Ac­tions to take to de­velop new mar­kets

Irish Examiner - Supplement - - 60 YEARS OF EUROPEAN UNITY -

Prac­ti­cal things com­pa­nies should con­sider as they seek to fur­ther ex­pand ge­o­graph­i­cally in­clude:

■ The time it will take to build new cus­tomers and re­la­tion­ships;

■ Po­ten­tial lan­guage bar­ri­ers; peo­ple on the ground, peo­ple mo­bil­ity, work per­mits, etc;

■ Sup­ply chain is­sues in­clud­ing sourc­ing in­puts lo­cally and/ or us­ing lo­cal ware­hous­ing;

■ New mar­kets will have dif­fer­ent tastes, cul­tures;

■ Prod­uct re­for­mu­la­tion may be needed for new cus­tomer tastes;

■ In­ten­sive con­sumer in­sight and mar­ket re­search to iden­tify op­por­tu­ni­ties and min­imise risk;

■ If mul­ti­ple EU mar­kets are to be ser­viced, lo­calised pack­ag­ing so­lu­tions may be needed to ac­count for dif­fer­ent lan­guages;

■ The route to mar­ket will be dif­fer­ent and agents and new dis­trib­u­tors may be needed, etc;

■ Pric­ing;

■ Prod­uct life in­clud­ing the time to tran­sit to main­land Europe;

■ Lo­gis­tics and costs; dif­fer­ent food stan­dards/reg­u­la­tions;

■ Tax and le­gal con­sid­er­a­tions in­clud­ing em­ployee taxes;

■ Fea­si­bil­ity study in­clud­ing cost benefi t anal­y­sis set­ting out break-even points to un­der­stand the full fi­nan­cial risks.

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