Does your company have an international business strategy? If no, you need to start planning towards creating one. Unfortunately, even the so-called big companies sometimes do not have one. And the lucky ones that do have, they file it away so no one can have access to it. To them, it’s a secret that must never be revealed.
An international business strategy can be translated to exponential company growth. Developing a global marketing strategy for your business has a lot of benefits. Apart from improving the effectiveness of your company’s product and services, creating a global marketing strategy allows your company plan and strategize on ways to offer better options to a wider customer base.
Why Enter the International Marketplace
One of the reasons why most companies go global is simply because the local market has been saturated. The global market offers company a chance to take advantage of economies of scale and a reputable brand. Breaking into the global market and becoming a known brand requires a lot of effort. As a small business owner, one way to do this is by partnering with one or more international businesses. Alternatively, you can hire a global business strategy consulting firm if your budget permits. This way, you can leverage external competitive advantages.
Another reason why it is important for businesses, regardless of size to break into the global market is arbitrage. It affords them the opportunity to learn something new from a different competitive business environment.
There are a few mistakes most companies make when going internationally. Firstly, they assume that entering into the international market is a short term investment. It takes a lot of time and effort to build a name in the international market; hence it should be seen as a long term investment. If you expect to start seeing results immediately as you enter, then the international market is not for you.
Secondly, some companies venture into the global markets because their competitors are doing so. This is totally wrong. Every business has its reasons for entering the international market space. So what’s yours? It is important to do your own research to determine the market potential and market risks that are specific to your business.
How to Grow Your Business Internationally
Businesses that are not recognized globally find it quite challenging to get a foothold in a foreign market. Before you starting eyeing a lucrative new market for your business on a global scale, you need a plan. Poor planning and execution are the major reasons why most businesses fail. Small businesses have the potential to boost their revenue and increase customer sales internationally if they plan accordingly.
Breaking into the international market is no longer as difficult as it used to be. To do this, you need to understand your target audience as well as their unique nature of consumption patterns. And more importantly, you need to familiarize yourself with the business laws in specific countries. Here are some great tips on how to compete and grow your business internationally.
Study the Market
This is perhaps the most important thing to do. Getting to know more about the local markets opens your eyes to see whether it’s a good idea to enter into the market. Strategic research on your potential customer behavior, business laws,and the local market is vital. By doing so, you can determine the right marketing strategies to use and what local legal limitations are available.
Strategic research can help you determine whether or not the local market is right for you. User-behavior research also can provide useful insights that influence your strategies.
Hire Reliable Hands
Getting the right people in your team is also very important. While you don’t necessarily need to build a physical office in every country you find yourself, hiring local employees with whom you can effectively communicate with is crucial to your business growth and development. This individual or group of persons should have a perfect understanding of how the local market operates. They should be quick to identify a change in customer behavior and new trends in the local market place.
Take Advantage of the Internet
The internet has made it easier for even smaller companies to compete with their bigger counterparts. A responsive, beautifully designed website coupled with good international SEO strategies means that customers from different parts of the world can see what your company has to offer. Since virtually every country in the world uses English as a second language, language barrier can be easily overcome. More so, the language on your website can be country specific.
Choose a Niche
Rather than trying to capture the entire global marketplace, choose a readily addressable niche in your country of choice for a start. Focus on marketing and promoting your products and services to that niche. Start with a local print, social media marketing or radio and television advertising. Use the services of a local marketing consultant to help you craft a message that resonates with your target audience.
If you think there’s a market for your product in a specific country,but you don’t know how the market operates, it is essential that you work alongside local distributors who buy the goods and sell them within the country. Don’t choose any distributor that comes your way. Instead, research and choose trustworthy local entities that can deliver. If possible, schedule a meeting at their physical locations. No doubt, you will incur travel expenses,but in the end, you find a distributor that is not only reliable but also trustworthy.
Benefits of Global Marketing Strategy
There are many benefits why businesses should create international business strategy. These include:
- It creates a strong competitive advantage for your company
- Allows customers around the world to be better informed about your products and services
- Serve customers worldwide and all at a low cost
- Opens up an avenue to learn something new
- Increases potential for business growth and expansion
Global Business Strategy Consulting Can Help Your Business
If you wish for your business to thrive and prosper even more, then you need to seek assistance from a global business strategy consulting firm. These companies provide the kind of support that can be extremely beneficial to your company’s growth and success. They can provide custom made marketing strategies that you can use to achieve your number one priority which is to build a strong presence in your new location. These experts are experienced and knowledgeable about the various market trends, and business approaches that could help you achieve your goals. They will put your business on the radar in the nick of time. What might take you 12 months to accomplish can be done within 3 months or less if you choose to work with an expert global consulting firm. And together, your company will be one of the leading brands in your niche on a global market scale. So if you’re planning to enter into the global marketplace, partner with a reputable global business strategy consulting firm. They can help you with everything and anything.