Taking your company to international grounds is one big leap for any type of industry. The growth of your company may vary from country to country. What is working in your current market may not work exactly the same in a new market, especially when you aren't familiar with the market you are trying to enter. If it's the US market, for starters, you need to know how it works and why it could be a good direction for potential growth for your company.
How the U.S Market Works
1. Consumers Hold All The Power
The US market is very similar to many other markets, but its biggest differentiator is that the consumers set trends and make the decisions on how and what they want to consume. When entering the market, you must have this in mind, so your company needs to invest in market research to understand your potential audience and decide if this market is right for you.
Note: The U.S market is constantly changing so you need to keep in mind that your company needs to be prepared to be nimble and flexible to adapt to changing trends.
2. Be Approachable and Trustworthy
American consumers comprise one of the largest markets globally and are often skeptical of new and unfamiliar brands. That said, your brand needs to be user-friendly: in particular, your website needs to perform well, with fast loading times and be secure for navigating and purchasing by anyone located in the US. Consumers tend to build trust in brands 'made by humans', meaning the content you share on your social platforms and website doesn't look 'fake' or 'spammy'.
Examples:
- Using too many stock images or content that is clearly not yours
- The copywriting looks too formal or sales-y
- Your message is hard to read and unclear
- Branding and website look outdated
This is why you need content marketing experts to build your social media presence appropriately. Customer service also needs to be on point - having someone ready to answer to any questions a potential or current customer might have to help build trust and brand loyalty.
3. Efficient Logistics
If you want to enter the US market, consumers expect to receive their products within two-days time. Make sure your fulfillment and shipping practices deliver on that expectation, and if you aren't able to have your product shipped internationally in such a short time period, have that clearly stated on all your online platforms. Not having clear shipping details can cause consumers to have a poor purchase experience, which will lead to negative reviews that will affect your brand's reputation.
4. Have Product Ready
Before launching in the US, make sure your product is 100% retail-ready. Having the product ready will give you a leg up when launching your first campaign. This is the opportunity to send out samples to influencers or brand ambassadors who have audiences that match your target customers. When a campaign like that is launched, you need to be ready for the high demand your product may generate.
These main points may overwhelm you and make you think twice about entering the US market, so below are several benefits of entering this highly valuable market:
Benefits of Entering the US Market
1. High Increase in Revenue
Entering a new market can increase revenue, especially in the case of the US market, whose currency may be stronger than the currency of the country in which your product is produced. For example, when priced correctly, selling one item in the US should lead to more revenue than selling the same item in Mexico. You can ethically increase the retail price of your product in the US, strengthening your margins and leveraging your business expenses. You will also need to build a ROI Marketing Formula so you can put together the perfect budget for your digital campaigns.
2. Entry to New Markets
By entering a new market, you will gain experience no matter what. As a business owner, this presents a great opportunity for you to learn how different markets work and how you can benefit from them.
3. Reduce Dependence on a Current Market
You can expand to a new customer base that will reduce your dependence on your current market. When you are exposed to only one country, you may struggle to adapt quickly if your domestic market experiences rapid shifts or demand slows. When you take your business internationally, you have a much greater opportunity to stabilize the company's revenue regardless of fluctuations in your primary market. Your product may also be seasonal - for example, swimsuits are summer apparel, so having your product sell in the U.S. during the summer and in Argentina during your winter can help your company earn revenue year-round.
4. Grow Your Reputation
A global reputation will almost automatically attract new customers and build more trust for your brand. Expanding abroad means building a stronger name for your brand, earning more recognition, and creating credibility on an international level.
The way you communicate your brand in the current market may be very different than in the US, which is why it's crucial to have Marketing Experts that understand both your company's goals and the US market to successfully get your brand seen and experienced by future customers.
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