Your Guide to Taking Your Business Global

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Your Guide to Taking Your Business Global
Been a few years into your business with
everything going good in your domestic
market? The next step you must be thinking of
could be something like expanding your scope of
products/services. Or it could be acquiring some
small competitors in your industry and enhancing
your brand outreach further. Or it could be
something even bigger - Stepping into the
international market, going global! While all
these steps have their own challenges, going
global can be a bit more challenging. There is
a lot more than meets the eye that goes into
going global. In this post, we are going to walk
you through the steps to successfully take your
business global.
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Conduct Research - Test the Waters Every country
has its own trade norms and policies different
from the others. So, never presume that your
new target market will have everything the same
way your domestic market has. Dig deeper to
analyze the target market, trade rules, tax
policies, etc., and proceed accordingly. For
instance, according to the World Banks Ease of
Doing Business Index 2020, France and Singapore
are on top. On the other hand, towards the bottom
are countries like Eritrea, Somalia,
Lichtenstein, etc. It means the overall trade
environment in France and Singapore is the most
conducive. And that in the bottom-lying countries
like Somalia is the least conducive. So,
consider this factor of ease of doing business
before you target a new international
market. Analyze the Target Market Every country
has different consumer habits and product
preferences. Therefore, always consider the
market size and opportunity. Analyze the local
competitors there and the products they
sell. Also, understand that you may have to keep
your product prices higher than local
competitors. So, think of how you can capture
your target leads and sales at a higher price.
Find out if there is any gap in the market that
you can fill with your product(s). You can make
changes in your products to cater to the target
consumers preferences. You can also hire a
local person who knows the market in and out and
can help you hit the right chord with customers.
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Take due care of the cultural sensitivities of
your target market while doing business. Make
sure that you dont hurt the cultural sentiments
of the local customers through products or
communication. Consider the example of Parker
Pen. When Parker Pen launched a marketing ad in
Mexico, they meant to convey - It wont leak in
your pocket and embarrass you. However, the
company mistakenly chose to use the word
embarazara (to impregnate) to replace the word
embarrass. The literal meaning of the ad
became - It wont leak in your pocket and
impregnate you. Later, they had to reassure
Mexicans that the ad had nothing to do with
impregnation. And no pen would impregnate
them! This is a good example to show how a lack
of knowledge of the language and cultural
intricacies can land you in hot water. Develop a
Business Plan - Operational and
Financial Develop a business plan that can help
you penetrate your target market well. Consider
your target markets economic, governmental, and
environmental conditions. Accordingly, localize
your business plan. Set your short-term,
mid-term, and long-term goals to measure your
progress over time. Employ a senior interim
executive with deep domain expertise instead of
employing executives from your parent company. It
will help you hit the market and drive
organizational readiness faster. In the meantime,
you can focus on training your executives for
the new target market. You can also hire the
right senior management team later once the
interim team lays the groundwork for you.
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Consider the initial investment youll need to
make and also the recurring expenses to keep the
business running. Plan your budget in accordance
with that. Dont Forget Logistics Logistics is
a factor you cant overlook at all - especially
when going global. DHL, FedEx, RoyalMail,
Australia Post, etc. are some popular
international shipping service providers you can
consider. Vet all your options and pick the
delivery partner that suits your needs the
best. For instance, Australia Post is a renowned
shipping service provider in Australia. If your
business is Australia-based and you want to take
it global, you can consider Australia Post. It
offers reliable and nominal delivery services for
individuals, businesses, and enterprises. Consid
er an Australia Post Shipping Extension to
integrate to your e-store to avail Australia
Post shipping services. Our Magento 2 Australia
Post Shipping Extension is a cutting-edge
extension that can help you integrate and avail
Australia Post shipping services. Using it, you
can calculate live shipping rates both for
standard and contract-based services. You can
also enable or disable multiple shipping services
and configure a default weight for shipping rate
calculation. Localize Your Marketing
Campaign The more you localize your marketing
campaign, the higher your chances of success
are. Localization begins with the product first.
Localize it to make it ideal to market to your
target market. Next comes the localization of
your e-store.
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If you have a site, you should localize that for
your target market. Understand that localization
of your e-retail site doesnt mean only
translation. Consider localizing your site to
rank in search engines other than Google
also. For example, Yandex is a popular search
engine in Russia. If you want to target Russia,
your branding should match that. Your site
language and keywords should be fit to rank in
Yandex for the Russian market. Similarly, Baidu
is the right search engine to penetrate the
Chinese market. To get help building a fail-safe
SEO strategy with the right keywords, consider
hiring a local SEO service provider. They can be
your best guide to help plan your online and
offline marketing strategy and bring you good
results in a short span. Final
Thoughts Expanding your business beyond
boundaries can pose challenges. However, with
the right strategy and approach, you can overcome
them and drive success. If you are also an
e-store owner looking for a shipping extension,
our Magento 2 Australia Post Shipping Extension
can be the right fit for you. Original
Blog https//www.appjetty.com/blog/your-guide-to-
taking-your-business-global/