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Top company’s strategies for a national to global expansion

Top company’s strategies for a national to global expansion
Author: Jean Richard Franck, M.A.

Recently, national to global expansion has become the necessity of the business organizations. The internet has turned this world into a global village, and when companies see better opportunities, they prefer to expand.
Over the past few years, many huge organizations have considered national to global expansion, and all of them were successful. It is not because they were a famous brand. They utilized special national to global expansion strategies that allowed them to grab the attention of the customers in the new market.
Some common challenges
Before you consider the strategies it is important that you understand the challenges that your company will have to deal with in the new country.
• The first and most important thing to consider is the rules and regulations in the new country. You should have complete information about their laws and assure that you follow them properly.
• You should know the laws regarding the selling and business strategies.
• One of the biggest hurdles that you will have to deal with is language. It is important that you know the national language, so you can easily communicate with the customers
• There will be a huge difference in the culture of the new state, and you will have to plan everything according to the preference of the clients.
• Local service providers offer a strong competition. (Saige Driver (2017)
1-Know the market you are planning to target
If you are planning to globalize your organization the first thing you have to consider is the market where you will be moving your business. Remember that there are many amazing markets around the globe that will provide you the best results for your products, but you will have to find them. (Yec (2013)
Look for the markets where your products are high in demand. Once you have found the platform you will have to consider the competitive organizations. If your rivals have a strong hold on the market it will take time to develop your importance because you will be competing with the best industry of that particular market. In case there is no competition, such market will be the best for you because you can quickly grab the attention of your customers.
2-Develop a proper business model
There is no need to build your office in the new state and hire employees when you can use different techniques to globalize your items. Some of the common strategies used are.
• Joint ventures
• Exporting
• Importing
• Off-shore production
• Foreign markets (Yec (2013)
First, you have to consider the business model that will work perfectly for your company. if you are planning to use exporting/importing national to global expansion you have to find retailers in the market of the other countries that can buy and sell your items further so you can earn some profit. On the other hand, off-shore production is a commonly used strategy. Some of the biggest brands get their products manufactured in different countries because the labor is cheap. You will have to get directly into the market to assure that you can provide handle the products personally. (Yec (2013)
3-Find the best team
Once you are done with the business model and everything has been planned regarding the national to global expansion the next thing you have to consider is a team. Remember that globalization is a huge responsibility because you will have to maintain the repute of your company and at the same time increase your visibility in the new state.
To be successful, you will need the best team. You have to work with two groups at the same time. One that will handle your business and the other that will help you with globalization. During the selection of the teams you have to be strict and careful a single mistake, and the addition of the wrong person can ruin the entire business model. Select the individuals based on their skills and previous performance. You can also select some new team members from the market where you are planning to move.

4-How your business will impact the new market
In the end, it all comes to the customers. You will have to consider the impact of your company on the customers. You will have to know that whether the customers or the targeted market will accept you like the new service provider or not.
To assure that you will get the acceptance of the company, you can start slow. In the beginning, introduce some of the products that have high demand in that market even if they are not preferred in your country. Analyze how the customers have been responding and what is their return rate. If you notice positive results, you can introduce the rest of the items. One of the most important things to consider is the rates of your items. Assure that you manage them according to your new market. (Saige Driver (2017)
5-Plan the best marketing strategies
Once you have introduced your company to the new market, you will have to work on the policy once again. Research the platforms that your new customers are using and manage your marketing campaign accordingly.
One of the essential platforms is the social media sites. You have to break the news even before the introduction because it will engage the customers and they will wait for your products and services. It will increase the number of customers that are interested in having your products. Make sure that you maintain your quality because they might check your reviews before investing in the items you are presenting. Every step you take in the new market should be appropriately measured because only then you will have the chance to compete against the local brands.
Take your business to the next level
If you are planning on national for global expansion, it is essential to put in mind whether your business can quickly adjust to the new environment. You have to assure that your customers are comfortable with the products and services because only then they will prefer you over the local service providers.

Author: Jean Richard Franck, M.A.

Reference
Yec. (2013). Five Steps To Expand Your Business Globally. Retrieved from https://www.forbes.com/sites/theyec/2013/10/08/five-steps-to-expand-your...
Driver, S. (2017). Going Global: How to Expand Your Business Internationally.


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