Recent advancements in technology and a growing distaste for the 9-5 work life has created a boom in the gig economy. The latest figures indicate that there are 56.7 million …
The world is smaller today than ever before in terms of being able to find and connect with people. Global business growth strategies are an important part of your business planning. But it isn’t just about being able to make a sale to international customers. Keep these 4 areas in mind when thinking about taking your business global.
Lay the Foundation
A strong legal foundation is important for all businesses. Having strong agreements, the right corporate structure and strong intellectual property strategies will give your business sturdy legs to stand on. There are additional consideration to make when going global. When thinking about global business growth strategies, it is important to understand the implications of selling across borders, exposing your intellectual property to markets that don’t necessarily conform to your home laws and entering into agreements with partner organizations that have different legal standards. Having a knowledgeable exert that is familiar with legal structures and practices in the countries where you plan to do business is important.
Strengthen Your Platform
If you are doing businesses internationally, it is probably because you already have a strong platform. Word of your brand, your product or your leadership has spread across borders and you are developing relationships. In order to keep that momentum, the strategy you use in one market may not be the most effective in another market. Familiarize yourself with the strategies that are most effective in each of the markets you want to enter. The social media, public relations and messaging campaigns you use in your country’s market may or may not be the most popular for your target demographic in new markets. Put the time and energy into research to ensure you are setting yourself up for success.
Give Yourself Time to Adapt
New opportunities are exciting and it is easy to dive in full steam ahead. It is important to strike in a timely manner when an opportunity presents itself. But, just as I would advise a company that is growing nationally to scale as needed, the same is true when contemplating your global business growth strategies. You may want to engage a legal expert for the country you are entering into, but do you need a full team or can you leverage your existing talent? How can you expand your network and form collaborations with teams that are familiar with the market you are entering and will facilitate a quick pivot when needed?
Global Business Growth Strategies Respect Cultural Differences
Marketing is the science of understanding customer behavior and psychology. It is a mistake to think that customers will behave the same in every market. Forbes cites Wal-Mart as an example of a failed attempt to apply their usual tactics in China, a market less likely to respond to “big box” store marketing. Be clear on how and where your target customer likes to shop. Learn the type of messaging that is most effective in terms of both their buying habits and their language. This will mean research so that you are empowered to deploy tactics that will serve your global business growth.
The Take Away
It is an exciting time to be an entrepreneur. Online marketing and accessibility to distribution globally has changed the international business game. Although connections are easier than ever, there are still foundational elements of your business to consider specific to international markets. A successful global business growth strategy includes a strong legal foundation and well informed platform and marketing tactics.