There’s a lot to be said for exploring the world. As a consumer packaged goods (CPG) brand, and are exploring the world via your products, we are here for that! Launching into new, international markets gives you the opportunity to learn so much about new cultures, open yourself up to an infinite number of new adventures, and if world domination has always been a goal of yours, potentially achieve that goal. What’s more, going global in CPG offers brands a lot of benefits. For one thing, taking your brand global can give you a competitive advantage and can breathe new life into your innovation processes. And for another, it’s a lot easier to create a brand that will resonate with consumers across cultures than it is to, I don’t know, usurp governments.
Wait. Do I need to take my brand global? Why can’t I just stay where I am?
You can if you want. But in addition to the positives pointed out above, taking your brand international can also help you grow your business. And if continued growth is what you seek, then taking your brand out of your own backyard and across oceans and continents is one way you can add streams of exposure and revenue when you break into new markets.
Oh. I like multiple streams of exposure and revenue.
Don’t we all.
So how do I get out of my own backyard and explore this great big CPG world?
I’m so glad you asked. Going global is not an easy process, and it shouldn’t be entered into lightly. You’ll want to adhere to some key points to stay organized and maximize your introduction and sustainability into new international markets. In no particular order, here are three critical things to consider when expanding internationally:
1. Do a financial check. Expanding your brand globally can cost a lot in both time and money. Review your company finances, and really look at what you can spend to take on this venture. Ask yourself the tough questions—and answer them honestly! There’s no point in lying to yourself!—of how this expansion will benefit your brand? What will you have to give up by going international? What will you gain? Weigh your answers carefully to ensure you’re going in with a clear vision of your goals.
2. Understand the rules and regulations. Not every country adheres to the same guidelines, rules, or requirements when it comes to the myriad aspects of the CPG industry. Whether you’re talking packaging, payments, or processes, it’s important to have a firm understanding of what’s allowed and what’s not allowed. Flying blind isn’t an option here—not only could it cost you in expense (think: fines), it will also cost you in time lost from having to revise anything that is not done right the first time.
3. Partner up. If ever you’ve considered partnering on a business venture, taking your brand into international waters just might be the time to do it. The key here is to partner with someone who has firsthand knowledge of what it entails to sell CPG in the country where you are looking to expand. That partner should be able to help you navigate the rules and regulations mentioned above, as well as provide insight into what brands or products you’d be competing against. You can connect with several service providers that work with brands looking to grow their business internationally in RangeMe Services here.
That’s a lot to consider.
It is, but if you want to expand successfully, you’ve got to put in the time and the effort. It’s not going to happen overnight. And that’s not all you need to think about.
OMG, there’s more?
Of course there is. I’d be remiss if I didn’t tell you another critical consideration when going global.
Okay, hit me. What’s this other consideration?
Your new, potential consumers.
What about them?
They’re important.
Duh.
But they are also different from the consumers you already have in your home country.
Oh. Good point.
I know.
As you look to expand your business globally, don’t forget to do some digging into your expected consumer base. As I’ve said many times before, understanding your consumer and understanding your own brand—and understanding how the two connect—are the pillars upon which your success is built. When launching in a new country, do your homework on the trends in that country, inclusive of both consumer shopping trends as well as flavor and packaging trends.
For example, a McKinsey report shows the differences of online grocery buying habits among the U.K., Spain, France, Germany, and Italy during the pandemic. Their research shows that 33% of U.K. shoppers who purchased groceries online reported that they were “very satisfied” regarding their experience, compared to Italian, French, and German consumers, of whom only 13% to 16% felt satisfied. However, what’s important to note is that of the five countries, the U.K. has the most robust online grocery delivery programs, which is probably why their consumers report such positive experiences. Being able to meet consumers’ needs translates into consumer happiness, and that’s a key factor to consider when trying to get your product into new retailers.
This is…a lot.
Yep. I told you that going global isn’t a simple process. But it’s a worthwhile one, and can be a huge boost and benefit to your business. And what’s important to know is that RangeMe can help you on your international quest and help you connect with retailers in the United Kingdom, Australia, Canada, and New Zealand. If nothing else, you’ll gain an even deeper understanding of your brand, your abilities, and your goals, and you can use that knowledge to fuel your business forward.
Or to fuel my goal of world domination.
I don’t think that’s a good idea.
You’re probably right.
Trust me on this one.