Growing a business brand beyond the country of origin is a huge feat. Especially, with so many startups which don’t eventually scale. Once your business touches other countries, the rule might not remain the same because different countries might play by different rules.
What do you think? Having an international business is good, but a growing international business is better, right?
Let’s take a look at 5 tips that would help you improve your international business.
Are you ready?
Here we go…
Study the business opportunities of your target market
The truth is, every market is not yours and every niche isn’t either. To improve your international business, you need to study your target market. Studying your target market would help you plan and strategize how to go about reaching them. This is one of the reasons why the Research and Development department of a business is very important.
Does the market need your product? What is the current need of your target market and how will your product or service help meet the need? These and more are the questions you need to settle especially if you are considering entry into a new country.
Trust us, you don’t want to enter a market that doesn’t want your product. For instance, for a company that deals in power generation gadgets, a country with a constant power supply is not your market. Another twist to this is when a market needs your product or services but hasn’t realized their needs. You can go in with educating them on how your product would make their lives better.
Translation in the language of the market
For your business to be known, you need to sell your business effectively to your target. This would involve the translation of your business message and values into the language of your target market.
In driving your message in, you can use the services of the best translation company you can find. Why is this important? The answer is WORDS. Words are powerful and they can trigger actions. An effective message can convert a stranger to the business to a customer.
Know your competitors
Knowing your competitors could be of great help to your business. This also applies if you have a product already in the market or you just want to introduce your product. You can draw a lot of lessons from your competitors.
Your competitors provide alternatives to what you offer. They can take you out of business hence they should be taken seriously. Your competitors can help you drive innovation for your business. Note what they are doing right and seeking for ways to implement it. When you observe a shortcoming in what they offer, innovate around filling the gap.
Your business would enjoy more patronage if you offer better products or services. Customers everywhere want their needs filled and derive maximum satisfaction from using products and services. Always innovate around your customers’ needs.
Build strong networks
When it comes to building strong international business, building strong networks cannot be over-emphasized. These networks can be with strong and influential figures. Their image and audience can help push your business as seen in influencer marketing. You can also build business relationships and partnerships with influential local brands.
Strong business networks provide leverage for your business. You might also want to consider a partnership with some government parastatals. That might provide a state-aided push for your business.
Understand legislation and cultural difference
Running a global business would require that you stretch yourself. It is different from running a local business where you are familiar with the law governing the people and their culture. While dealing with other nations, it is eminent that you get used to how global legislation works. You need to learn about the laws of the target country, especially with your business.
The cultural uniqueness of the people is also important. For a culture that abhors the wearing of clothes, a clothes manufacturing company is useless.
Here are 5 quick questions before setting up your business in a different country
- What is the way of life of the people in your target market?
- How do they get things done with what you want to offer?
- Is your product legal in this country?
- What are the government policies in this country as touching your product or services?
- How have the political changes over the years affected your industry?
Genuine answers to these questions can help guide your choices as you work towards improving your international business.