Introduction
10 ways to grow your business globally. Like all businesses, startups and small companies need to learn how to grow their business globally. If your company is still in its infancy and has never ventured outside of your local community, consider these tips on how to expand into other markets:
Understand the global marketplace.
- Understand the global marketplace.
- Know your target market and what they want.
- Understand their needs and desires if you’re marketing to a worldwide audience.
Conduct market research.
You should conduct market research to understand the needs of your target audience. You can do this by interviewing customers, observing them in the environment where they use your product or service, and asking them questions.
You should also conduct market research better to understand your competitors’ offerings and pricing strategies. This will help you create a unique value proposition for your business that sets it apart from others in the same industry.
The regulatory environment is another factor that should be considered when conducting global marketing campaigns. For example, if you plan on selling products overseas but don’t have all the required certifications or licenses from foreign governments, this could delay sales until those issues are resolved (or prevent them altogether).
Know your competition.
Before you can expand your business globally, it’s essential to know who your competitors are. You need to understand what they do and how they differentiate themselves from the competition to see how you can improve their model.
Competitors may be local or international; they could also have products that are similar but not identical (such as Coca-Cola vs Pepsi). Suppose there are several matching options available on the market. In that case, companies like yours must differentiate themselves by offering something unique or special–this could include higher quality products at lower prices than competitors’ offerings.
Invest in your people.
- Invest in your people.
- Provide opportunities for growth and development.
- Make sure your people are aligned with your company’s values and mission, and make it clear that you want them to succeed–then back that up by providing resources so they can do just that!
Create a culture that encourages innovation.
- Encourage creativity.
- Be open to new ideas.
- Be flexible and willing to take risks.
Customise your product or service to fit the needs of local customers.
Customising your product or service to fit the needs of local customers is a great way to grow your business globally. Ensure you understand their needs and create a suitable product or service. You can also use local partners, suppliers, and resources such as translation services, who can help you customise your offerings for each market where you do business.
Be sensitive to cultural differences in each country; some may have different standards for appropriate behaviour than others!
Use local partners and suppliers.
You can’t do it alone. If you want to grow your business globally, you need local partners. If you don’t have a strong relationship with a company in another country or region willing to help you, consider partnering with them before deciding on the best way for them to help.
There are two types of partners: suppliers who sell products directly and distributors who sell products on behalf of others (and sometimes both). The type of partner depends on what kind of product or service you’re selling. For example, clothing manufacturers often use distributors, while technology companies may prefer direct relationships with suppliers because they don’t want their products sold elsewhere without their permission or knowledge.
If possible, try working with one supplier and multiple ones so that if one goes out of business due to an issue like bankruptcy, other options are available instead of having nothing left!
Be sensitive to cultural differences.
Cultural differences can be subtle or glaring and will likely affect your business. For example, the importance of face-to-face communication varies from country to country. While Americans value directness and bluntness (especially regarding criticism), other cultures may prefer a more indirect approach that avoids conflict and confrontation. You should also be aware that different languages express things differently, which could affect how your message gets across.
Get help if necessary. Suppose you’re new at working globally or want extra assistance with one particular language or culture. In that case, plenty of resources are available online–and many businesses have already developed relationships with experts who can guide local customs unique to their industry’s needs.
Align yourself with industry leaders and organisations locally, regionally, and globally.
Aligning yourself with industry leaders is a great way to grow your business. In addition, these connections can help you find new clients, partners and even employees.
The first step is finding out who the leaders are in your industry by looking at online directories such as LinkedIn or Facebook groups. Then, once you’ve identified them, reach out via email or social media platforms like Twitter or Instagram with an introduction saying how much they mean to you and why they inspired you to start your own business in this space (if applicable).
Once they respond positively, ask if they could help grow yours by promoting it on their social media channels or introducing potential clients/partners through their networks so that both parties benefit from this relationship.
Takeaway:
The global marketplace is growing. Research shows that the top 10% of companies worldwide are increasing their revenues at a rate of 30%, while the other 90% of businesses are shrinking or remaining stagnant. You can get on board with the trend, but you must know how to grow your business globally.
To start, you need to understand what makes up this landscape: there are approximately 7 billion people on earth today (that number will increase dramatically over time), with about 70% living in cities; 50% living in emerging economies; 80% using mobile devices daily; and 60% connected through social media networks like Facebook or Twitter.
Bottom Line
We hope this article has given you a better understanding of how to grow your business globally. Remember that there are many different ways to do this, and what works for one company may not work for another. The key is always being open and willing to try new things to determine what works best for your company’s unique needs.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist, Author and Professional Speaker.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 30 years.
Today, I consult with businesses on how to sustainably grow their businesses, sustain infinite growth, and ensure business continuity irrespective of the business climate.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com
