Did you know that Forbes rated the Industrial & Commercial Bank of China (ICBC) as the biggest company in the world in 2020? It boasts a market value of over $242 billion.
While your business may not yet be rivaling ICBC in terms of size, you may harbor ambitions of expanding your company and reaching out to a global market.
How can you plan your global market strategy? How can you give your company the best chance of success? Read on to learn how to increase your global market strategy.
Determine the International Appeal of Your Product
You first need to establish the potential success of your product in other cultures and environments. After all, if your product or service will not meet a need in that land, you should learn this before making further investments.
After you have performed this research ask yourself:
- What changes should I make to make my product appealing to this culture?
- Will the same marketing slogans and branding work in this land?
- How much time should I invest in adjusting my retail marketing strategy?
Your findings will likely affect which countries you initially expand into and your timescale for expansion.
Take the Time to Learn Local Etiquette
Small things can make a big difference. A small error in greeting people or in conversation can lead to a poor first impression that is difficult to shake off later. Prevent this by ensuring that you educate yourself regarding the culture and mannerisms of the country you are considering expanding into.
When corresponding with them, always ensure that you employ quality translation services. A poor translation can leave an impression of a lack of interest. Show as much personal interest as is possible to make a good first impression.
Create a Local Pricing Index
Your pricing structure will be different in each country, however, this is not only because of currency differences.
If you set up offices or parts of your supply chain in that country, you will see that there are different costs and overheads in each location. Ensure that you factor these whilst giving the most competitive price to each country.
Research Your International Markets
You no doubt have accrued significant experience in business in your home country. However, this experience will not necessarily always travel well. Each location has its own unique business history, rules of bureaucracy, and conventions.
Whether you are setting up links in a global supply chain or simply marketing, remember that you should never stop learning about business and business relationships.
Global Market Strategies that Work
If you are considering your marketing strategies for 2020 and beyond, there are many tools that can help you to cross borders and cultures. We live in the most connected world we have ever seen. As you employ multilingual tools you will be able to advertise and build target audiences across the global market.
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