The world has never been more connected. According to Statista, 4.57 billion people around the world use the Internet. This means that around 59 percent of all the world’s population are, in one way or another, exchanging information using the world wide web. These numbers are not only impressive from a demographic standpoint. They have a lot of real-world impacts on different industries.
In business, the supercharged rate of globalization has given many ventures the platforms and opportunities they need to thrive. If you own or manage a business that’s thinking about going global. Here’s what you need to know:
What’s in it for you?
Although it can be risky, costly, and scary to venture out into the wider world, the benefits are certainly worth it. By expanding your business to other countries, you can:
- Reinvigorate the sales life of current products and services by exploring new markets.
- Reduce or even out the risk and dependence on your existing markets in the U.S. This can protect your revenue stream from the usual market fluctuations back home.
- Learn from the biggest organizations by going toe-to-toe with them on the international stage. You’ll encounter a different set of parameters and best practices, too.
- Establish a stronger and more reliable brand in your existing markets in the U.S.
- Grow your business in a more ambitious, meaningful, and realizing way.
How can you do it?
Taking on this challenge will require you to work hard with the following:
- Market research. Once you’ve decided to go global, the very first step is to find that perfect place where your products have the potential to thrive. According to Entrepreneur, an idea is bound to work somewhere; you just have to find that place. But this isn’t just about filling a need. Yes, it would be incredible if you were the first one to sell what you’re selling there, despite the investment you’d have to place on consumer education. But this is also about finding the right culture fit. Understand the demographic well. If you think that your product will face challenges there, you might not be looking at the right place.
- Investment level. After doing comprehensive market research, you should determine the amount of investment you’ll be committing. This is not only about the finances the expansion entails. You should first answer whether you’re in a position to establish satellite offices in that country, or whether you should be looking for partners for a joint venture. Both options sell your products on a foreign market, but they’re vastly different in terms of control, work, and risk.
- Product preparation. Whether you choose to work with a distributor or sell your products yourself, you should be looking into tailoring your products to the needs of the new market. Everything from pricing to packaging has to take your target audience into consideration. Even your marketing strategies should be adjusted. According to boutique communications firms such as Language Department, marketing material cannot simply be “translated.” It has to be fresh and appropriate for the local culture.
Going global is a lofty but worthwhile endeavor for business, especially now. The truth is that there’s no silver bullet that can keep all the issues and challenges at bay. According to Forbes, it’s best to just surround yourself with expert consultants, lawyers, and other entrepreneurs who have successfully gone global.