Globalization is the process of developing an international influence or operating on an international scale, typically performed by businesses and other organizations. With the advancements of the Internet in recent decades, globalization has become more and more popular among businesses because global markets are highly accessible and there are many benefits to tapping into global markets.
However, getting your foot in the door can be quite a challenge because of culture, language and distance barriers. Before you can start shipping your products around the globe, it would be helpful to understand techniques to promoting your brand internationally and making sales. Below is a list of strategies to making your brand go global.
1. Choose the Right Market
Global markets are great because it gives you access to a wider customer base, but bigger isn’t always better. A drawback of global markets is the limitations of culture and language. Just because a product or service does well in one location does not mean it will do well in another.
This means that you need to choose the right market for your product or service. The biggest and most accessible markets are not always ideal, you should prioritize and pick the most relevant market based on your existing business model.
Accessibility refers to proximity as well. If a global market is close to you, it may make your shipping fees cheaper, but that doesn’t mean you’ll have more success with your global brand.
2. Think Like an Insider and an Outsider
Markets should be considered as an insider, as if you lived in the place yourself, and as an outsider, the aggregate context of the location. By doing so, you’ll achieve a fuller understanding of the market which will help your business in the short run and long run.
As an insider, you have to think of the cultural norms of a native individual living there. This is crucial because, if you don’t, your product can do horribly because you didn’t understand the society thereby missing the reason why your product wouldn’t do well.
As an outsider, you need to think of the global insights of the region. This includes thinking about their current position in global markets and the interaction between other locations and the region you’re concerned with.
3. Consider Unexpected Markets
A lot of global markets tend to be grouped together for simplicity. For example, European markets are often see as one because of the generally similar culture. Although, thinking this way can result in missed opportunities since global markets can have characteristics that you wouldn’t have expected.
If you put in the time to research and compare different global markets, you may find a synergy that no one else has thought of before between a product and a market. It’s best not to assume the characteristics of a market and find the facts for yourself.
4. Know When to Adapt
Once you’ve entered a market, you now need to maintain your position. To do this as best as possible, you need to pay attention to subtle local or cultural changes. If you don’t, you will run the risk of missing an opportunity because of a lack of attention to detail.
The biggest challenge companies experience with adaptation is how far to go with changes to their original idea. You don’t want to change your product too much that it alters the brand, but you also don’t want to stick too close to the original idea that it doesn’t do well. Try your best to find the sweet spot in a global market!