Tips for Growing Your Business Internationally
Nowadays, companies are trying to go global in order to be more recognized and valuable in the international market. The thing is that sometimes it could be absolutely more difficult than just choose a country and go there. Even though we are living in an era where globalization is incredibly developed and information is everywhere, it is important to spend time doing a complete research about the country you wish to go expanding your company. Analyze the key points to consider and stick to it no matter what, this is the first step!!! In case you want to take the risk and grow in new market places, here we describe some tips that can help you to achieve it: 1.Research everything about the country you are going, yes, EVERYTHING. Do customers really need your product? People make the mistake of thinking that if their product/brand is working in a country and is successful, it would happen the same in another country or part of the world, but that is not realistic at all. So, if your business fails in a new territory, that doesn’t mean that your products and services are not good, it is that the market need is different. “In order to grow your business globally, your products and services will need to meet the demands of the intended market.” 2.Understand customer behavior. Does your product fit in the behavior and style of the consumers? We should consider the different cultures and dialects there are around the world and how they usually behave with their daily tasks and needs. It is not about launching a product that they might be used once in a while, but to know: How they will perceive your business? are they price sensitive? How they support foreign brands/products? How do they interact with services or products such as yours?...etc. “For instance, one of the major failures of Walmart entering into China was choosing locations that were close to industrial parks. The shopping culture in China reveals that people love to shop closer to their home as compared to their place of work.” 3.Hire the right people and create a strong team. Do you understand their language in all the context? It is quite risky to believe that your marketing approach will also work in a group of new markets with their common language. Sometimes it can be difficult for people to understand the true brand personality or values if you are communicated in a distant/different way instead of a direct and friendly way they are used to. A key point could be hire local people and create a strong relationship in order to get to know how their community works and which way could be more effective to related to the consumers. This will help you to give an insider view of the area and don’t overlook anything essential. “Hence, speak their language, but more importantly ‘speak’ their culture for the growth of your business.” 4.Spread the word!! Are you ready to develop a Local Marketing Strategy? Cultural differences can mean the best way to break into the market could be different from what you first thought. If you want people to trust in your brand/product the most important thing you have to do is “Spread the word”, there are studies that show that we “humans” trust more in products that friends, family or people recommend us. Get advice on the best ways to approach this from your local employees, so that can help you to appeal to your target audience.