Expanding into International Markets: 3 Steps Entrepreneurs Must Take Before Going Global
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We live in an interconnected world. Consumers now are no longer confined to businesses within the borders of their countries. Many entrepreneurs have expanded their offerings to new audiences beyond their home country. Others, however, are mapping out strategies for global expansion.
In 2022, a vast majority of small and medium-sized enterprises—precisely 82%—planned to expand into new markets. Approximately 41% intended to stay closer to home and expand their business only in North America. However, others wanted to go global. In 2023, the top countries for expanding business internationally were Singapore, Ireland, Denmark, and Hungary besides the U.S.
Tapping into international markets not only increases revenue, but also helps businesses diversify their assets. Should an unforeseen event occur in their home country, their bottom line will be protected.
The allure of reaching new customers and increasing revenue is compelling, but global expansion is no piece of cake. It requires careful planning. Below are some steps that entrepreneurs must take before expanding into international markets.
#1 Grow Your Business’ International Network
Before you launch your business in an international market, grow your own network there. Building networks in new markets will allow you to gain valuable insight into the trends, cultural nuances, local consumer preferences, and regulatory environments. You can, thus, tailor products, marketing strategies, and business practices to fit the market better.
A strong local network will also provide you with access to essential resources such as distributors, suppliers, and talent. This will help streamline operations and reduce costs associated with establishing a presence in new markets.
You can also receive support and guidance from your international contacts. Their help and advice will help you navigate the challenges you face when launching your business and avoid common pitfalls.
Attend global trade shows, conferences, and networking events in international countries. There, you will meet potential partners, suppliers, and customers.
Create an account on LinkedIn, a social networking site that is designed specifically for professionals to connect with each other. You’ll find many professionals from various industries who can provide valuable insights and connections. Industry-specific forums and global business directories can also help expand your network.
#2 Launch an International Website
Launching your business in international markets will do you no good if you don’t build your digital presence in those countries.
Data shows that 99% of consumers rely on the internet to discover local businesses. That’s a staggering number. Even if you have brick-and-mortar stores in foreign countries, a website is a must-have. That is because it will boost your brand’s discoverability since 21% of consumers use the internet to search for local businesses daily.
Web developers will charge you anywhere between $300 and $5,000. That could take a hit on your finances, ruining your budget. You can get a website built at a fraction of the money and time by using AI website builders. These tools put together a website filled with AI-generated content and images within five minutes.
To understand your needs, the AI wizards of these website builders will ask you a few questions. Answer them, and your website will be ready in no time. When choosing an AI website builder, Hocoos advises businesses to look for those that offer all the features you might need. This includes web hosting, custom domains, booking systems, and blogs. Such a website builder will simplify the task of website creation.
Make sure you optimize your website for international SEO by using local keywords, creating country-specific content, and registering your site with local search engines. To enhance visibility and credibility in foreign markets, use localized domain names or subdirectories.
Also, provide customer support in local languages through chatbots, email, or call centers to enhance user experience.
#3 Hire Local Copywriters
For your business to thrive in foreign markets, you will need to create compelling copies that drive sales. Copywriters can help you with the task. To cut costs, you might think of delegating the task to your existing team of copywriters. But we advise you against it.
Non-local copywriters will fail to capture the nuances and cultural context necessary for communicating with the international market’s target audience. The last thing you’d want is to unintentionally begin a marketing campaign that either makes no sense or is simply offensive.
Hire local copywriters instead. They have an in-depth knowledge of the language of your target audience. Thus, they will make sure that your message is clear, engaging, and free from awkward phrasing or misunderstandings that might arise from direct translations. The writings of local copywriters will resonate more deeply with the local audience, creating a stronger connection and fostering trust.
Without any doubt, expanding into foreign markets will allow you to unlock opportunities for increased sales. However, global expansion can be a big undertaking. You can tap into international markets with ease by following the tips discussed above. They will facilitate smoother market entry and lay a solid foundation for sustainable growth and profitability.
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