5 Things You Need to Know to Take Your Business Global
The business game has changed – today’s entrepreneurs want to appeal to a global audience. With better access to funding, smart tech and online tools, today’s entrepreneur is helping to create a brave new world.
But going global has hidden challenges that entrepreneurs often fail to consider. That’s why we’ve come together with a team of experts to present Go-To-Market USA on September 6th 2016.
Here we outline the five things you need to know before you ‘Go-Global’.
- Do your homework
Talk to bodies such as UKTI and London & Partners and reach out to other entrepreneurs operating in similar markets.
Be prepared to adapt to new markets. Key areas of research include: Tax, trade laws, IP, buying behaviours and logistics.
“Many lawsuits arise in the USA because of poorly drafted contracts. It is better to incur legal fees to prepare a well-drafted contract for the US market that will help you avoid potential claims and lawsuits.”
I worked with Kelly Hoppen a few years ago. She believes it’s essential to really understand new markets, and can mean the difference between success and failure.
“The nuts and bolts of your business are just as important as your big sell so make sure you know it inside and out. Be clear on the logistics, it’s not enough to have an amazing idea, the key to success is how you execute it.”
As a marketer, you need to understand:
- Your competitors
- What’s distinctive about your brand
- The gap in the market
- Your audience
“There are 28 million small businesses in America that account for 54% of all U.S. sales and 55% of all available jobs.”
U.S. Small Business Administration
2) Be advised
Entrepreneurs are fearless, tenacious, committed and hard working, but they aren’t the best person to do everything.
If you’re planning on doing business overseas, consult advisers with a proven and relevant track record.
For businesses looking to enter the US, talk to Morrison Foerster who specialise in helping UK companies operating in the US and Moore Stephens who provide specialist business and tax advice.
3) Build a brand
Without a strong brand, your business is at risk. Your brand sets you apart from others and creates an emotional connection with your audience, so don’t be tricked into thinking it’s just a logo.
Your brand has a big job to do and will build value for your business. You want your brand to be the brand of choice so be prepared to invest to create experiences and content that connect.
Take Uber: In five years it has grown into a global business operating in over 60 countries and is valued at $68 billion. Not bad for a business with no vehicles and virtually no employees.
“Great brands appeal to all five senses and have to be powered up to deliver a full sensory and emotional experience.”
Martin Lindstrom, americanexpress.com
4) Get your stories right
Discover your brand personality, then find ways to demonstrate it through different content and formats like music, video, and imagery. Your brand stories should be entertaining, inspiring and educational.
As your business expands you’ll need to create new content without losing your authenticity and heritage. You’ll need global and local messaging – we call this “glocal messaging” – it’s about being smart, responsive and current.
5) Be digitally savvy
According to the European Commission, businesses that fail to digitally connect will be excluded from the global market within a few years.
According to BIS, 64 per cent of businesses have a website, but this doesn’t mean they are truly digitally connected. A website is no longer enough. Today, there are multiple channels and knowing which to prioritise requires real expertise.
Social media can help grow your brand by building a strong community of customers, advocates and fans, but it requires time, resources and creativity to maximise impact.
Your website is still your most valuable asset – a brand flagship where your audience will shop, get information and start a conversation. As a minimum, make sure your website does the following:
- Is Mobile responsive
- Integrates SEO and SEM so you can be found easily
- Updates information regularly
“The projected total digital advertising spend in the U.S. is expected to rise from $67 Billion in 2016 to $93 Billion in 2019.”
These five tips should have you ready-to-go. However, if you’ve still got questions or want advice on anything in this blog, drop me an email at: email@example.com