It is understandable why a brand may look into expanding into Europe or even further afield once they have found plenty of success domestically. Expanding overseas allows you to reach an enormous and new market, dominate in your industry and build a global reputation which will help the brand to reach new heights.
Successful Expansion for Radley
Many UK brands have been able to achieve this in recent times which is no surprise when the UK is such an influential figure in so many industries. One good recent example of this is the iconic British handbag designer Radley, who have expanded overseas after surging success at home when sales rose by as much as 17% to £85.9 million in April 2020. Radley now operates in Europe, the USA, Canada and other areas proving that success can be found when you expand overseas. They are a good role model for how to expand into an overseas market and there is a lot to learn from their journey over the last few years.
Understanding the Market
Of course, it is not always easy and there are unique challenges when a brand looks to expand. Businesses need to have a clear understanding of the market overseas and whether or not it even exists, the economic climate and who the new competitors will be. Much like starting a new business, market research is crucial and you need to become an expert on the new location.
Not only this, but businesses need to be aware of cultural understanding as every country has a different culture and this can make doing business here quite different to back home. This means that you need to learn about cultural norms and respect these throughout all aspects of the business, including working habits, marketing, language etc.
While a business needs to be respectful and mindful of different cultures when expanding overseas, you must also keep in mind that you need to maintain consistency and company values. Consistency is crucial to success when it comes to business and you need to be able to rest assured knowing that the brand reputation will be kept intact overseas, plus you must also work out whether or not you have any brand recognition already – if not, it might take a while to find success in the new location.
Expanding overseas can take a business to new heights as seen by British handbag designer Radley, but you also need to be aware of just how challenging it can be. You need to factor in that every country is different so success is not guaranteed and you will have to be flexible, but at the same time, you need to be consistent in order to protect your brand reputation.