Are you looking for ways to expand your business? Have you reached the ceiling of your product’s market value and saturated its consumer demand? If so, introducing your business into the international market might just be your only viable option.
But the transition of leaving your domestic market into foreign economies is certainly no easy venture. Each country possesses a different set of cultural standards and consumer interests, so having a concise understanding of secular trade is imperative. There are many advantages and disadvantages that come with implementing your business internationally, so evaluating your goals before ‘going global’ requires a methodical approach. And remember, each country may have a different interpretation of your product’s purpose; so applying a broad marketing campaign could potentially affect its connotation. Regardless of how you choose to enter the global market, you should do so only after carefully understanding the rewards and ramifications of international trade.
If you’re in the process of (or considering) taking your business beyond a singular market, here are several points of consideration:
Businesses that choose to engage in the global market should be well aware of the legal restrictions unique to the international context. For example, in Europe, governments maintain strict regulations regarding consumer-processing information. Hiring an attorney who contains vast experience in international trade should be of top priority. The responsibility of protecting your intellectual property requires comprehensive knowledge for foreign legality constraints. After all, the last thing an expanding business needs is an expensive legal issue.
In international trade, maintaining organization is a vital component to the success or failure of a product. For this reason, businesses must be able to actively track and evaluate company logistics thru an efficient platform. Without the proficient ability to monitor the quality and movement of assets within a company, a business cannot properly function to its fullest ability. Fortunately, thanks to modern day advancements in technological innovation, such as EAM system software, company personnel do have readily available information that integrates data to help to maintain the organization of a global business.
Payments can be secured in a couple of ways in international trade. Depending on the logistical nature of each transaction will help to determine the most appropriate method on consumer payment options. For example, if perhaps you distribute a product of frequent transactions, credit card payments via eCommerce may be the most applicable option to pursue.
To overcome the cultural gaffe that is miscommunication, companies must be linguistically savvy as well as empathic of the different connotation of words, phrases, symbols and messages within each country. Additionally, companies must also be equipped to correctly align their marketing strategies so that it’s translated in its intended meaning; for example, many cultures within the Asian market view “discounted prices” as a substandard product versus competitors. So, it’s vital that companies establish a working relationship with foreign advisers to distinguish whether or not the content is appropriately used.
One of the most challenging facets of designing a business so that it is attuned to the international market is to make sure the quality of the product remains consistent.
Depending on how you choose to implement your workforce, whether it is through domestic labor or international recruitment, it’s imperative that a methodical structure of training is collectively realized for each employee. This goes especially significant for companies involved in sophisticated technologies or specialized fields, where a vast comprehension of how to properly assemble the product is crucial during the manufacturing process.
Time Zone Differences
One of the most difficult challenges of pursuing a global business is being available to each specific time zone around-the-clock. Having reliable access to 24-hour management capabilities and customer service can prove to be a monumental asset for gaining trust and further establishing your consumer base. When a problem surfaces, such as production delay, unit recall or a natural disaster, clients should have access to immediate support through authorized personnel. And regions of the world where your product is heavily invested, it’s best to have executive management on location so that when an issue does occur, the problem is efficiently taken care of.