Thanks to modern technological advances, it is now almost as easy to sell your products and services internationally as from your home country. We may not all use the same currency, but that doesn’t stop us from easily exchanging money over the internet. Technology startups have a particular advantage when it comes to reaching international markets since SaaS products often have universal practicality.
For example, if you have a piece of software that increases the effectiveness of CMOs in your home country tenfold, it’s likely that the same software will be just as useful to CMOs in other parts of the world – specifically in APAC.
The key to a successful expansion into the APAC market as a tech company is making strategic decisions based on the metrics that matter most. While the process is, of course, unique to every company, there are some common steps that must be taken.
In this article, we will tackle the top actions that are essential to every tech company that desires to expand its business in APAC.
Much like when you first started your company, expanding overseas requires taking a comprehensive assessment of the marketplace and your desired place within it.
This means evaluating factors such as:
- Your business’ strengths and weaknesses within the desired APAC region.
- The strengths and weaknesses of your competitors within the region.
- Product modifications that need to be made to accommodate your APAC users.
- The total available market vs. the serviceable available market.
Basically, you want to obtain an accurate picture of how much demand is really there for what you’re offering. That means thoroughly utilizing every available avenue to research everything there is to know about your target market and the competition. If you skip out on the research now, you will surely regret it later.
There are several ways to go about conducting your research:
During this stage, there is no such thing as “too much information.” Your goal is to scour all available public information to gain a thorough understanding of what your competitors are doing it, and what they plan to do in the near future.
If you’re seeking to conduct more personalized research, consider conducting web campaigns that drive traffic to a targeted landing page. Since you can set your own budget and geographic parameters, this is a great way to test your assumptions about the APAC market.
Are prospects clicking on your ads? Which ads are they responding to? How well is your offer converting? You also want to set up a landing page where you offer some sort of incentive in exchange for contact information. This way, you can follow up with interested parties when you expand.
There is no substitute for on-the-ground research. Meeting face-to-face with the individuals you want to market to can provide invaluable feedback that will tell you how you might modify your approach. Cultural values, social protocol, and innate preferences vary dramatically from country to country. Without a deep understanding of your APAC target market, you leave a large margin for costly mistakes.
Choose your First Expansion Market
Once you have narrowed down your options, it’s time to settle on the first APAC market you would like to infiltrate. Often, tech companies start with a country that has a high enough market demand to justify the move. The most popular countries that fit this criteria are countries such as Singapore, China, Korea, Japan, etc.
At the end of the day, you want to prioritize countries that have the following:
- High broadband and mobile penetration
- Stable political environments
- Accessible payment infrastructures
- And favorable regulatory and tax requirements.
Cloud is the core enabler to today’s agile, flexible business, bridging boundaries and making workforces more mobile and productive no matter where they may be. For organizations expanding into APAC, the cloud brings the key benefits of not actually needing local resources and its scalable nature means organizations can ramp operations up or down as quickly as the new location needs.
Secure Legal Protection
Another key player you will need to support your expansion initiative is a good attorney. Local legal representation in your target country can guide you through the paperwork and help lay down the groundwork for a seamless launch.
In addition to general representation, you will also need an experienced trademark that can guide you through the process of protecting your brand names abroad.
Most importantly, you need to have a solid lead generation team and campaign that can take care of fueling prospects while you focus on the intricacies of your service and products. The best way to achieve this is by partnering with an outbound lead generation service provider.
Having a team of professionals handling the ins and outs of your lead generation is essential to also make sure that the quality of your service is not compromised.
Global expansion doesn’t happen overnight. But it can happen a lot faster when you surround yourself with the right people. Callbox is always ready and available to aid you in your queries on lead generation to make sure that your business receives the lead generation service it deserves.