Skincare business expansion to new market can be your opportunity to grow your business and capture new customers to boost your sales. Successful business expansion relies on understanding of insight of new market and customer behaviour in related decision making, language preferrance and purchasing mode. There are several factors such as business etiquette, culture, government policy, skincare rules and regulations that skincare business owner should consider to study before entering the new market.
Getting a business started in a new culture and strange business environment and usually in a different language, seems just too much for many small- and medium-sized businesses. The home market is saturated market with stiff competition and expansion opportunity is a risk. So is it worth it? Well, emerging markets are growing faster than developed markets, and the local and foreign companies who are successful get accelerated growth. Also the local companies in emerging markets are getting stronger and looking abroad for even further growth, so competition in the developed markets is going to heat up.
Doing skincare business in the new market can be done successfully with some appropriate options:
- Ecommerce platform
Today, e-Commerce has revolutionized the way companies are doing business. Now, consumers can purchase almost anything online 24*7 a day and get an ultimate shopping experience. Selling your skincare products through online platform can be another effective way to reach your target customers. There are many online marketplaces such as Amazon, eBay, lazada and etc... used globally with locally customized in each country and it growing in popularity, taking trade abroad is relatively simple, especially as there is less competition making it easier to win new customers. Online platform will have large loyal customers who always products online and it is understandable that the existing customers will try new skincare product offered in the online platform which is useful for the skincare business owner. Online platform take care marketing activities for the product to boost the sale and brand awareness.
- Partnership with local entrepreneur
Partnering with local entrepreneur is a effective way to expand your skincare business in new territory because it will be easier to work with someone who understand business environment, government policies and procedures. The local entrepreneur not just help you in process or procedure to run business legally but local also knows about their peoples behaviour such as their taste, preference, lifestyle and etc... which will be useful when doing marketing to create brand awareness. In partnership, the both parties need to share profit earned and expenditure spend for the business activities. It is very simple that you need to " Go Global, Act Local" which means you may expand your business globally, yet act locally in understanding the market and customers in each new market you enter.
Finding a reliable distributors through exhibitions, business matching and business network can be another way to penetrate the new market for your skincare products. Under distributorship, both parties need to contract agreement in meeting conditions that is beneficial for both and it involves less investment in doing business. Distributorship contract can be done for certain years agreed upon both parties say 1-5 years and skincare business owner need to support the distributor with necessary documents to make sure the skincare product is sold legally. With help of relaible distributor and his/her business network will make your skincare product to reach the target customers.