Going global is both exciting and stressful at the same time. Some businesses expand because they think they’re ready to explore new territories, while others have to do it out of necessity.
Whatever the reason is for your global expansion, be rest assured that you’ve made the right decision. The only caution here is that it is not going to be easy.
Remember that cross-border expansion is an ongoing process and doesn’t stop once you’ve first “settled” into new lands. There are many nuances that go into cross-border expansion. We have put together a guide on how to execute a well put-together expansion venture for your B2B business.
Benefits of Global Expansion
New Markets
The first obvious benefit to global expansion is finding new access to new markets. The great news is that if your company has made it in your local scene, that is seen as a good sign to take your business globally.
What’s more, by expanding your business into new territory, it also allows you to more easily tap into markets that have not yet been discovered by your competition yet. Basically, you’re getting there before them.
Increasing your Business Growth
The biggest perk of course is that you get a big increase in your business growth. When you extend your global presence, you gain new audiences who get to experience and enjoy your services which will also make word of your business go out to other people as well. The more word about your business goes around, the bigger the opportunities for further expansion for you.
Diversifying Company Markets
If your business only has one or two areas where it can sell services or products, what would happen if these markets experienced a shift due to a natural disaster or other unforeseen circumstance? Taking your business global allows you to diversify your markets so your revenue sources are more stable.
Going global has a number of advantages, but they do not come without challenges. If you can create an effective strategy for getting over the hurdles that globalization might present, the process can reap many benefits that your business will enjoy for years into the future.
Access to new Talent
Another excellent benefit of taking your business global is that you get access to a new pool of potential employees with unique skills and mindsets. You may even find that these potential hires have skills that are hard to find in your home country, which gives you an edge on other organizations in your field that have not yet gone global.
Related: Expanding your Software Products and Services: A Field Guide for Startups
Signs that you need to expand
It’s the right time
If you’ve already garnered a good volume of international audience, then it’s only natural that your next step should be to expand your business globally. However, also keep in mind that no matter how big your brand identity is locally, it may not translate well into a different language or culture. You’ll still need to work on providing them with a localized experience in your global market.
There is an international market for your service
Some brands and retailers first start entertaining the idea of going global when they notice significant and consistent traffic to their domestic e-commerce site from customers in other countries. However, many retailers learn the hard way that a product selling well in their home country may not have the same appeal elsewhere.
You’re supporting alternative payments
Domestic retailers who are already in tune with their customers’ checkout preferences are much better armed for providing a wider array of payment options in global markets. Know that different countries have different payment preferences, and if you become an international business, you have to understand which payment options are most popular in each region.
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Where you should expand
Nothing happens overnight, especially global expansion. There is a lot of extensive research and planning that is poured into this endeavor with even more extensive preparation.
It all starts with spotting an opportunity but takes time, talent, coordination, and careful handling to execute. Also take into consideration to look into your geographical data to see where the majority of your audience and buyers are from and set off your journey from there.
You have to understand all the nuances that come with global expansion in order to improve your growth goals, plus picking the best place to expand when that opportunity does arrive and the planning pieces are in place.
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Business expansion strategies
Build a Sales Funnel
The first way to quickly grow your business is by building an effective sales funnel. If you don’t have one, then that’s already one step into the wrong direction. Sales funnels can help to automate your business. It helps you to scale and grow quickly. Of course, there’s some front-end work involved. But, once those processes are in place, it’s smooth sailing from there.
Utilize customer management system
We know how hard it is to manually track transactions. No one wants to do that. If you want to scale quickly, use a good customer management system. There are many to choose from. But, it really depends on your line of work.
Identifying new opportunities
Analyze new opportunities in your business by understanding your demographic better. You have to have a good understanding of everything. From distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately if you have the proper amount of analysis.
Form strategic partnerships
Forming strategic partnerships with the right companies can truly make a huge difference. It could allow you to reach a wider reach of customers quickly. Identifying those partnerships might be easier said than done. But, look out for companies that are complementary to your own. Contact them and propose opportunities for working together.
