How to build your brand globally

If you’re a business owner focused on growth, being successful in your local market is perhaps only the beginning. Your ultimate goal might be to take your business and expand it globally. Expanding globally is ambitious, but there are many benefits to doing this. Going global extends the sales life of your products, reduce your dependence on just your local market, and grow your business while generating more revenue. 

1. Build a solid foundation. Before you can expand into new markets, you need to have a solid foundation in your home country. Do you have enough resources to expand? Do you have a team capable of managing both your new overseas work and your existing customer base at home? Is your business strong enough financially with a business bank account that can manage foreign currency in place? To grow, you need strong roots in place first. 
2. Perform an internal business analysis. Just having a solid foundation in place is not enough to be sure you will succeed. An internal business analysis is needed to make sure you are in the right place to expand. An audit helps you to find what you have in the way of resources, capabilities, competencies, and unique value proposition. An internal analysis answers important questions. Is there a customer base for you in the new market? Is there a demand that is not currently satisfied by a local company? Is there demand in the local market for your product or service? What size is the market for you, and how long will it take you to reach your target sales? 
3. Develop an international strategy and business plan. Remember that every market is different. A new market will have its own environment of culture, economics, and market. You must work on a localized strategy and business plan for each market that you enter. Doing this improves your odds of success in an international market. This plan should clearly define your short, medium, and long-term strategy, and attainable and specific goals. Get metrics in place that will measure your progress, so you can track your goals as you go along.
4. Break down cultural and language barriers. There are many helpful tools that can be used to translate your eCommerce site into multiple languages. Doing this is important, and should include search engines and emails. This allows your customers to understand your site and your products. If you want to be even more effective in working abroad, you should work with a local who is well-versed in the culture and language of your new market. You could hire an actual local, or someone who has immigrated from or studied and worked in the country. You could also choose to outsource things like marketing and translation to local companies. Find someone with a good understanding of the culture you will be working in. If you have the budget, you could hire a specialist consultant for the market. Go to international trade shows and conferences. Increase your own knowledge of the market too. 

15/09/2020