Transitioning from a local to global platform can be very difficult for most businesses. Breaking into the global market often requires a business to restructure their processes, and adapt to multiple marketing strategies. For those that do it successfully, however, the effort can prove very lucrative, so consider breaking your personal business into the global market with these steps!
Conduct Your Research
One of the most important things you can do when considering expansion is to research your new potential markets. Your product needs to offer a unique experience that cannot be obtained elsewhere, and with the world as your limit that can be a tall order. Look for gaps within a particular market that you can help fill, as well as the psychographics of your target market in each area of the world. This knowledge will help you set yourself apart from your competition. If you have an opportunity, also take advantage of test markets and trial periods to help you determine potential success in different areas.
Changing your business from serving a local to international audience can be intimidating and overwhelming. As you expand access to your products there will likely be some changes you need to implement. For example, foreign language and culture experts can be very valuable for the areas you are trying to tap into. Also, your software will likely need to undergo some development to help serve a wider audience. Android devices account for more than 70% of the global mobile market, so make sure your app and website is transferable across all iOS, Android, and Windows devices.
Understand Your Target Market
It is important to understand that markets vary from country to country, even region to region. Different cultures, customs, and other variables will change how easy it is to take your product global. As a business, you must clearly understand your different target markets. Your market research should help you identify whether the product will sell well in a certain culture, and how to sell it. You must also make allowances for how familiar your target market is with your product. If this is new to them, you will likely have to invest more time and money into consumer education.
What your business has to offer is completely unique to you and your company. There are plenty of reasons to tap into the global market, because no matter what culture a person comes from they still have needs. To ensure the success of your expansion, be sure to conduct thorough research, expand access across platforms, and understand your target market!
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As always, if you need any assistance with your branding and digital marketing, our MGR Team will be happy to chat with you one-on-one. Use this link to contact us and set up your free consultation.
Thank you for reading. Until next time, this is Manuel Gil del Real (MGR)