Genuine ways to make your business go global
Going global is every company’s dream. To expand your business to other continents, to connect with new purveyors and customers, and to potentially dominate new markets. It’s the eventual end goal for any domestic business. However, it can prove to be easier said than done.
There are a plethora of factors that must be taken into account before you can push your brand into homes and businesses internationally. Is there a market for your product in these countries? What is the typical business culture found there? Will potential customers be familiar with your product or service?
Here at Glandore, we believe in fuelling ambition and that expanding your business is nothing but a challenge, one which should be enjoyable to overcome. So, we’ve put together some tips that will help put your business on the global map.
Connect with foreign markets with a multilingual approach
The majority of Internet content is written or produced in English, however only 27% of users actually speak English.
Studies have also shown that 72% of consumers would be more likely to purchase a product that came with information written in their native language. While 56% said that having product information in their own language was more important than price. Time to brush up on your Spanish and get cracking!
By producing content in other languages, you can tap into a vast pool of potential new customers. It’s entirely cost-effective and simple to do, but can yield incredible results.
Learn to localise your product
Translation is a good step towards globalisation. However, in order to truly win over a foreign market, you must adapt to any cultural nuances which your product may contrast with. Think of it this way, why would a local choose your product over something native that they’re used to?
Things such as colour, styles, shapes and sizes may seem trivial to you now, but when you take your product into a new environment those things may start to carry meaning.
Study your chosen locations. Take in the local flavours, practises and traditions. Then apply those things to your product. You want new customers to feel as comfortable with the product as possible.
Build a base
When growing to a new market it is essential to develop a base. Having a small group of employees or even one based in your new region can help you when expanding.
The employee can get to grips with the culture of the area, develop a feel for how the business will succeed and most importantly, make connections and network with those already in the area.
Flexible office providers, such as Glandore, are a cost-efficient way to do this. Many providers allow you to purchase a single desk or small office for an amount of time that suits you. This prevents companies over spending on long term leases. Flexible workspace providers also regularly host members networking events. This is the perfect opportunity for your employee to get to know others working in the new region.
Embrace local social platforms
When building your brand in a foreign market, don’t expect LinkedIn to be your saving grace. Every country has their own versions of social media platforms.
In China there’s Renren, in Germany they have XING. Each are used to source new clients and employees in the same way in which we would use Jobbio or LinkedIn. They can be great tools for gauging whether or not there will be a demand for your product in that region.
Understand the different culture
Having employees native to the area is also an important aspect to consider when expanding abroad.
One of the biggest mistakes a company can make when expanding is not doing their homework about the area they are growing into. Having a team of experts who know the country, their culture and their way of doing things helps prevent this.
When shifting to another country, it may also be worthwhile to develop a team of HR specialists, who are familiar with the country’s practises, to help identify the right channels through which you can begin hiring. Also, when it comes to PR you’re going to need local professionals who know who to contact and what angle to take when doing so.