Taking your business from a domestic market to a global one can be overwhelming. How can you best convert challenges to opportunities? Many companies have already discovered the investment to go global has paid off. SCORE, a non-profit business organisation, reports that, according to a survey by American Express, “80% of American small and mid-sized businesses who sell globally say that business is up.” Trade in the international marketplace is expected to continue to increase significantly over the next five years. Below are four important considerations before you decide to enter the global market.
Emerging markets are often good places to start trading. A strong, growing consumer market is not very hard to find. People with extra income to spend are often looking for items which previously couldn’t be purchased in their country. If your product satisfies the new demand, then you will be ahead of your competitors by entering the market sooner rather than later.
Other opportunities relate to the improvement of infrastructure. As better roads, rail systems and power plants are built, your company will have the opportunity to provide goods and/or services that the local population and businesses need.
According to website Investing Haven, the emerging markets to watch in 2019 are India, Brazil, Thailand and China.
Study your target country so that you have a clear picture of the infrastructure, digital economy, local laws and consumer behavior.
For example, suppose you decide to trade in Brazil. If you research about the ease of doing business in Brazil, you will see their rankings improved in 2018. Consumer confidence is high, and the economy is growing.
Digital economy is improving. The number of consumers buying online has been rising steadily and the government has announced plans to improve its digital economy in the next few years.
Developing your export strategy will help you to set goals, budgets and expectations with service providers. You will see clearly where you will need to concentrate your efforts and how to manage new objectives. Useful information can be found at export.gov.
If you want your international consumers to find your business online, you should localize your website to the target country. If you are planning on doing business in Brazil, then you will need online content in Brazilian Portuguese. It is important to consider not only translating, but also localizing your content. Make sure your website has graphics, images, colors and content that reflect the people and culture of your target market.
This is especially important for social media marketing. Text should not be translated word for word from your English posts. Content should be created by a translator who understands your target language’s culture. This will ensure your appeal to the local audience and gain their trust in your company.
These four considerations will help lay the groundwork for a solid global strategy when entering the international marketplace.
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