Planning On Going Global?
Every company hopes to maximize their profits and cut their costs to a bare minimum
, while delivering high-quality products and services by maintaining business strategies and objectives. When a company decides to go international and carve a name for itself in the global market, there are a lot of benefits and advantages it can reap. Going global is the performance of business activities that take place in more than one nation to gain greater profits. International marketing involves establishing a manufacturing facility abroad and having the competency to coordinate these marketing enterprises around the world.
The most common reasons for companies adopting to go global are larger profits, access to international markets and resources, cost savings, brand image building, diversify the sources of sales and supply, which thereby reduce the risk of economic and political instability; understand the workings of international competition, be aware of regulations and restrictions, and access to a larger customer base in order to meet their demands.
Consider the following before you decide to go global:
1. It is important to have a customer focus, along with assessing your business, its products and resources.
2. A thorough study of the foreign market needs to be undertaken. This includes the customer base, the market trends, competition profiles, and understanding its cultural, social and political background.
3. A business plan and strategy needs to be charted out by paying attention to market entry methods, languages of communication, finance and pricing, advertising campaigns, laws and regulations, packaging, insurance, and the like.
4. Be aware of cross-cultural practices and have a competent staff on board to handle such issues.
Key Factors:
1. Ensure that the language used on your e-commerce website is the local language of the target country.
2. Product catalogs need to be flexible and incorporate change from time to time.
3. Prices should be displayed in the currency of the target country and must be determined in accordance with exchange rates.
4. Consider tax and export controls and ensure that your companys approach to taxes is optimal.
5. On your website, it is important to give your customers a choice for their preferred methods of payment including credit and debit cards, wire transfer, etcetera. These methods should be authorized and secure too.
6. Create unique and attractive e-marketing strategies including the use of SEO tools, banners and advertisements to attract more traffic and generate leads.
7. Your customer support should be available 24X7 and speak the local language of the people. They should be well-trained to speak in a professional and courteous manner and be able to effectively communicate via telephone and email.
The downside of international marketing includes increased costs, cash flow barriers; need to meet foreign regulations and standards, and failure to understand local business norms and customs.
by: PSD Global
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