What are the benefits of going global with your company?

There are plenty of benefits of going global with your company.

First of all, expanding overseas allows you to reach new audiences, allowing you to boost sales and grow your profits. Taking your company abroad could also help you to attract new investors, and increase your business opportunities. Tapping into new markets helps you to diversify, if you’re struggling in your domestic market, you’ll have other profit streams to fall back on. If you’re looking to expand your business to international markets, here are a few pointers to consider.

1 . Effective market research

The first step is to perform market research, you’ll need to ensure that you’re targeting areas where there is a demand for your product. Start off by collecting data to get an idea of the market size. Identify 3 or 4 markets that could be a good starting point. Find out

which markets are growing the fastest, what are the challenges, and what are the opportunities. The following research questions may come in handy:

Which countries buy products that are similar to yours?
How big are the potential markets?
Will you need to modify your packaging or labels?
Which standards need to be met/do you need any certifications?
What costs will apply with customs, shipping, and taxes?
Do you need to adapt your marketing practices?
If so, what changes need to be made?

2. Regulations and laws

Before you expand into international markets, it’s important to understand the appropriate legislation, customs rules, and tax laws. In many countries, there are restrictions on the import and export of some products. You can simplify your cross-border business with a broker. Customs brokers can support businesses in many different ways including:

Can help businesses to adhere to changing customs rules.
Helping you to apply the right community codes, classifying goods, and assessing the value.
Help businesses to liaise with customs authorities.
Supporting companies to prep and submit the correct customs docs.

3. Consider culture

Hilka Klinkenberg, founder of Etiquette International New York, explains that ‘less than less than 25 percent of U.S business ventures abroad are successful.’ She puts this down to the fact that ‘they don’t do their homework,’ (The Entrepreneur, 2021).

When selling products in new countries, businesses need a good understanding of the culture. You’ll need to learn about cultural norms and best practices to build positive relationships. Unless you educate yourself you could end up making mistakes, and missing out on valuable opportunities. The more you learn, the more confident you’ll feel to expand into new markets.

4. Trade shows

Trade shows can help you to test out markets for your products. Remember, expanding overseas is going to take a significant investment. Before you make that investment you’ll want to be certain that you’re putting your time and money to good use. Getting ready for a trade show takes a fair amount of preparation. You’ll need to create an engaging exhibit, to help you connect with your audience. You can use social media to advertise your trade show beforehand. It’s also a good idea to connect with local reporters, to give your event more exposure.

5. Competitor research

One of the most important steps is to research your competitors. Learn everything you can about them, think about how you can help your company to stand out. With unique branding, you can set yourself apart from similar offerings. When you’re carrying out competitor research, these questions might help:

What’s special about my competitors?
What can my brand offer that other brands can’t?
How can I show my audience that my products are better than the rest?
How are my competitors using social media?
How can I use social media to promote my brand?

6. Ask for feedback

Once you’ve moved into new markets it’s important to ask your audience members for feedback. Your customers can help you to improve your products and your services. There are plenty of ways you can collect customer feedback, including emails, web-page pop-ups, and surveys. Customer feedback can be utilized in so many different ways. Your audience has the insights you need, to make your products and services better.

Expanding your business into international markets will help you to grow your profits and improve your business finances. You’ll diversify your markets, find new opportunities, and increase your visibility. When you think big you’ll take your brand to exciting new heights.