Companies operating only in the American market or in a limited number of global markets understandably worry about entering a new foreign market. Risks are many. Opportunities for problems are enormous. There is also the additional risk of taking your eye off your core business and revenue stream. What should a company planning to enter a foreign market do in order to protect itself from failure and improve its chances for success? It can create an eight-step plan that includes:
- Properly setting expectations
- Developing a bank of resources
- Studying local market norms
- Deciding upon a foreign national or expatriate as country manager
- Developing a champion customer
- Wisely selecting sales channel partners
- Preparing itself for fraud and scandal
- Incorporating lessons from competitors into its expansion plan
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