Market Entry of an International Brand name to a local market requires detailed planning and precise execution. Opening a new market for a global brand brings with it multiple Business opportunities but presents a new set of risks.
Expanding an International Brand name to the Indian Market
Penetrating a market filled with local brands is a giant hurdle for a new entry player in the market but having key partners such as a Franchise Distributor helps in overcoming the obstacles faced by the New International player by determining the strengths and weakness of the brand with respect to consumer demand and behavior.
Protecting the Brand name, Brand Asset and trademark
The Brand name is one of the important assets in a Franchise business. It represents the degree of quality and the standard of service of the Business Brand and protecting the Brand and its associated trademark is paramount to a Franchise Business.
Legal Protection should be in place and the brand should be registered internationally and locally to ensure that it is fully protected by the law. Another way of protecting a Brand is Quality Control, this ensures that quality of work of products or service introduced in the new market passes the standard the brand sets. Also ensure that your Franchise partners comply with standards for your brand.
Penetrating Foreign Markets
A strong brand name at a home market is not a guarantee that a business will be successful when introduced to a new foreign market. Success or failure is heavily influenced on the initial planning. The information gathered in the initial planning will influence the Market Strategy of the Brand and having tapping local Marketing Companies in India will allow you to access their pool of knowledge in consumer behavior and market trends.
Hiring Local Experts
Having local experts and Channel Partners in India on board will help your global brand adapt to the local business climate easier and faster. The Local team is invaluable to the company as they have the knowledge and experience to tackle obstacles and problems inherent and unique to the local market that your international team cannot address.
Is it worth expanding in international markets?
International expansion is a costly endeavor and the risk sometimes outweighs the benefits but overcoming the risk gives the company Great Franchise Opportunities but before committing an expansion the company you must invest in a throughout study of the potential market.
The cost of international expansion is high but failure to prepare for the expansion is even higher and is potentially capable of ruining a business. Having a concrete marketing strategy such finding a Channel Partners in India or tapping a Distributor Franchise as helps alleviate the risk by utilizing local resources and consolidating operation cost.
With enough planning, international expansion is well worth the risk and with abundant Business Opportunities in India international brands can take advantage of local Franchise Services experts to consult with the expansion and long term strategy of the brand.