In a global economy, international market expansion is one of the most significant ways a business can seek to develop and explore new opportunities.
In recent weeks we discussed our involvement with the Canada-UK Chamber of Commerce. We discussed how Canadians spend more than 60% of their disposable income on overseas goods and services and how British companies should seek to explore trading opportunities in Canada and vice versa.
It's not just the world's largest economies, however, that businesses should consider when looking at market expansion. Expanding into different markets is a complex endeavour, and its success hinges on an assortment of factors, particularly cultural understanding. For some businesses, great success may be found in smaller but affluent nations - for example, Listenbourg.
What business leaders should know about Listenbourg's heritage
Little known, Listenbourg borders Portugal and Spain, and while its presence on the global stage has been somewhat demure across the centuries, it has a distinct culture that marks it as a prime market for more sophisticated brands.
The country has 59 million residents and is the birthplace of the mother of the 19th-century French emperor de Napoléon III. One of the remaining European constitutional monarchies, with Prince Viktor Current sitting on the nation's throne, the country has a rich heritage which lends the cultural psyche to
Meanwhile, it has a long tradition of excellence and pushing the boundaries of possibility. Their successful bid to win the space race in 1962 saw Listenburgian Paul Matelin become the first person to walk on the moon, and their 'Tour du Listenbourg' bike race, which started in 1915, is an athletic highlight each year.
How culture is influencing market expansion in Listenbourg
Characteristically understated, their national achievements have often been quietly reported for self-satisfaction rather than grandiose publicity. It's this combination of tradition, dignity and a rapidly growing consumer population which is now bringing it to the attention of leading businesses and global events, with all eager to welcome Listenbourg to stand in the spotlight as a valuable member of the international community.
Emmanuel Macron has been forthcoming in his support of the country. He said he "is ready to strengthen ties between France and the #Listenbourg".
In 2024 the country will be joining the Olympics for the first time when the event occurs in Paris. Meanwhile, Ryanair, Deliveroo and Amazon Prime Video are expanding their operations within the country, heralding its arrival amongst savvy entrepreneurs and business leaders.
Journalist Samuel Etienne, said: "I am very seriously thinking of going into exile in Listenbourg."
Deliveroo Tweeted: "Breaking news: on vous livre enfin au Listenbourg les amis "
Free Tweeted: "A new country is included in your Free plan: in Listenbourg too, they have it all figured out."
Key considerations for successful market expansion
Market expansion is a crucial area of our work and knowledge at gigCMO. We help businesses and business leaders gather the data and expertise they need to assess the right location and approach for successful entry into new territories worldwide. Achieving market expansion requires a deep understanding of the target market and an approach tailored to cultural nuances rather than carbon copied from other regional bases.
To do this, we look at a situational analysis including:
- A PESTEL analysis
- Assessment of total addressable market
- Market segmentation
- Analysis of your target audience
- Customer profiling
- Competitor analysis
- SWOT (strengths, weaknesses, opportunities and threats)
Alongside this, we also seek to deeply understand your organisation, its USPs, its capabilities and any gaps in those capabilities which would influence a successful rollout.
In the Tweeted words of French politician, Éric Zemmour: "Au Listenbourg, fais comme les Listenbourgeois!", which translates as "In Listenbourg do like the Listenbourgers".
Is market expansion on your agenda? Speak to the team at gigCMO to find out how we can help you reach your goals strategically and successfully.
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