The digital era has created opportunities on an unprecedented scale and our ever-shrinking world has become an oyster ready for harvesting. It only takes the right approach to secure major international success.
It’s never been easier to develop your brand on the global stage and amass fortunes through dealing with foreign markets. But just because it’s never been easier, that doesn’t make it easy.
Deploy the right strategy and you’ll reap the rewards. Fail to get overseas trade right and you’ll be no better off for your efforts. This then begs the question, what is the right strategy?
Discover some international business-boosting tips to increase your potential overseas and achieve the success so many businesses can only dream of.
Establish Your Business Locally
People can be apprehensive about buying from or working with overseas companies — especially small businesses like startups. Giving yourself a domestic market presence can help to secure better opportunities for your business. Non-resident business formations are actually very simple. In many countries, you don’t need a work visa or a residential status to establish a domestic brand. You can’t work in the country, but you can form a trading company. For example, as a US business, you can start a limited company in the UK through which you can market goods or services sold out of your base in the US. The registered UK business gives you brand power and clout in Britain, which can increase sales and earn local trust.
Hone Your Branding
It’s always a good idea to follow the trends that work. If a major brand executes a strategy to great success, it’s probably worth considering for your business, too. We’re talking specifically about rebranding for international markets. Different consumer groups have different expectations of branding and business identity, and you must shift with that. An example would be TJ Maxx in the US. This massive brand is called TK Maxx in the UK. Why? To avoid confusion with another brand, T.J Hughes.
Diversify Your Connectivity
Working overseas has a very obvious barrier: distance. If your consumer-base is half-way around the world, it’s much harder to connect to them than if they were in your local area. Harder, but not impossible. Technology allows businesses to reach more people than ever before. Integrate tools that will help you work with your customers overseas. Video conferencing and direct message services are a great start, but you can go even further. Tools like virtual receptionists allow you to connect with customers out of hours, and systems like Calendly can help you easily arrange meetings across multiple time zones.
Learn Customs and Cultures
Every domestic market has its own set of cultures and customs. You may find that within markets, industries also have their own unwritten rulebook. If you want to succeed internationally, you must learn these customs. Business success is built on great relationships, which are formed through cultural adaptation. If you attempt to do business your way in an overseas market, you may find both customers and partners do not reciprocate your enthusiasm for trade. It’s a very simple ethos to follow. When in Rome, do as the Romans do.
Acquire a Domestic Bank Account
Having a domestic bank account is a more surprisingly powerful tool for enhancing overseas revenue than you might have thought — for two reasons. The first is legitimising your brand. Claiming you’re from one country then having money paid to an account in another doesn’t make you look all that trustworthy. The second benefit is reduced costs. International transfer costs can be high. If you’re regularly moving money overseas, you’ll lose a good chunk of profit to banking fees. Domestic accounts don’t suffer from this problem, thus saving you money.