Challenges of New Markets

The basic principles of marketing and impactful communications are also effective in foreign markets and help companies focus on critical success factors. A well-known marketing mantra is “know your customer, have the right message and deliver that message at the right time”. This sounds fairly simple but companies often spend millions of dollars making sure these three elements are aligned. In domestic markets there is an inherent understanding of the customer. Foreign markets pose the added complexity of language, culture and social structure, all of which are factors in an accurate customer definition.

The selling attributes of a product or service must be adjusted to each market and to the language of business or the consumer. Channels of communication may differ and include brokerage middle-men. Selling and communicating to these groups is quite different.