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Walmart, Apple, General Motors, and CVS Health are just a few of the many corporations who have been successful with global expansion. Expanding your business internationally has more benefits than cons, and will only increase your sales. It used to be very difficult to expand companies to new borders, but now it is easier than ever. You want to make sure that when you are doing this, you make the correct steps to ensure success.
Here are a few tips on how to do so.
1.TRANSLATION
Have you ever tried to order something online in a different language? If not, it is very difficult to do so. You want the full description of the product, review comments from previous buyers, and being able to direct around the site to find products and services is a necessity. Not only is it important to have your website and other texts translated into different languages, it is also important to translate your business model to fit your targeted market.
2.ONE SIZE DOES NOT FIT ALL
Focusing directly on what your target audiences are in need of and what they really need is crucial to global success. Research is crucial, and If you do not do so and don’t alter your business model, the likelihood of you being able to increase sales internationally are substantially lower. Every country, culture, language etc. have different needs and demands. For example, something that is very popular in the United States may not have the same effect on customers in India.
3.ESTABLISH CLOSE RELATIONSHIPS WITH LOCAL BUSINESSES
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Establishing a close relationship with local businesses is a great way to create an advantage to your competitors in an international business expansion. Since you are new to the new global offices, These relationships can help guide you in making smart business decisions that you possibly may not know you should be making. Not only can they help guide you, you can learn from their past mistakes and see first-hand what really works and what does not. They also will have local contacts that you can network with for future business opportunities.
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Are you ready to get inspired by business leaders sharing their story and talking about international growth? Check out The Global Growth Podcast and get soaked with the experiences and wisdom of international business leaders!
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4.CRAWL, WALK AND THEN RUN
Just like anything, it is important to make sure that you take it step by step. It is important to take your time and not expect everything to happen overnight. Slowly taking your time will guide you in making careful, smart decisions and not rushing into anything that will not provide positive results.It is important to always be open to new ideas and be able to modify your products and services as needed.
Globalization is breaking boundaries that were never tackled ever before, making international business expansion easier than ever. Following these four steps will help your company’s expansion reach international markets and be successful while doing so.
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Sorenson Capital’s Brady Broadbent shares his advice for companies that are planning to move into international markets.
Watch the video and get inspired!
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