If there is any chance of success of your product or service in foreign markets, then it‘s worth trying to enter that market. It goes without saying that at first it‘s necessary to find out the market needs and to adapt your product or service as much as it needs to be adapted to decrease the risk of failure. It’s good if you are competitive to penetrate other markets by your own, but sometimes the help of market entry consulting is beneficial for a number of reasons.
First of all you have to choose a market entry mode. To do that you have to evaluate many factors. Let’s go through the most popular entry plans.
Direct exporting. When all products come from your resident country. The biggest challenge is to find correct dealers and to transfer company’s values to them, since they will be facing clients and many success depends on their skills.
Licensing. Sharing the rights of service or product with another company. Great way to go global if your partner has a high reach in a particular market and your product has potential. The good thing about this type that you are responsible for consulting your partner, but manufacture or distribution in many cases is in their hands.
Partnering. In some cases, that’s the best way to collaborate with partners abroad. Especially when working with completely different market. Both companies splits what they have to do and communicates during all process.
There are many more strategies such as franchising, joint ventures, buying a company or piggybacking. None of these ways are good or bad. Each case is different and has several solutions.
Market entry in Hungary. The market of Hungary is similar to all other developed worldwide markets. Using correct strategy can lead your business to achieve the highest goals. Consulting with specialists from this country will help you to avoid most common foreigner’s mistakes. Consider to compete in such a rich and solid business environment.
Every product is different and every adaptation is very specific and unique. It’s good that you can get the solution from an experienced adviser.