Every business owner wishes to promote his brand on as many platforms as possible. Growing it from city to city and then abroad can expand the customer base and improve revenues. But, expanding a brand is not that easy. It takes years to build a brand to a point where it can be extended across borders.
To help you out with your brand expansion, we are here with 10 tips that can help your company go global.
10 Steps To Make a Proper Plan for Global Expansion
Below are 10 steps we think you should incorporate in your global business expansion plan.
Check if the venture is worth it
The primary reason behind the expansion is to move the brand forward and bring international revenue. Therefore it’s important to understand if the expansion is viable or not. As you are in the process of making a proper plan for expansion try to explore the dynamics of the new market.
Try to find out if your products and services fit well in the new market or not. Look for gaps and see how your products can fill the gap and how the new market will perceive your brand. Look at competitors and see what they are doing and the issues that may occur in your industry. Also, try to understand the impact of the expansion on your business.
Look for partners
Just like local talent can help you understand a new market, experts and brands from the new market can also be very helpful. Through collaborations, you can find ways to raise demands for your products in the new area.
Partner brands can also help you in hiring local talent and understanding the culture and norms of the new region.
Consider hiring international talent
Nowadays working across borders isn’t an issue for a company. One can hire locals from another country and have a remote workforce that keeps the work going 24/7. If you want to expand your brand, hiring locals from an area and using their experience to make a profitable plan is important.
Local employees will not only know more about the local market but will help you test your products and conduct better research. They can provide great ideas that resonate with the public. You can also hire senior members that have years of experience and are easier to manage.
While you take members on board, make sure to consider possible communication gaps, distance, goal alignment, and relationship building with the new employees.
Work on product strategy
Your products are your prime assets that help your brand grow and thrive in various circumstances. Therefore, as you enter a new market, you need to know the demand for your products, your target audience, their age, their gender, their location, etc.
You also need to see what sets you apart and what your unique selling point (USB) is. With a strong product strategy, you will be able to project a clearer image for your brand. You will also be able to redefine any details needed for the new area.
Perform internal audits
Internal audits in business terms refer to the analysis of the internal working of a company, to enhance its efficiency and worth. Through the audit, you will examine the operations, risk management, control, and administration of your company to find potential gaps and ways to mitigate them.
Through the audit, you will get an in-depth view of your brand and your business strategies. That way you will be able to understand how to implement them in the new market and areas where they need to be modified.
Evaluate the legal requirements
Every country has different laws and regulations. If your country offers easier work regulations, that doesn’t mean other countries will offer you the same benefits. Therefore make sure to check industry regulations and consider them while you are working on a proper plan.
During this step, you will need to consider insurance laws, visa applications, employment regulations, etc. To make it easier for you, you should consult with a lawyer to brief you about the laws in the new country. The last thing you want is to get into trouble with the law just when you are taking a fresh start in a country.
Work on the budget
This is a very important part of the planning process. Making a budget and reviewing it regularly can help you keep track of your finances. You should work on both short and long-term plans so you are aware of the present and have defined goals for the future.
The budget depends on your business but as a rule of thumb, you can make a year-long plan and a 3-year plan. You can review the plans after every 3 months to see if you are on the right path or not. Make sure to communicate your plan with your local and international teams as well.
Modify your business model according to the new market
Your business model is like a blueprint that covers cost, products, services, how the company will deliver and capture value, etc. Based on your business model, your business is established and functions in a region. When you enter a new market, make sure to modify the business plan for the new region.
Business plans are based on location, business, and time, therefore they are flexible and should be altered as needed. While you are working on the new plan make sure to consider the projected value of the new market and resources available to your company.
Reinvest as you expand
As your business grows worldwide, you will receive revenues from various countries and markets you expand to. If you wish to keep expanding over time, you can consider reinvestments. When you gain profits from one market, you can invest in another.
That way the investment will be in a continuous positive feedback loop. You will continue to expand and gain more profits from multiple countries.
You can invest more in the same market as well or in a new market but make sure to incorporate reinvestment in your expansion plan.
Analyze your customer support
With so many options available in the market, a company needs to stay credible and responsive if it wants to overcome competition. Quality customer care is a great way to establish trust and make sure no customer goes unsatisfied.
While your products and services matter, the customer service available to your customers is also very important to retain clients. Therefore, make sure you consider it in your plan and modify it according to the needs of the new market.
In this article, we explored 10 ways to plan a global expansion strategy. The first thing to consider is to see whether expansion is a good idea for your brand at that time or not. Then you should look for promising partners that will help you hire local talent from the new market.
You should consider internal audits and add product strategies to the plan. Along with that consider the law of the new market and the cost associated with the new venture.
For the new region, you will need to alter your business plan and customer service to make sure you align with the new culture. Lastly, add a proper plan for reinvestment to make sure you continuously grow and expand with time.