Global growth for a business can seem challenging but, it is rewarding. It is an essential growth strategy in the current business world. However, establishing a business in another country is no easy task and requires effective long-term planning. Therefore, taking a proactive approach to ensure that your entire team is aligned with your long-term strategic plan is crucial.
Small businesses can find it more challenging to expand abroad as they don’t have the resources to sustain any financial setback. Therefore, they should opt for low-risk strategies like marketing products through a local distributor to expand their business.
All businesses should do proper research before going global as it is a risky process. Entrepreneurs with an MBA in global management can more efficiently go global with their business as this degree program equips them with the knowledge of international finance, global marketing strategies, and supply chain management. The main 3 advantages to earning an MBA global management degree are that it helps you connect with an international network, helps you to get jobs in various countries, and helps you strategically go global with your business. The nature of global entrepreneurship is evolving, and new efficient strategies should be adopted for the worldwide expansion of your business.
This article will discuss some ways entrepreneurs can take their business global.
1. Find a Foreign Distributor
Working with international distributors can benefit your business exponentially. The number of international distributors is growing, and it isn’t much difficult to find one nowadays. Whether your company sells a product or service, a reputable distributor offers an established retail network to sell it instantly.
Additionally, partnering with a foreign distributor saves your business from dealing with various hassles like international trade laws, shipping through customs, and handling the laws of the foreign country that come with the global expansion of your business.
Foreign distributors are trusted in their localities, and they actively promote your product or service through all appropriate online and offline channels like tradeshows, billboards, newsletters, and more. Some ways to find a competent foreign distributor are;
- Connecting with potential partners at trade shows
- The government also offers various tools to help connect local businesses with international distributors
- B2B marketplaces are a well-known platform for networking
2. Develop International Strategies
Entering an international market introduces your business to new customers and increases your revenue. However, your local business strategies may not work in an international market, and new effective strategies are required to succeed in an international market. To design a successful global business strategy;
Define Your Goals
Your goals can include the number of customers you want to target, your sales goal, the amount of time and money you are willing to invest. Set realistic targets relevant to your industry to monitor the progress of your business.
Research New Markets
When planning to go global, research different markets and launch your business in a market where it has the highest chances of success. Attend trade shows in your target market to understand the business culture and local life to effectively market your product or service.
Understand Your Potential Competitors
Internationally launching your business will mean more competition. It can be challenging to secure a customer share from already established local businesses. Therefore, understand your local competition and how they approach the market to plan accordingly.
Plan Your Marketing Strategy
Plan a successful marketing strategy even before establishing your business in your chosen market. Whether you want to maintain a global brand or advertise different messages in different markets, choose a strategy that clearly communicates your competitive advantage to new markets.
3. Set Up Efficient Payment Systems for International Customers
Currency exchange and complex payment systems can be a crucial barrier for businesses planning to go global. However, using the latest billing and payment tools can help you work with customers in different countries. Global businesses have led governments to accept the idea of international transactions, and this aspect of global expansion will become easier with time.
Right now, using affordable international credit card processing solutions allows you to offer various types of payment options to your customers. Moreover, the latest technology has led to the development of efficient payment systems that can deliver online invoices in various languages and currencies, including the accurate tax guidelines for that specific country. Consider employing such systems to offer efficient payment systems to your international clients.
4. Make the Most of Social Media
Digital marketing is a popular and efficient way to market your business these days. Social media provides easy access to a global audience. It provides a channel of communication that reduces the gap between business and customer. Surveying the social media of your target market helps you understand the latest trends and customer behavior, which allows you to adjust your marketing strategy accordingly.
Consider employing local social media influencers of your target market to market your service or product. Websites like Facebook and Twitter allow you to share and retweet products and their reviews. This feature helps your business to be viewed worldwide within seconds. Recruit a social media manager to consistently upload brand-related content and targeted ad campaigns for each market. Social media helps you get customer feedback quickly, allowing you to release or withhold products from reaching the market.
The Wrap Up
Expanding a business globally can be daunting for entrepreneurs. However, you can succeed in any market with the right business plan and marketing strategies.
Finding a foreign distributor can help you focus on your core competencies. Foreign distributors have an established retail network that can easily launch and market your product or service. Setting up efficient and user-friendly payment systems can increase your customer base in different countries. Moreover, wisely using social media to reach a global audience is also an excellent way to introduce your business to global customers.