You're reading this, so you probably own, run or work at a business. Whichever it is, one of the most important business tips you need is how to expand your business. Every business owner wants to scale up their business and hit the global market. However, many do not know how to grow a global business.
To grow a global business, you must consider certain factors. For example, you must find out the possible hindrances to the success of your global business expansion, such as communication problems and government policies.
Let’s examine some of these hindrances and how to deal with them.
Possible Hindrances to the Growth of a Global Business and How to Tackle Them
- Government policy
- Current market trends
- Payment methods
- Brand recognition
Language is the most common communication barrier. To grow a global business, you need to bridge the language gap. Otherwise, you can make an incredible offer, but your potential customers simply cannot understand you. Also, study the culture of the countries and localities you want to operate in. Learn about their lifestyle and modes of communication. For instance, in Paris, the widely understood language is French. Even if you are an Australian, your marketing messages must be communicated in French.
Beyond the literal meaning of words, every language has its unique nuances. Depending on your target audience, common slang, buzzwords and idioms may come in handy in online marketing efforts. Watch out for negative words too. Imagine that the name of your product means something obscene in the local language of your target location. That'd be a disaster.
Your safest strategy is to work with natives. Where necessary, hire a native to translate for you. As much as possible, make sure members of your workforce are natives or, at least, people who understand the language and culture of the people.
Some countries have strict government policies, like tax and marketing laws. It is crucial to research, ask vital questions, and be legally and financially ready to comply with these rules. Work with policy experts to help you interpret laws and apply them to your business. Prepare for eventualities too. In case you run into trouble with the law, get some legitimate help.
Current Market Trends
To grow a global business, deliberately create products and services that match your consumer’s immediate and long-term needs. Also, keep up with market trends. Find out the current rave of your target market and satisfy it. For instance, Apple keeps its products regularly updated to stay above the market curve. They understand their consumer’s pain points and make it their end goal to solve the problem. Also, find out where your target audience is and reach them there.
To grow a global business, you must make sure your payment methods suit your target locations. Acceptable payment methods in countries vary. For example, some countries do not accept common online payment methods. Look for acceptable ones and use them. Make your payment process seamless. A Strikingly online store allows you to integrate different payment methods. This simplifies the transaction process for your customers and lessens your responsibilities as a business.
Image taken from Strikingly product
Since it is a new terrain, you may have difficulty entering the market. With proper branding, however, you will gain traction over time.
Then again, how do you get a global audience to trust and accept a brand they do not know? This is where marketing comes in. You must have a marketing budget if you intend to grow a global business. Strategic marketing gives your business the right amount of push it needs to be visible in the updates of its products to expand your business.
10 Tips and Tricks on How to Grow a Global Business
- Perform an internal appraisal of your business.
- Determine your market location.
- Conduct thorough market research.
- Connect with your consumers personally.
- Develop an effective business strategy.
- Get Intellectual Property Protection.
- Build a solid team.
- Have an online presence.
- Invest in customer service.
- Prepare a budget.
Perform an Internal Appraisal of Your Business
Before you attempt to grow a global business, you must conduct a SWOT (Strength, Weakness, Opportunity, and Threat) analysis. Your strength is your leverage to survive the global market; it helps you understand your product and determine its survival when you have launched globally.
You must work on your weakness before you dominate the market. When you know your product’s flops, you can improve it to fit it better for the market.
Your opportunity shows how your brand can succeed in expanding globally. It highlights important market inlets and how to exploit them to seize a market share. Additionally, it mirrors your competitors. It shows you what they’re doing well or wrong in the global market and how you can improve on that to achieve better results for your business.
And lastly, your threats are your obstacles. They can be things like cultural hostility, lack of funds, etc. Don’t get discouraged by them. Instead, put measures in place to deal with them. If properly handled, they can guide you into achieving global dominance.
Determine Your Location
When expanding internationally, do not randomly decide on locations. You need a location that encourages business growth to grow a global business. Find out the policies and business environment. More importantly, choose a location where you know there are customers for your product.
Conduct Thorough Market Research
Find out about your consumers' behavior. While simple surveys may ordinarily work, they may not give you 100% accuracy. Hire expert market researchers to understudy the market. Their insights will help you design effective inbound marketing strategies.
Image taken from Strikingly template
Connect with Your Customers
Create a personal bond with your customers. This will help build trust and customer loyalty. Use emotional triggers to get their attention. Let your messaging focus on the individual, especially if you offer B2B products or services. Just like we always do at Strikingly.
Develop an Effective Business Strategy
As they say, if you fail to plan, you automatically plan to fail. A business without a plan is like a car driving without a sense of direction. Your business plan gives you focus, sets a standard for your business, and positions you better to expand your business. Your business goals must be SMART: specific, measurable, achievable, relevant, and time-bound.
When expanding globally, you cannot afford to play safe. If you are determined to grow a global business, you must also be prepared to take risks. However, ensure that the risks you are taking are worth it.
Get Intellectual Property Protection
Be sure to protect your intellectual property. Where possible, do it before you're ready to enter the market. Countries have different policies around copyright, trademarks, and patents. Find out the rules in your target location and follow them to the letter.
Image taken from Strikingly product
Build a Solid Team
To expand your business, you need a skilled and grounded team. If you can, employ credible industry experts. It may be challenging to do so as a startup, seeing as you may not have the funds. Regardless, find the best team you can afford. Your business will thank you for it.
Have an Online Presence
Expanding internationally cannot happen without the internet. Your business must take advantage of tools and platforms that enhance your business operations. For example, with the right online marketing strategies, you can fast-track your business growth. One way to take advantage of online platforms is to build a blog with Strikingly. Your customers will learn more about you from your blog. This helps you create a connection with them, in turn making them more loyal to your business.
Invest in Quality Customer Service
When expanding globally it is important to make sales and retain customers too. Keep your customers satisfied, and they will always return. Also, improve your customer journey. Put systems in place to provide seamless delivery to your customers. With a Strikingly website, your customers can get your products and services through a seamless, automated process. Where there is a need for physical contact, you can register your business in a local directory, to guide customers to your physical location. Don't forget to put your contact on your Strikingly website, so they can contact you.
Prepare a Budget
A budget will help you manage your funds properly. Although there are great budget templates online, you will need one that captures the unique needs of your business. With the skills of a financial expert, you can create a customized budget for your business.
Here are some advantages that come with expanding globally.
Benefits of Global Expansion for Business
1. Access to diverse excellent talents: Global entrepreneurship opens doors to a large pool of talents. A good hiring team can source the be different locations, with different exposure levels. This provides a perfect blend of skills and abilities, putting you ahead of local competitors.
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2. Business Growth: The ability to grow a global business is an indication that your business is growing. Similarly, going global will push your business to greater heights if done well. Access to newer markets positions you for more revenue channels, which aids business growth.
3. Attracts International Investors: When you expand internationally, you expose your business to foreign investors. They are more willing to partner with you to grow your business. Naturally, investors will be more willing to put their resources on the table if they know you have made some progress.
4. Gives You Better Brand Image: An international business does its brand image a lot of good. Global recognition is a form of track record. To customers and investors, if you know how to grow a global business, you are worth doing business with.
The principles you need to build a global business are simple. Yet, their application requires skill and diligence. You must therefore invest in a good team. They will execute your expansion goals well. Also, do your research. Know your market and the laws that apply to your business in your target locations. Don't forget to create a budget. Money is necessary too. Finally, get online. There is no global business in today's world without the internet. Build a functional website with Strikingly and start putting your business in the global market. The world is yours to explore.