These are exciting days in the life of most businesses. Thanks to the growing technological innovation that is sweeping the planet, it is now more possible than ever before to expand your geographical boundaries and open up your products and services to the world. Such a step should not be taken lightly, however, as there is a great deal to plan and prepare yourself for if you want to be successful. Strategic growth and expansion is what you are looking for. With that in mind, consider the following five pointers for an expanding business to help get you headed in the right direction.
1.) Focus On Website Development:
If you are going to expand into markets where you do not necessarily have a physical presence, you will need to develop a website that resonates with the public in that area. If your existing website is little more than a placeholder for contact information, then you are missing out on the enormous potential that global Internet commerce brings to the table. Focus on the development of a website that is visually appealing and really highlights the various aspects of the products that you have to offer. You need to show the global public the many reasons why they should choose you over other competitors in the market, many of them local.
2.) Conduct Market Research Studies:
It can cost a lot of money to expand into certain global markets. You want to do your homework ahead of time in order to ensure that you will have the potential customer base to make it all worthwhile in the end. This entails conducting a market research study throughout the region. Depending on the scope of your business, this does not necessarily have to be a comprehensive research study, but it should be broad enough to highlight any potential trouble areas to your expansion. Look at existing competitors in the region and make sure that there is realistically room for one more player.
3.) Engage In An Effective Global SEO Strategy:
Beyond having a great looking and functional website up online, you need to have a way of getting others to notice it. Since you will likely be depending on digital marketing to fuel your global expansion, you want to ensure that you are doing everything possible to show up when your products are searched for on the Internet. This involves developing a targeted global SEO strategy, and for that you should consider contracting with a digital marketing agency.
4.) Uncover Cost Effective Shipping And Transportation Options For Your Products:
You will probably find it not to be very cost effective to just ship your products globally in the same way that you have been domestically for years. You will want to look for cost effective shipping and transportation companies that specialize in global business. These agents will also know how to successfully navigate any customs or tax related issues you might have as you ship your products to your customers overseas.
5.) Strategically Place Distribution Centers As You Grow:
As your business grows, you might it find it cost effective to actually place global distribution centers in certain location where business is the heaviest. This will require an upfront capital expense, but will result in much lower shipping costs in the long run. Customers will also be happier because they are able to get their order that much more quickly.
If you will follow these five pieces of advice, your business will be well positioned for an effective global expansion. The key is to engage in a measured growth, and not to rush into anything. You will want to minimize any potential losses and maximize your revenue growth, so take it slow today and reap the rewards in the future.