Small and Medium sized businesses are the fuel of most economies. A recent survey shows that there are 28.8 million small businesses in the US alone. Being a small or medium sized business is no reason to avoid planning international expansion. Here are 3 tips that will assure success for businesses planning on going global.
1) Understand Local Culture- Avoid Cultural Friction
A study shows that 70% of international ventures fail mainly because of cultural differences. Being out of tune with the cultural norms and business etiquette of the target market can lead to misunderstandings, mistrust and eventual business failure. Keeping the communication lines open and honest is key to bridging the differences and leveraging the similarities. When telling the story of your brand or business, it is imperative to listen to it through the ears of the local audience to know how it is going to be interpreted in the target market. With the globe shrinking and borders disappearing, more and more products are being accepted internationally. However, they have to be packaged and sold in a way that appreciates the local culture and business environment.
2) Comprehensive Customer Intelligence
Customers now have constant access to all the information they need about your company as well as your competitors. With all the social media and online review sites available, consumer voices not only have a much wider reach but also the power to sway purchasing decisions. Today customers are more empowered, less loyal and more demanding. Customer intelligence therefore must include data that is both smart and useful for sales and brand growth. It’s best when this data is drawn from multiple sources to answer not just the What, When Where and How but the Why? The answer to why customers behave the way they do helps the company to make better informed decisions. The information thus gathered helps with short term plans and long-term strategies. With a strong knowledge of customers’ behaviour, current and future business goal projections can be arrived it more accurately. The intelligence comes from appropriately analyzing the gathered data to provide a holistic understand of customer behaviour.
3) Use Business Advisory Partner With Local / Global Connections
Succeeding in a globalized world requires strong partnerships both globally and locally. The right business advisory partner is key to providing the right connections to ensure your venture is a success and your investment returns profits exceptionally. With a partner like Evolve Business Advisory, you will have access to a broad network, a team of experts with the required experience and various other required resources. We’re so confident in being able to deliver successful results that over 95% of our fees are tied into achieving the clients’ operational goals. Working with Evolve Business Advisory means guaranteed results.
You can read more about international market expansion here. Contact us for more information on how we can help you expand into new markets- firstname.lastname@example.org. Visit us at www.evolvebusinessadvisory.com.