Crucial Questions to Ask Yourself Before Taking Your Company Global
For most entrepreneurs, the goal is to sell worldwide. The wider the market, the more chances you have to make sales and profits, and so selling in other countries makes good sense. However, it can be trickier than you might have imagined- here are a few questions to ask yourself before taking the plunge.
Is your product suitable?
The first thing to ask yourself is whether the product your selling will be suitable for the foreign markets you want to enter. Is there already a competitor there who can sell what you’re selling for much cheaper? Is there something in the culture that would render your products useless to the citizens? Is it suitable to be able to be shipped overseas? Some materials and ingredients for example are banned in other countries. These are all things you’d need to think about. That way you can work out which countries you;re best selling in and which to avoid. Do your market research, don’t just go in and hope for the best. There are lots of reasons why a company that’s successful in one country can be a huge flop (or worse, an insult!) in another.
Is your marketing strategy correct?
The difference between different cultures in the world is massive. What consumers want, what appeals to them and the best way to target them with marketing will all need to be looked into. Utilise online marketing services who will be able to promote your website and push forward the right content based on the culture and country. Just because a campaign or strategy worked in your home country doesn’t necessarily mean it can be recycled and used abroad. It’s all about planning and preparation- as well as ensuring your product is something that people want you also need to know the best way to sell it to them.
Are you making the most of software?
The right software will allow you to do your job much more efficiently which is important when you’re wanting to expand and go global. By the time you’re looking to sell worldwide, chances are you have a number of department, and the right software can make sure they’re all interlinked. So from manufacturing, warehousing, overseas shipping and delivery you know exactly what’s going on.The right software won’t just help you when it comes to business, it really can be the difference between success and failure. Either see what’s on the market already, or have software designed especially for your company.
Selling globally could make your company millions. However, expanding into a country where your business doesn’t work will simply waste money, so be prepared. Find out if your product is needed or wanted, and if people are actually likely to buy it. Discover if you have competition, and from there you can work out the best plan of action.
Have you ever taken a business venture global? What advice would you give to entrepreneurs looking to do the same?