If your business is expanding and you are looking to take the leap into the global market, it is important to have a clear and strategic business plan. Take a look below at some of our hints and tips.
Do Your Research
If you are stepping out of your comfort zone, and possibly even out of your time zone, you need to have as much information about your potential market locations as possible. If you don't already have a base knowledge of the country you aim to trade in, do some research. Educate yourself about the culture, language, currency, laws, and regulatory requirements in order to pinpoint and prevent potential risks before they occur. This is necessary if you want to commit to becoming an international business.
Now that you've strengthened your international expertise, it is time to focus on your business. You may be the expert in your product or service in the UK, but will that translate to customers in another country? Is there an adequate gap in the market? If you want to be competitive, you need to offer something different to your customers than what your competitors currently offer. In order to successfully promote your product or services in another country, you need to understand the market and your competitors. Research your target market and learn from your competitors. Find ways to stand out from the crowd.
The recent advances in technology enable small to medium sized businesses to operate alongside larger businesses on the global market. If you haven't already, invest in the technology that will improve your flexibility and scalability. Examples of this technology include cloud computing, and associated software and web-based services such as hosted email, social media and telecommunications. If your business expands rapidly after entering the global market, you can use technology to manage increased workloads without draining your existing resources.
The Internet is fast becoming the main tool used in marketing. It is an inexpensive and effective way to promote your products and services. Increase your reach by maintaining a regularly updated website, blogging, and using social media platforms such as Twitter and Facebook. These platforms enable you to promote your brand by connecting directly with your customers.
Make Your Content Accessible
If you are promoting your business online, take into account the performance and versatility of your content and website to those who don't speak English. If necessary, translate your text, and provide the option to have your site viewable in different languages. You want to be as accessible as possible to the global community and your potential consumers.
We hope that these suggestions have given you a better idea of what you will need to do in order to take your existing business into the global marketplace.