Here are 10 misconceptions by companies about entering overseas markets.
1. If we make a better mousetrap, they will buy it.
The question here is, do you think that factor alone is the necessary and sufficient condition to sell overseas? If it was always about quality, then why doesn’t everyone always buy the best product?
2. English is the universal language, so we can simply sell in English.
This speaks to several issues: Does everyone in the client organization speak, read and write English? Remember, decisions often are made on a consensus basis, and your marketing materials may travel quite a bit within the clients’ firms and sit on many desks.
3. Our labor cost is too high to market our product overseas.
4. Our price is too high for overseas markets.
Are you intending to compete only on price? Many commodities (oil, wheat, cement, corn) are price-sensitive, but the vast majority of international successes aren’t.
5. Our skilled marketers can take on overseas markets.
If we define marketing as awareness, understanding and belief, we need to ask:
Do my marketing people know how to make...
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