6 Global Expansion Tips to Take Your Company Worldwide
Working as an entrepreneur comes with many unique benefits that you can’t find elsewhere. However, it also comes with many responsibilities that you normally wouldn’t need to handle.
A key obligation is to increase your sales numbers as much as possible. In order to achieve this, you will likely need to make plans for the global expansion of your company.
Knowing how to expand your business is key and we’ve put together a guide that has the essential details. Let’s dive in.
1. Research Your Target Market
As you might assume, international markets can be difficult to break into.
This is simply due to the fact that there are a large number of factors at play that you typically wouldn’t experience domestically. For example, let’s assume that you’re looking to expand into China. This country is known for having relatively strict laws when it comes to advertising and the types of products that you can sell.
The last thing you want to do is breach any regulations that are set in place. Not only could this result in legal complications, but it can also prevent you from selling the country in the future.
This makes the research phase one of the most important out of the entire expansion process. This is where you will learn about the largest obstacles that stand in your path. However, it’s also where you will gain information about the biggest opportunities.
2. Understand Your International Demographics
Interestingly, many companies overlook the need to understand their international demographics. More specifically, they tend to assume that everybody who falls within certain criteria is the same across the globe.
This couldn’t be further from the truth. To clarify, an 18-year-old male in India is astronomically different than an 18-year-old male in Singapore. Both of these individuals are much different than an 18-year-old male that you would find within the United States.
All three will likely have different ideals, interests, and hobbies. There is no universal way to target a specific demographic across the entire world.
So, you will need to fine-tune your strategy depending on where you implement it. Ready to get started with global expansion?
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3. Always Localize Your Translations
For those who are unfamiliar with this term, localization involves translating in a specific way depending on the region that you are targeting.
You can’t simply throw text into Google Translate and expect everything to go your way. Many English words and phrases do not clearly convert into many different languages. This means that you could inadvertently encounter scenarios where your audience becomes confused about what you offer.
Even worse, you might accidentally say something humorous or offensive when you are attempting to convey a serious message. For this reason, localization is something that cannot be ignored.
The good news is that there are plenty of reputable localization services out there. They also have plenty of experience working with companies like yours that are looking to achieve business growth in other countries.
4. Make It as Easy as Possible For Clients Work With You
Many customers will be hesitant to work with an international company unless they fully understand it. More often than not, they may assume that this company does not understand their needs. They also might not understand how the company operates.
If you want to maximize your sales after your international expansion, you need to make it as easy as possible for clients to work with you. You should clearly define your product/service on your website and encourage your audience to get in touch with you. This way, you can steer the conversation toward making a conversion.
When left to figure things out on their own, your audience will likely choose a domestic business instead.
5. Travel to Each Country, if Possible
Although you can research plenty about countries you wish to expand to, it’s highly recommended that you visit these regions.
This will give you a feel for how life is within those areas. You’ll gain insight into problems that your company can help solve, and you’ll also learn how people interact with marketing.
For instance, you might notice that many people do not use their smartphones throughout the day like people in the United States do. Similarly, they might prefer to use certain social media platforms instead of making accounts on a handful of them.
Of course, traveling to these countries also gives you the opportunity to ask questions to people in these areas that could help with your research.
6. Maintain Cultural Sensitivity
Being culturally insensitive is the easiest way to get your company blacklisted by your international demographic.
So, the language you choose must be extremely careful. As long as you have localized your text and researched your target country properly, you should not encounter issues.
This is a step that cannot be skipped, and it could have dire consequences if you ignore it.
Global Expansion Might Seem Difficult
Although it involves a large number of nuances, it’s not as complicated as you might think.
In fact, many people quickly learn that global expansion becomes easier and easier as you expand your business. So, be sure to consider the above information — it will make the process much more simplified.