International expansion is attractive as it compensates for the limited number of buyers in any one country. This is now the case more than ever. Caution is key though; the rewards may be great but so are the risks.
At home, you’re aware of what matters most to buyers. Many international expansion strategies fail because there is an assumption that the same received wisdom holds true abroad.

Before entering a new market thorough research is essential. The good news is that only a relatively small budget, an internet connection and some curiosity is needed. Economic, trade and population statistics can be found free of charge from sources such as the CIA World Factbook (www.cia.gov/library/publications/the-world-factbook); the WTO (stat.wto.org); and the European Commission (epp.eurostat.ec.europa.eu).  Analysis of specific opportunities in a particular industry sector or product category can often be bought off-the-shelf (see www.marketresearch.com).

Possibly the second most important research investment is to get on the ground and explore how the product or service needs to be tailored. Does it meet the needs of businesses in this market?  How does it stack up against local competition? Could it serve a customer group different to that targeted at home?

Perhaps most importantly, marcoms need to be tailored and tested thoroughly. The positioning, messages and language may resonate in your home market but abroad could easily miss the mark.