How to Globalize Your Business
Today, businesses of all sizes are looking into globalization. There are some great advantages to taking a company global, but those who are inexperienced may be wondering how to go global and attract a totally new base of customers. Fortunately, there are some steps that you can take to simplify the process and adequately infomr you on how to globalize your business.
Understand Your New Market
This is the first and arguably most important step to globalization. You need to do as much research as possible on the places where you want to expand. Some of the ways you can deepen your understanding of a new market include:
- Familiarizing yourself with economic trends: which industries are on the rise in the country where you want to expand? Which industries are suffering? Most likely there will be plenty of charts and business publications you can tap into for hard data to help you with this endeavor
- Talking to others who have had success with globalization: you probably know at least one business owner who has been able to globalize their organization successfully. Get their opinion on how to go about the process successfully. You can also talk to those who already have a business presence in the country where you want to be
- Taking a trip to the new country: if it is feasible, try to spend some time in the countries you are targeting for your globalization. This will give you direct insight into the culture of the particular area you are considering
- Learn the laws: every country will have its way of handling things like tariffs, exports and import fees, liability risks, and labeling guidelines. You must know these guidelines and how they will affect your business
Position Your Products
Although understanding each foreign market is important when considering how to go global, you also have to understand your company and its offerings and how you will successfully globalize what you sell in a new area. Think about marketing strategies, sales literature, and other crucial elements of product positioning. You will also need to come up with a way to localize your business literature and supporting documents to the particular location you are looking at for expansion.
As the old saying goes, it’s not what you know, it’s who you know. Before attempting globalization, reach out to people with connections to your target country who may serve as gatekeepers to partners or prospective customers. Try to build a presence in the country you are looking to expand into before you even enter into the market by meeting the right people. Also, remember to explore international trade options available in your home country, as you may have opportunities to network globally right under your nose.
Stay the Course
Globalization is not something that will happen overnight. You need to stay persistent with your efforts, and make sure you are willing to constantly look back at your strategy and make changes as needed. Be sure to periodically hold meetings with the key people to address your progress and areas where you need to improve, to ensure your globalization is consistently on track.
Going global may be an unfamiliar undertaking for you, but it is not impossible. With proper planning and a devotion to finding success abroad, you can explore new markets and find success sooner than you might think.