7 Steps to Take Your Marketing Worldwide
While not every business owner dreams about taking their business global, some ambitious entrepreneurs won't stop until they achieved their version of world domination within their market. But spreading your company's influence worldwide is not simple or for the faint of heart. Here are 7 tips for taking your marketing worldwide.
Marketing worldwide takes many forms from accidental export through to foreign direct investment. I once interviewed a small business owner in Spain who found foreign customers ordering his product online after learning to appreciate their unique pleasures during a trip to the area. We call this accidental exporting since the owner had no intention to expand his business beyond his national borders. Yet, discovering that travelers wanted his products once they returned home spurred interest in exporting, which he was exploring at the time of my visit.
While you may have mastered the market in your home country, markets are not the same worldwide. While differences come from a variety of sources, the most significant ones usually involve cultural differences, legal challenges, and technological differences across regions. For instance, tariffs (taxes on international trade) and quotas seriously impact your potential for profit in another country, while technological differences, such as electrical issues (the US uses 110 volts while much of the rest of the world uses 220 volts, which short out US-enabled electrical products). And, while language differences dominate the view of the inexperienced in marketing worldwide, cultural differences have much more impact. For instance, when US fast-food giants moved into Asia, they had to explain who to eat a hamburger, since these cultures didn't have an equivalent of a sandwich. Uninitiated Asians tended to eat the hamburger by deconstructing the layers rather than biting into the entire sandwich. These differences across unique nations and cultures force businesses to approach individual markets differently.
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