A certain section of the entrepreneur population is reluctant to expand their business to the global market ,even after being successful in the local market. Many doubts cross their minds regarding this matter, and stories of failed business expansions add a few more doubts. But Business expansion is like a wheel of fortune, once it strikes, then there’s no looking back, you can establish your own brand in the global market. Let us give an insight into the do’s and don’ts of Global business expansion.
Global expansion sure brings a lot of growth opportunities, but there are a certain set of points that have to be kept in mind.
Knowing the country before setting up your business there
Before expanding your business into another market, make sure that you research about the customs and traditions of the country. You will have to overcome language and traditional barriers too to have a clear cut idea of the likes and dislikes of the customers in that region.
Leverage existing customer relationships
If you are considered as a valued supplier to an important customer, the customer himself may serve as a major key to global expansion. Make sure that the customer's needs are being well-served overseas, and check if they are willing to allow you to serve them in those markets. If your products and relationship with them are truly unique and trustworthy, they may be willing to partner with you. They may even be willing to invest alongside you or help minimize your risk with favorable contract terms.
Finding efficient partners
Businesses have a better chance at prospering overseas, if one has a trusted partnership with suppliers, distributors and consultants who can popularize the business in the local market. Proper objectives and expectations, and creating transparency and visibility between both partners, is critical.
Update Business Plans
Your business plans ought to be updated to link it with the expectations of the market. The updates should include insights into potential markets and their customers, import and export strategies.
Exploring options before investing one’s own capital
Governments of emerging markets usually invest a certain sum for business opportunities in their country. Mike Shanley, Ceo of Konektid International says, “Governments and multilateral banks invest $150 billion into developing opportunities in emerging markets every year. Too often, businesses see these investments as charity and not a business opportunity. So, they miss out on leveraging these resources to accelerate their market entry process.”
Expanding your market globally is a key step to success and it is indeed a wheel of fortune if one spins it in the right way.
Market research is the building block that defines any entrepreneurial venture . But the fact is that market research is often neglected and your business can get affected in the long run. Understanding your first customer and then designing your product would have been a great decision three decades back but now, when more and more markets are getting globalized you need to cast a much bigger net to get the full scope of a market. For establishing a strong base for your business, you need to get the gist of current trends and future of the market. Before setting up your business, you need to know the difference between assumption and facts for the longevity of your business.
It is essential to prove, using reliable information, that the idea is wanted or needed by the target market to take your business a notch higher. Marketing research can give a business a clear idea of the new products and services that can bring a profit. For products and services already available, marketing research decides whether the overall expectations of the customer are fulfilled or not. Researching the answers to specific questions, owners can learn whether they need to change their packaging or their delivery methods or including additional services.
Basically, market research is categorized into two:
Primary Research: Gathering data from analyzing current sales and the effectiveness of current practices is the objective of the primary research. Primary research also takes competitors' plans into account, thus giving a clear picture of the competition in the market.
Secondary Research: Analyzing data that has already been published, is the main focus of a secondary research. Secondary research helps you to identify competitors, establish benchmarks and set target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group.
When a business idea is developed, it’s important that you test it and do a detailed research of the market. Market research is everything to get maximum exposure and benefits. So, make fascinating business ideas, market research the ultimate tool to scrutinize it and establish a successful business empire!
We are living in a globalized world where each and every day is being succumbed to changes according to our changing demands. Changing demands means change in market trends. And in such a scenario, it is vital that every firm is updated and informed about the modifications. The working environment and skills are rapidly changing along with business goals. So, it is very essential to build a team which is updated with knowledge and skill , i.e. the capability to meet the future business demands according to the trending market as companies might lack certain capabilities. This is the exact reason why capability development has emerged as a critical step to drive business performance. Creating capability is all about moving away from segmented activities of development to holistic activities with better understanding and purpose.
So, what is capability development? Capability Development incorporates the traditional scope of professional development (knowledge-based education, skills-based training, and experience), along with other aspects including relationships, work environment, time, motivation and the previously acquired knowledge and skills the person brings to their role. Capability development is a broad and comprehensive approach to developing companies and employees to ensure they are effective in their roles. Capability development plays a critical role in boosting the overall development and performance of the company. It helps in determining capabilities that entails development within current roles as well as negotiating effective ways to develop these capabilities, ensures the process is meaningful.IMarktech provides enhanced capability development services that assist you in developing strategic tools and empowering the employees with the skills and knowledge needed to fulfill the current trends and demands of the market. Our Capability Development services are designed to provide the support required to develop capability at a personal, project or executive level. We provide an integrated program including training, coaching and mentoring in developing technology capable of your organization. IMarktech has been delivering trustworthy and efficient services in capability development to hundreds of clients across the world.
As of now, reducing costs and improving operational efficiencies are the major requirements that any IT organization requires and most of them now rely on external organizations to supply staff with additional skills as per their needs for a certain period of time. This provision where a firm depends on external organizations to supply them with resources is termed as staff augmentation. Staff augmentation has become extremely popular over the years.
Staff Augmentation is categorized again into virtual and physical staff augmentation. Virtual staff augmentation has become increasingly popular over the years. In this procedure, employers are provided with an access to remote workers. They need not work at the physical location of the business. Physical staff augmentation is the procedure where workers are sent to work at the business’ physical location.
IMarktech is a pioneer in providing IT staff augmentation services. We provide both physical as well as virtual staffing according to the client’s needs. We have an access to a large number of highly qualified IT professionals who have been selected and evaluated for their technical and domain expertise. Consultants are available for short-term or long-term assignments, and many clients find this a convenient way to keep projects on track and within budget so that their mission-critical goals can be accomplished. IMarktech has covered various companies across the globe within the last few years.We have provided exceptional services to many fortune 500 companies and various other clients and has helped the in making their mark in the IT industry. IMarktech has been providing staff augmentation services for the last 15 years and have excelled in offering quality services. We guarantee that you will be equipped with the best staff in the industry, primed to help you achieve your project goals.
IMarktech provides a full suite of services helps you identify, evaluate, and exploit emerging technologies in your own industry as well as those outside of your core knowledge area. We provide assistance in scouting a large group of technology developers, from start-ups to multinationals, for the most promising solutions that meet industry needs.Techoo is an initiative by IMarktech which is a Global Technology scouting platform that connects companies searching new technology and innovation requirements with innovators, inventors, startups, R&D labs & universities, who already have developed products and solutions which are ready to get commercialized. Over the past two decades, we have build close significant relationships with client companies, local and international agencies and institutions. Now, our company has gained a solidified international recognition.Imarktech’s success lies on a largely diversified business involvement featuring steady growth and profitability for our client companies since their start-up.
Digital business is the future and it is a fact. In today's world, going digital is the best way to increase your income. From business trainers and consultants to retailers and manufacturers everyone has opted for the digital platform to explore the unlimited possibilities that it offers. IMarktech offers a wide range of strategies and guidelines to successfully launch and establish your business in the online platform. We offer guidelines to provide a strong base in Digital Marketing, payment and other strategies to build your online business. We assist you in choosing the best toolset to reach the market and manage your business.
We are a one-stop advisory firm that provides efficient and cost-effective services to almost all sorts of companies be it a startup, SME or other firms in undergoing a digital transformation.
Are you planning to digitalize your business? IMarktech is here for you.For more details do visit our site and get a non-obligatory free appointment today itself!