Business growth can be difficult at home once you’ve reached a plateau, and global expansion is a good way to see those numbers steadily climb. Global expansion comes with risks, and, unfortunately, this scares some businesses away from dipping their toes into international waters. With the right software to manage resources, research, and other considerations for planning, growing your business abroad is entirely within your reach.
Using the latest technology that is designed to organize, integrate, grow, and make your business more efficient is easy today with advanced cloud-based enterprise resource planning systems. A consulting firm like Iwigroup.ca is a Sage Business Partner that can help you adopt ERP and CRM software that is designed to help with scalability and expanding into global markets. A system like Sage Business Cloud Enterprise Management (formerly known as Sage ERP X3) can help with productivity with centralized data to manage inventory, orders, expenses, and reports. You can monitor everything happening in several locations and regions for up-to- the-minute insights. Take control of processes and enhance workflows with a single, comprehensive system. Cloud-based software makes it easy for employees and offices to stay connected with real-time data. A Sage ERP program can also help with financial support across cultures and currencies.
Market research with emphasis on the foreign economic climate, the target culture and demographics, and the strengths and weaknesses of your product or service within a new consumer environment is well worth the investment. Free research databases are a good place to start, like the data available through the World Trade Organization for broad trade insights. Educating yourself beyond just markets is important to get a full, dynamic picture of where you’d like to set up shop. Reaching out to experts who have a foundation and experience abroad can help with research efficiency.
You might assume you can move an exact clone of your current business directly to another nation with just a few translations for the ad copy. However, your exact product or service might not be just right for the new consumer base and culture. Are there slight alterations that can be made to your offerings that are better suited to the population’s needs? Is there something about your design, marketing, or usage that doesn’t quite fit? Testing and trials could be a way to discover something that wouldn’t have come up until it’s too late. Looking at social media is another unique way to get insights into what every day people are saying about a similar company, service area, or experience. Perhaps you can fill a need with your product differently than at home. It’s also possible that you’re reaching into an arena with little to no experience with your service or product and therefore need to invest resources into additional marketing that educates. Remember that marketing doesn’t often directly translate and utilizing the expertise and local knowledge of creatives from the area will avoid any embarrassing messaging disasters.
Global expansion of your business is made possible with the proper tools and preparation. Reach out to consultants and partners who can ease the transition and make your company stronger wherever you choose to venture.
I hope you enjoyed this article about how to open doors to profitable new business markets through technology and research.
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Read My Blog Posts:
- How To Research New Markets
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