From helping you to understand potential new markets, to hiring the right people, a businesses’ network and connections can truly help to unlock success.

Navigating a new market

There are so many important factors to consider when embarking on international expansion and taking on a new market. For example, the need for new hires, the cultural nuances of that market and a clear understanding of where to start and why.

It’s essential for a business to question: do we have reliable connections in that market and access to people who really understand how potential customers operate. You might have a very successful business in the UK, but that doesn't mean it will fly for example, in the US - even Tesco had to exit the US grocery market back in 2013, reporting a loss of over $1 billion.

Launching somewhere like the US, where there are 50 states all with different rules, regulations, people and culture is complex to say the least. Without a network of experts to help you navigate these nuances, a successful launch is going to be much harder.

You might want to test out one market to see how consumers react to your product or service before launching in another - and having a strong network of contacts will help to provide a good indication of where to start. Their understanding of consumer behaviour should also help to avoid common pitfalls. For example, it’s thought Tesco’s fall from grace in the US was partly due to a lack of understanding about how Americans like to shop.

From my experience, I have certainly learned that ways of working can be very different across the world. Gaining insight into this as early as possible will help your launch go as smoothly as possible, and having a reliable network that will pull through when you need it the most is so valuable.

When Audoo launched in Australia, it was in the aftermath of the pandemic and anyone who entered the country had to spend two weeks in quarantine with no physical contact with the outside world. It just wasn’t feasible for our team to go over there, but it was through an established network of industry connections that we could snap into action anyway, with friends helping with installations, insurance and cultural learnings to ensure we were set up in the best possible way to not only meet our goals but over-deliver.

Networking and recruitment

International expansion is a big decision for any small business, so you need to ensure you have the right talent behind you. Again, networking has proven to be a very valuable asset. A strong network can help provide access to credible, reliable and trustworthy talent who can help to drive your business forward.

With some reports suggesting that between 70% and 80% of all jobs are filled through personal networks, it’s clear how powerful connections can be. This is also true when engaging with people who might not be directly seeking a new role but could be open to change if they’re approached for an exciting opportunity through a reliable connection.

Making new connections in a new market

For a business looking to gain valuable local market knowledge, connections are going to be important. If you’re unsure of where to start, I’d recommend attending industry events and key conferences in the new market. It's here you might learn about a key market trend or industry experts who can point you in the right direction of local talent. 

Doing your homework is vital - you don’t need to attend the opening of an envelope! Be selective and specific in your selection of the right conferences to attend. Who are your potential customers? What benefits do your products bring and how can you help them grow revenue, or deliver efficiencies? Once you’ve refined your product's market fit, who are the lead businesses in the sector? Who are the decision makers and what are their business drivers? Are there experts in new markets from the client side who are looking for a move or a new challenge? 

Listening more than talking is key when moving into new markets, especially at industry wide events.  It is not simply who is speaking on panels and giving keynotes, it's the conversations in the breaks that usually gleam the most rewarding connections.  Trust your network and ask them for recommendations. People generally want to help each other hire strong talent and help businesses grow. Always check references, former employment track records and don’t be afraid to dig for honest feedback.

Building a network in a new place is not easy, it takes time, resources and effort. However, I strongly believe that it’s integral to put effort into this if you want to scale and expand a business globally. I have over 25 years of experience in the music industry from EMI Music Publishing, Rough Trade Management to Facebook and Sony (Music and Publishing).  It’s the connections and knowledge that I have built along the way that will help me to expand Audoo’s international reach and ensure fair and accurate payments are being made to music rights holders across the world.