Many individual countries are a massive market, but for some businesses, they’re just not big enough. Once a business has managed to conquer the market of their home country, the next logical step is to look abroad. And it’s easy to see why. Going global as an importer-exporter offers plenty of opportunities, some of which mightn’t have been possible in a home country. Some of these opportunities include:
⋅ Reducing dependence on an individual market; Every market has its own fluctuations, with profits potentially increasing or decreasing, depending on the individual market. With a global business, profits in one country can help curtail any unexpected losses in another. This can be the same for seasonal changes in buyer behaviour in different markets.
⋅ You can extend the sales life of your product or service; New markets mean more potential sales.
⋅ Rapid expansion and growth; Other markets can be less competitive and leave more room for expansion.
Knowing what going global can do for your business, however, is completely different than knowing how to turn your national business into an international one. Turning your business global isn’t going to be easy, however, but far from impossible. So what can you do to take your business global?
Know Your Market
Going into a new market blind and hoping for the best rarely works out for anyone. When you’re launching a global business, the key to success is knowing everything possible about the market you’re going to launch in.
Ideally, you should be conducting your research before you even decide which market to launch in.When you’re researching an international market, you need to ask yourself certain questions, such as:
⋅ Is the market big enough to sustain a profit for my company?
⋅ Is my product a good fit for this market?
⋅ Who are my competitors in this market?
Knowing the ins-and-outs of a particular market ensures that your product or service has a fighting chance. Essentially, doing your research is the first step in successfully launching globally. Knowing your market before you take your business global is key. And that leads us on to…
Know How To Do Business In That Country
Launching a product domestically can be drastically different that launching globally. While the principles of business are essentially the same – acquire customers, increase sales etc – going about these goals can be different in each country. A lot of this is cultural. Doing business in, say, Germany, is a lot different than doing business in China; culturally, they’re both very distinct countries, and how they go about their business is also very distinct. Knowing how to do business in each of these markets before launching globally saves a lot of time and resources in the long term. Customer Service is some of these markets can be different than what you’re already used to.
Find A Distributor/Sales Agent/Sales Account Manager
Launching in an international market obviously mean selling your product internationally. This means being able to distribute your product internationally, which has gotten easier over the last few decades. It might still prove difficult to find a foreign business partner that is right for you and will do well with your product.
On a related note, ACS Anchor Solutions Ltd offers Sales Account Management services and are leading experts in helping grow international markets. Making your business global in a way that’s specifically designed for you is our main priority. Did you take your business global? How did you do it? What are your tips? Want to stay up-to-date on our business tips? Then subscribe to our newsletter.