Building a Global Business Empire Takes Flexibility and Technology
You’re a hit in your local area but you want to expand, how do you do it? Building a business is tough, but once you’ve turned an idea into a money-making venture, the next goal should always be expansion. Of course, saying that you want to become a global business is easier than actually doing it. However, thanks to the technologically advanced world we live in, there are plenty of tools that can help.
The first thing you need to familiarize yourself with before you even start looking at the practicalities of expansion is currency. When you’re trading with businesses or customers in foreign countries, money movements matter. In other words, exchange rates will impact how you trade and, in turn, your profit margins. A great way to get an intimate knowledge of currency fluctuations is forex. Using online trading sites, you can invest in currency pairs such as EUR/USD.
Move When the Markets Move
When you’re financially invested in something, you’re more likely to pay attention to it. Forex trading exposes you to micro-movements known as pips. Although you may not need to be this granular when it comes to business, it’s good to get an understanding of how markets move and, moreover, how they never stop moving. Even the smallest shift in exchange rates can impact your bottom-line. So, if you want to take your business global, you need to be prepared to adjust your prices accordingly or consider charging a small processing/conversion fee.
Once you’re ready to engage with foreign audiences and charge prices that offer consistency across all countries, marketing is the next step in the expansion process. When you’re working in your local area, you know the current tastes and trends. However, let’s say you’re based in Florida and you want to target customers in London, how can you find out what’s popular across the pond? Researching what your transatlantic competitors are doing is the first thing you should do. Then there’s social media and the things influencers in the region are promoting.
Building on this, Google Analytics can help you determine which markets are performing well and which ones aren’t. For business-based solution, Lotame Panorama and Neustar are data management platforms that allow you to refine your marketing campaigns. As well as giving you a way to collect and collate data, these platforms provide “360-degree insights” into your customers. From audience analytics and traits, to onsite behavior and campaign tracking, you can build up a personal view of local trends. Finally, once you’ve identified your target audience and refined your campaigns to suit, it’s time to focus on delivery.
Deliver Your Service to Anyone in the World
If you’re selling goods, shipping needs to become a priority. If your customers can’t purchase your products, you’re going to lose them. Entrepreneur.com gives you a 10-point strategy to reducing your shipping costs. Negotiating with multiple carriers is an easy way to get the best price. Another tip is to use local/regional carriers. FedEx and UPS are great but sometimes the costs can be high if your shipping volume is low. Smaller carriers can help save you money in this regard. Other neat tricks include paying online and prepaid shipping. Those two things alone can save you as much as 60% on certain items.
The key to taking any business global is flexibility. Working with what’s around you and adjusting accordingly is crucial. If you need to tailor your prices to counter exchange rates, do it. If you need to market products in different ways to suit regional trends, do it. If you need to use a variety of shipping methods to get the best deals, do it. As long as you’re flexible and take advantage of the technology that’s available, you’ve got a chance to turn your local business into a global empire.
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