A competent research of the local market is the key to successful international expansion. But what could the lack of information lead to?
Join Japan team has repeatedly held consultations regarding the V-shaped elevation in the market and has supported various companies. Based on our own experience, we have identified two features of companies that fail to enter the foreign market.
① The company participates in international exhibitions and conferences, where it acquires useful contacts. Having earned a good reputation in the eyes of the business community, the company decides to try itself abroad;
② Having secured the support of other enterprises, the company explores the market of the desired country, Japan or another world state, and finds a budding partner.
At first glance, both points seem to be a rather favorable option for the development of events, however, in fact, very often such a company is not in demand abroad.
Despite a good start, most firms are not able to stay on the wave of success long enough.
What is the reason?
In short, the problem with the aforementioned companies is that they rely on cooperation with other firms too much and do not make enough efforts on their own.
This principle of doing business is something similar to a group tourist trip: on the one hand, it is quite convenient and fun to travel along the route laid by someone else, but at the same time, you lose the opportunity to learn something new on your own. Thus, relying on the help of others, the company acts only within the established rules, not trying to learn something new.
Subsequently, the company is driven into a framework and interacts with partners only according to a certain scheme. Of course, at conferences the company meets only those interested in a particular business industry, and therefore the objectivity of the information it provides is a big question.
When studying the features of doing business and compiling reports, we always try to listen to our customers as much as possible. Thus, we can use both our strengths in research and negotiations, as well as the expertise of our customers.
Moreover, it is much more efficient to independently organize exhibitions and conferences dedicated to your company, rather than participate in large-scale events where hundreds of enterprises gather, as this will make it possible to impress, acquire connections in the business world and undoubtedly discover many new things.
Let’s explore the market and plan for expansion together!