How to succeed in business overseas

In recent years, due to the decline in domestic demand in Japan and the explosive growth of overseas markets,An increasing number of companies are expanding their business overseas.Among them, there are various companies that were successful and those that were not successful.Successful companies have certain things in mind.What it's likeWe will introduce you to the following.

1. Know your market

Market research is extremely important when expanding overseas. No matter how excellent your product or service may be,If there is no market for your business, it will be difficult to make inroads.Market research is key to determining which market you will compete in.

Market trend research is based on statistical data and reports from government agencies and specialized institutions.Desktop research is available.This allows us to investigate economic size, demand forecasts, and market share.This is the most general information, but in some places, such as Southeast Asia, statistical data may not be available.

To grasp the affinity with Japan, the number of Japanese companies and tourists visiting JapanYou can measure your pro-Japan level by using these and other methods.The survey items vary depending on the business you are planning to enter,Summarizing the survey results by country and topic will make comparisons easier.

2. Know your customer

To succeed in business, it is necessary to know your customers, but it is also important to know where your products will sell, what kind of users will buy them, their purchasing motivations and purchasing factors, etc.By creating a customer list using online web surveys,It makes it easier to approach customers in the right way.

In addition, by utilizing the local chamber of commerce,You can gather information meaningfully.
In some cases, you may be introduced to dealers who could be potential customers.

3. Learn about religion and culture

Although it is relatively little acknowledged in Japan, there are many different religions in the world.It is also important to check for ready-made products, such as food and clothing, that are based on each country's culture.

For example, in the Middle East, where there are many Muslims, understanding Islam is important.When it comes to food, it is prohibited to eat foods or seasonings that contain pork or alcohol, so food products must be certified as halal.

4. Check foreign investment restrictions

In order to protect their own domestic businesses, many countries in Southeast Asia and elsewhere have established restrictions on foreign investment.In some countries, it may not be possible to acquire land, which can hinder the establishment of a company there.You need to gather all the local information about your company's industry.

The same goes for permits and licenses for business conducted locally; you will need to research in advance and obtain licenses if necessary.

5. Check out your competitors

Even if there is a market and you want to expand overseas, if the market is monopolized by local companies, there is no room for intervention. It is necessary to research the number of competitors and popular products and services to see if there is room to enter the market.

By analyzing your competitors' best-sellers and characteristics, you can grasp trends and differentiate yourself from your competitors, and you can also use the information to research your own products.

6. Securing partner companies and human resources

When expanding overseas, securing partner companies and human resources is also important.Through websites, intermediation by private consulting companies, exhibitions,Another possibility is through a registration matching site.

Choosing a support company is a very important task.
You will make a list of target companies, set your conditions for potential candidates, then narrow down the companies that meet your conditions and begin interviews.

Summary of the key points for success in overseas business

We have introduced some of the key points necessary for expanding overseas and making your business successful.To succeed in overseas business with limited resources,It is necessary to collect a wide range of information.To conduct effective research, keep these six points in mind and use them in your data analysis.

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