First New Products For International Markets

If this is your first foray into international business development, you might wonder whether you should develop a new product.

Do you feel there is no international market potential for your current products?

Remember, your first priority is to get to know your specific foreign markets.

When you understand your foreign markets you will be in a better position to know how to sell to them. You will know what they want.

Only then should you think about heavy investments in creating a new product.

It is easier to start with one product, and learn how to adapt it to different cultures.

Instead of starting with a product you should do something else first. In fact you need to answer two questions.

First sit back and review your current expertise.

• What is your current expertise? What do you know how to do well?

This expertise is probably also valuable outside of your current marketplace.

The next appropriate question to ask is:

• How does your foreign market what to receive your expertise?

Answer this question and you will have a good idea what sort of product to sell to that market. You will also know how to craft the best offer you can to develop each of your international markets.

But it is not always easy to figure out how your foreign markets want to receive your expertise. It requires in the field market research.

This is why you should look at first selling:

• What you already have
• Or an easy to create information product to leverage the advantages of the web

With the direct sales experience in different specific foreign markets you will be able to make better decisions before incurring any real expenses.

It is best to leave creating brand new products specifically targeted to international markets for when you have gained enough market knowledge.

Please have another look at the 5 basic steps in international marketing.

And, if I have not dissuaded you, and you are still tempted to develop a new product, here are a few guidelines to start with:

• Don’t reinvent the wheel.
• Don’t try to make products that others are already making very well.
• Focus on what you do best.
• Outsource everything else.

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This is part of the Get International Clients Business Guide 1 Discover Your International Business Be sure to check out the other useful tips to discover your international business.

Tagged as: information products, international business development, international market research, international marketing, international product development, product research