As a small business owner, you’re probably already thinking long-term and recognize that one of the best ways to find more opportunities is by expanding internationally. However, gaining a worldwide customer base takes careful consideration and planning. Here are ways to bring global opportunities for your business.
Plan your strategy
Going global can mean many things; mostly, it could either be you intend to put up locations in other countries or you plan to sell your products abroad by exporting them. The choice should depend on your current capabilities. Considering the current state of the world and global travel restrictions, opening a new location on foreign land may need to be put on hold for now. Opening your online shop to accept international orders and shipping them out is also an excellent way to test your target market’s interest.
Define your global target market potential
To determine your product’s global market potential, you need to consider how relevant it is to the local market. The landscape can be quite competitive, especially if you’ll be competing with both local and international brands.
Your target demographic will likely not be too different from your local country’s target audience; however, it’s still worthwhile to study your target market and look for other possible opportunities. Research what your audience values, where they spend their time online, and how their customer journey is unique. Understanding your target market’s specific needs and expectations will allow you to build a strategy for building trust and increasing engagement.
Identify possible barriers
Consider the obstacles you may face when trying to take your business global. When it comes to reaching an international audience, one of your biggest challenges may be culturel. Therefore, do your homework and understand any socioeconomic and cultural factors that may impact your branding and messaging. This includes everything from your product’s packaging to the language you use to describe your items on your eCommerce site.
Other possible challenges you may face are logistical or legal in nature. Research if there are any potential international compliance and regulatory issues or whether there will be any problems to ship to the intended country. You may also want to look into whether the country has specific packaging standards.
Study the language of your target market
While English remains the dominant language for business, using the local language is still the best way to target and personalize your messaging. Remember, language and cultural differences are one of the most significant barriers in international expansion. You don’t need to be fully conversational in a foreign language; however, you need to be prepared to have a basic understanding of the language to ensure you can refine your messaging.
When it comes to achieving financial success, expanding to a global market and reaching new opportunities can be done in the comfort of your own home. Let’s talk more about business opportunities to look out for in 2021. Contact us today!
