Expanding to Australia – 6 Best Practices

Many small and emerging businesses will find that Australia is one of the best places to expand into. Not only is Australia large but it is also diverse, so there is a demand for all types of products and services. However, expanding into the country will require that businesses follow a couple of best practices; we cover seven of those in this article.

Professional Due Diligence

Now before any business can venture into Australia it is essential that the due diligence covers the impact it will have on the business. Things like market segment analysis can help to identify if the product has any market in Australia. You will also want a gap analysis which compares your product to their local competition of which there is going to be a lot in Australia. So, knowing this upfront can help save you from a lot of frustration later on.

Have a business plan and strategy

Australia has a pretty big market to begin with, and almost every product you can think of is being sold. That said your business plan needs to determine how your product will stand out. What branding strategies are working and then use that for our own campaign? Ideally, you will want a short, long- and medium-term plan which covers the cost and benefits.

Have a Beachhead Team

Now many companies may try to launch with a team of executives sourced from the parent company or build a local team. Either move is risky, time-consuming and will slow down the time to market. Alternatively, you can hit the ground running with senior interim executives. Local Australians with expertise in the domain are the best way to make headway. You can then establish a financial infrastructure and then start recruiting the permanent leadership executives.

Establishing Readiness of the Product

Take your product gap analysis of the Australian market and then market ready the product. At this point, you will also want to do the required localization, which means getting marketing material, product specification, etc. in Australian English. Sure, there isn’t a big difference from regular UK English, but there is a difference nevertheless.

The readiness of the Organization

The good news is that the culture in Australia isn’t any different from most of America, and Europe. So, the transaction for most businesses based already in the US and Europe isn’t going to be very difficult. However, Asian, Middle Eastern and African companies will need to take steps to ensure that their organization has the required readiness.

A Go-to-Market Strategy

Effectively selling and then marketing your products or even services in Australia will require the use of a cohesive strategy. That strategy should address sales delivery, sales strategy, marketing, and pricing, etc. You will want to determine the optimum method of sales, i.e. distributor, hybrid or OEM. Also, sales mythology like feature, solution, etc. Will you create a new brand or use the parent brand? Plus, use KPIs and a comprehensive market plan.