Business Expansion and Globalization
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Breaking Barriers and Conquering New Markets
Global business expansion can open up a world of opportunities that were unbeknownst to companies before. By coming into contact with new markets, businesses can learn the skills and knowledge needed to improve their operations, stay competitive, and increase their profits. By expanding and globalizing, these businesses can better interact with various consumers, gaining access to ideas that would have been too hard or expensive to acquire in the past. Moreover, globalizing companies increase competition, helping push for progress and development to keep up with standards on a global scale.
Business expansion and globalization have set the stage for countless companies to reach success through novel approaches and newfound learning experiences: a chance to join the competition on an even playing field.
A Step-By-Step Guide To Effectively Defining Your Market Segment:
- Export a list of your current or top customers from your CRM, including the total amount invoiced.
- Segment them by industry, revenue, employee size, products or services they bought from you.
- Define what segments have the highest lifetime value.
- Pick the most promising segments and potentially brainstorm additional market segments, ending up with a top 5 list of segments to evaluate.
- Make a template out of the export and identify any relevant client information that includes the company’s characteristics that make them really care about your unique approach and features. E.g., amount of purchase orders and invoices in different formats, technology stack, size or growth of a specific department, background of the decision maker, ad spend, etc.
- Identify what features/characteristics identified place a client into a tier 1, tier 2, or tier 3 client.
- Sort your clients by tier (1,2,3) and then by segment.
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what we can do for you
- Although the global business landscape is filled with opportunity, companies that attempt to expand into foreign markets must do so carefully. To help your team get an idea of what it takes to expand overseas, first and foremost, we will share best practices for global expansion.
- Our global team of expert consultants helps your team understand the different cultures that may require different sales techniques and localization of products to maximize your success.
- We also advise companies in establishing a sound legal and accounting framework to operate, conducting market research, and thoroughly vetting potential partners or acquisitions before diving into a new venture. Outsourcing specific tasks or roles to local expertise can also help you to navigate the local rules and characteristics of new markets as quickly as possible.
- After a thorough understanding of the process, we will help develop a business expansion strategy highlighting your company goals, target markets, and cultural connections to keep your headquarters aligned with your overseas operations.
But there are difficulties involved with global business expansion. Many companies find it challenging to expand overseas because of compliance and regulatory barriers. More than half (57%) of U.S. companies have cited a restrictive regulatory environment as the main barrier to globalization.
According to Rutgers, an overwhelming 80% of executives believe that an organization needs to enter an international market to achieve long-term growth. Could going global be vital to your company’s strategy to obtain desired growth?
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