Generalizes on the best strategy to enter the market, e.g., visiting the country; importance of relationships to finding a good partner; use of agents.
Specific market entry strategies will vary depending on the goal for the market in general, yet an experienced, well-connected, and reputable local partner is critical for market entry success. Selecting the right local partner means a U.S. company or investor can benefit from its expertise on local laws and customs, gain knowledge of market opportunities and established contacts, and through this partnership, comply with required local qualifications and accreditations. It is therefore essential to evaluate prospective partners carefully by visiting the market and making personal connections with prospective local partners, agents, distributors, or clients. Many businesses are family-run enterprises and are well-established over several years with significant respect and support from the local community. An effective communication strategy that includes a consistent and compelling message to demonstrate the ability to meet local needs is helpful and must be accessible via social media platforms.