The world is connected as never before! The tight digital network makes it possible to connect with people all around the globe at the same time. It is comparatively easy to get from one continent to another with a flight. As we connected all parts of the world, the economy connects as well. It became interesting to have partners everywhere and make businesses global. Certain brands are present in every country. Businesses use this network to increase their productivity and profit. In certain countries, it is cheaper to produce or to be located. Businesses outsource sectors and sell the products or services worldwide. Bennet Schwartz Sydney and his work is a great example of this.
There are some companies that only work locally but for certain branches, it is lucrative to be present in various countries.
What is important to know before going international?
First of all, you have to make sure that your product or service is accepted worldwide, or accepted in the countries you are thinking to extend. There might be some products that are not demanded in certain cultures. So, it is very important to know if you have a chance to sell your product. It means that you have to research your markets of opportunity. Collect information about targeted markets. Special focus should go to the forecast demand and potential competition. If you go global with a business where there is strong competition (whether local or international), it will be more difficult to run the business. If there is no demand for your product, you will have trouble branding it globally.
Another aspect that has to be considered, is the legal situation in the targeted countries. Rules and regulations might differ from those of your based country. This goes from the laws of the intellectual property up to business requirements. Before you go global, you should make sure that you are a pro in all those subjects. Make sure to protect the intellectual property of your brand worldwide as well as fulfilling the packaging and sale requirements of your product in different countries.
Before you go international make sure the brand-translation is correct. The cultural differences may lead to misunderstandings of the words, symbols, and colors of your brand. Symbols can represent happiness in one country and another country, it is the symbol of insulting a person. You have to be very careful about the brand-translation because in the worst case it can take your business down.
A very important rule is to be culturally sensitive, so you don’t create a misunderstanding with your potential customers. Your brand should present culturally accepted manners. Promote and advertise in the ways which are acknowledged in the countries and you will increase your acceptance.
Make sure to develop your strategic position in the countries you going to sell your product or service. Never underestimate the local and international competition. You have to know everything about the market, sales, and promotion in the targeted countries. To be a pro in that connect with local experts as your partner. They have the know-how and can help you to understand the market and the ways you can brand your business
There are various aspects you have to consider. It is a very complex process because of different cultures, rules, and markets. Leveraging local experts and having a detailed researched preparation are the fundamentals of branding your business worldwide