Feature
Creative Industries
business name or marketing slogan may sound great in one language, but it could be a large cultural misstep in another.
3. How can you maintain brand consistency? One of the largest challenges you may face when expanding into a new market is maintaining your brand identity while customising your brand to appeal to other countries. You must remain cautious and ensure that cultural adaptations do not erode the positioning or identity of your brand. Cultural differences are likely to affect certain brand elements, but your core principles and identity should remain the same. These principles should be built upon conclusions
from your initial research into how your business sits within the local market. Whether it’s your products or service or your unique marketing strategies, you need to remain consistent but flexible. Consistency increases revenue by 23 per cent and is
integral for business familiarity across the world. Known to UK consumers as Walkers, and referred to as Lays in other European countries, the recognisable logo and texture of their crisps means that you know what you’re getting, wherever you are in the world.
4. How will your business operate in a new market? Breaking into foreign markets will bring operational issues, which will affect how you run your business.
Review the country’s law and seek experienced legal
counsel for overseas business practices. You should also think of basic expenses such as Wi-Fi, banking and a phone number, which will be imperative to the running of your company. You should also consider how time differences and
communication barriers might affect operations. If your head office remains in the UK but you have expanded into Australia, it’s important that you find staff that can work around the time differences, especially when you need to meet deadlines.
International markets Expanding into a new market can feel daunting, but get it right and you can increase customer reach and recognition, grow new leads and enhance your business profits. By carrying out market research into brand positioning, cultural norms, maintaining brand consistency and ensuring you remain operationally functional, the world truly is your oyster!
66 CHAMBERLINK March 2020
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