So, your business is thriving in its designated country? It’s most likely to see success in other countries, too, right? In most cases, yes. But there’s a good chance it might not succeed on an international scale. Going international with your business can boost profits, create more internal jobs and external opportunities, increase brand prestige, and more. It can even accommodate for seasonal fluctuations. But there’s a tremendous amount of work behind a globalization strategy – and even more pressure for it to go smoothly.
Here are the most significant things to consider before taking your business global…
Remember That Every Market is Different
Simply because a product meets a specific purpose in your domestic market does not mean you’ll see the same trends in international markets. In fact, international releases will progress much differently.
Before making the leap to international markets, consider how your products and services will be received elsewhere. More importantly, consider how they will apply to the new market.
Do Your Research
It’s never a good idea to dive into the fray without first honing your craft, or at the very least taking some time to prepare. When it comes to globalization, you must know what markets are most viable for your brand. This will help you learn how to approach each one.
Learn the Language
Did you know that if you plan to target one of the top fifteen emerging markets there is a sixty-percent chance that your customers will not speak English? It’s no secret that language barriers can cause some serious issues.
Aim to diversify your brand and bring on team members who speak the native language of the markets you wish to enter. You could even learn the language yourself if possible.
Stay True to Your Brand
Despite adapting and shifting for the new market, remain true to your brand’s DNA. Pinpoint what it is about your company that’s made it a success thus far, and incorporate that in your international strategies.
Start Simple
Don’t wear yourself thin when entering a new market. Focus on a single product launch that you’re fairly confident will go over well. Maintain a laser focus because if you have too many products on the market at once, it can be more difficult to analyze productivity.
Consider the Legalities
Laws and regulations differ across countries. Arranging contracts in one location might be a totally different (and more complicated) experience in another. Some laws, like tax laws for example, won’t be the same as what you’re used to in your jurisdiction. While the UAE ranks consistently high for ease of doing business -11th in the latest report by the World Bank- it is essential to evaluate each of your target countries. You don’t want to be loaded with paper work when you could be focusing on business goals.
One of the most important steps in expanding internationally is taking the time to do research on regulations and laws in the said country. You can even opt for legal counsel or consult an attorney before setting your foot in that market. Being prepared for legal issues can help ensure a smoother market entry.
Culture
The cultural difference can determine whether the business is successful or not. If the product or service doesn’t add value or meet the desires of the local markets, there’s no need to go sailing! It is vital to have an intimate understanding about who lives in the community and what they value.
These are the all-important issues to bear in mind when taking your business global. International markets offer great growth for businesses, but so long as you go about it the right way…