In today’s digitally-driven world, starting and growing a business has become easier and more manageable no matter the scale. Even international expansion now seems more plausible than ever, letting companies venture into new territories with greater ease. With access to impeccable tech solutions and software that is easily adjustable to various industries, you can seamlessly transition your business from a local to a global one.
Still, the intricate process of scaling your business for optimal, manageable growth takes time and a range of different skills. You also need smart solutions to help you with various international issues that will require you to adapt your model to new markets. Here are a few tips to keep in mind to handle this kind of growth and to ensure a proper scaling tempo that will not disrupt your local operations or jeopardize the ones that have yet to see the light of day.
Look for locally-relevant trends
Although your target audience will be the key factor to shape your brand’s presentation in new markets, you also need to be mindful of local trends that can transform opinions and convince people that you are worthy of their attention. For example, certain countries such as China or Japan use special social platforms for different purposes, unlike the traditional Facebook and Instagram. South Korea, for instance, loves KakaoStory and KakaoTalk. You want to position your brand where and when it will gain optimal visibility to facilitate growth.
Add to that, each location has a different identity which includes their cultural background, social norms, history, and traditions. You want to understand the trends that lead the way and the people that are considered the most influential. In both cases, you can utilize the information to make valuable connections and to shape your content to meet the standards of the new market.
Find reliable business partners in real estate
Business expansion often means that you need to physically expand into new markets as well, especially if you plan on hiring local workers, networking in local events, and partnering up with local businesses that can help you with your scaling efforts. Alas, in certain regions the likes of Indonesia, you don’t have the right to directly own property, which is why you need reliable partners such as Invest Islands to help you find the perfect solution.
From receiving locally-relevant legal advice and guidance, all the way to crafting the most optimal real estate solution, you can scale your business physically as well when you have the right partners by your side. You’ll be able to align your business with local ownership policies and still scale your company hassle-free.
Continuous research of your target market
Trends do make up a large portion of your research efforts, but understanding the actual customer takes so much more than recognizing local trends. It means getting to know the market makeup, the competition, the recognized household brands, identifying the ideal buyer, and potential gaps in the market that you could fill with your offers.
Remember that it takes time as well as ongoing learning to understand your ideal customer, and that you’re bound to make mistakes in the process. But optimizing your research process and data analysis can help you obtain the right information and use it to adapt your growth to the new market.
Create a business plan with detailed milestones
How do you know that you’re making progress and that you’re doing everything in the right moment to optimally expand your business? You don’t, not unless you’re using a clearly defined business plan as a point of reference as well as guidance, since expansion is a complex beast that should leave nothing to chance. By noting down all of your goals as well as the milestones necessary to achieve those goals, you empower your company to overcome its current scope.
Make sure that you have a timeline for each of your milestones, so as to understand how well you’re following the process, and if you should make any changes. If something is slowing you down, you will only be able to notice it based on your listed milestones and goals. Not to mention that the profitability of the entire endeavor will be a clear indicator as to whether or not you’re on the right track.
Adapt your brand for new markets
With new trends up your sleeve and ready to add to your strategies, as well as the ideal customer outlined and waiting to be impressed, all you need to do now to prepare your brand for growth is to adapt its brand identity. Each new market has its own preferences and prerequisites – make sure that your brand retains its key values and recognition while it adjusts to meet the needs of the local market to make sure it’s relevant in the eyes of your new audience.
The upcoming period you’ll devote to growing your company will certainly come with a slew of challenges and setbacks. The very least you can do is reduce their complexity and numbers alike and keep the reins of growth in your hands with these simple, but actionable tips. Soon enough, you’ll start enjoying your brand’s overseas expansion and look for more ways to scale your success!