Your Guide to Going Global

Posted by Bartercard on Jun 11, 2019 12:57:31 PM

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The time has come for you to expand your business horizon and go global. You have a great product and now you want to get more customers so that everyone will know about it! So, how do you start promoting your business on a global scale?

So much of today’s business is done overseas. Companies are importing and exporting. Thanks to the internet and freight companies, products can be shipped and flown all over the world quickly and efficiently. However, you can’t just dive blindly into global expansion. While the benefits of a global operation are significant, achieving it is no walk in the park. Fortunately, by putting some steps in place, you’ll be on the road to globalisation before you know it. Take these important preliminary steps before you begin your business’s global conquest.

Identify your target market

Just because your product is popular in your home country doesn’t mean it will be popular anywhere else. Start with a small and carefully targeted expansion into a select few international markets. You can then measure the response, learn from any mistakes, and adapt your approach.

Be sure to have an international business plan in place and understand your overall business strategy. Why are you going global? What do you want to gain? How will you need to change your business to survive in a global market? These are the questions that your first careful steps onto the world stage can help you answer.

Do your research

Knowing your product and your existing customer base is one thing but understanding the cultural differences of the countries you’re targeting is a considerably greater challenge. What good is it to introduce a new brand of ice cream if your target market is lactose intolerant? You may not necessarily know that, which only serves to highlight the point.

Remember also that there is no such thing as one-size-fits-all when it comes to marketing your business overseas. You may need to take a different sales and marketing tactic with each new market. You’ll need to consider aspects like pricing, currency variations, shipping options, payment terms and methods, and packaging with each market you wade into. Remember, the global market cannot simply be divided into the “local” market and “everywhere else”. The global market is a sprawling collection of diverse communities.

It’s important to keep in mind that every country is different, so you’ll need to consider a few things as you decide which ones you want to target.

  • What’s the infrastructure like?
  • Are supplies guaranteed within a certain timeframe?
  • Are there any local government or industry-specific regulations you need to comply with?
  • Are there any local government or industry-specific regulations you need to comply with?
  • Are there any additional custom duty taxes for importing the goods?
  • Will you be working with suppliers in that country?

Receiving negative feedback because the goods have taken too long to arrive or encountering additional charges at a port of entry won’t help your customer satisfaction scores. Nor will it help your global cause.

Marketing collateral

Think about how your existing marketing efforts will be received in different countries. While English is something of a universal language, think about translating your collateral into different languages to suit your audiences. Remember, you’re reaching out to these people. You want their business, so show them you’ll do what it takes to earn it.

Don’t forget the home front

Is your business infrastructure, including your resources, systems, and processes, able to cope with the demands of going global? Ensure that everyone involved in the process is kept up to speed with expectations and the timescales of fulfilling orders.

Let Bartercard help market your business overseas

Entering the international market requires careful consideration. A great deal of planning must take place before you embark on your global journey, but the great rewards will come to those who do it right. Bartercard specialises in providing members with business growth strategies. To understand how you can use Bartercard to gain new customers, get in touch today!

Topics: business strategies, growing your business, increase cash flow, expand your product line, market research, attract new customers, build business networks

 

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