace where the sales of your product are thriving and have low competition, you will be able to attain a lot of extra revenue. Reinvest the excess revenue into developing your product domestically and make progress. This will be a good way for your company to avoid any outside sources for your capital needs and greatly benefit your equity. This helps when there is a lack of funding and lending is not an option.


Be Proactive, Not Reactive

Global expansion is a big token for any company’s business plan. It is a long-term plan when you are entering a foreign marketplace. Therefore, your approach to global expansion should be proactive and not reactive. Patiently conduct all your research and get all your team up to speed, making sure that they are aligned with this long-term plan and that your expansion strategy is being accommodated in your business’ overall strategy.

Dane Madsen Organizational and Operational Strategy Consultant

August 28th, 2018

A VC will not fund technology globalization unless it has proved its efficacy with local traction and has a team that can globalize. You need to focus on your #4 solution. Ad-tech and mar-tech are both so crowded, you must be very successful to attract funding for even a localized solution.

William M. Digital Retention Lead | CX Empathy Strategists | Copywriter

August 16th, 2018

Definitely go down the path of a VC or Angel Investor. They are sure to have relaven contacts or have worked with individuals who can benifit you on expansion. They will also reduce the burden of capital.