How To Market a Product or Service Overseas
Starting a business, or managing an existing business, is a challenge.
Business management is more complex, if you choose to operate globally. You’ll have to deal with more risks, but the potential rewards are also higher.
Technology has changed the way we work and reach others, and operating a successful global business is within reach for more companies. Here’s how to bring global success for a business.
If you manage a business and want to increase your productivity, I highly recommend QuickBooks accounting software. Read this article to decide if you need the desktop or online version of the software.
Contents
Research The Market And Find A Unmet Need
This is the step many entrepreneurs skip.
You’re excited about your idea, and you move straight into creating your product or service for the masses.
But that’s a mistake.
First, you need to validate your business idea, which I list here in 4 steps. If you don’t seriously consider these 4 components, run away from your product idea screaming…
a) What problem does my product or service solve?
b) Do customers feel that solving this problem is urgent?
c) How much will they pay for a solution to the problem?
d) Are there enough of these people to justify creating and marketing the solution?
The idea here is get your product or service in the hands of a relatively small group of people, ask them to use it, and then get their feedback.
If your product solves a problem, and you can sell it profitably to a large enough group of people, you may have a valid business idea.
When opening your business up to a global market, the same product validation rules apply.
Do research to determine if your product is needed if it fills an urgent need. If there are five other popular products that are similar to yours, then it’s much harder to make an impact that’s financially feasible.
Use online accounting software to dramatically increase your company productivity. Find out more here: QuickBooks Online Edition – Free Trial
Utilize The Power Of Social Media
Social media is one tool that many businesses use to expand globally.
From advertising to connecting with new clients or customers, social media can make a huge difference for businesses that are trying to get brand some exposure in a foreign country.
If you’re not social media savvy, start looking into what different platforms are available and which one will work best for the company. Instagram and Pinterest are two platforms that would suit visual content, and Twitter and Facebook for more informative content.
Instagram users can implement username generator Instagram to determine a new username. You enter a combination of nouns, verbs, and adjectives, and the software generates a username that you can use on social media. If you’re not feeling creative, the software can help you get your social media campaign off the ground.
Make an investment in social media, and connect your social media links to your website, marketing, and advertising campaigns.
QuickBooks Online Edition – Free Trial
Understand New Cultures
When working in a new country, you need to be prepared to deal with new cultures and new ways of working.
The attitude or working style of your organization may not be the same as someone’s in the Middle East, for example. Understand and respect for how others work, and find a mutual common ground that works for both parties.
Consider collaborating with local professionals who can give the guidance and advice needed during this time. It’s worth getting hands on some reports and literature on customs and how the industry works over there.
Getting up to speed with the culture and customs will make it easier to operate and market a product overseas.
Build Partnerships
Having partnerships is a great way to network with professionals who may be able to introduce you to a global network.
Your partnership might be to earn from the foreign exchange market, offer sponsorships for events, or to partner with another firm on a new product or service.
Global success can happen for any business, it’s just a willingness to be open to collaboration and have an understanding of how other companies work in different countries. Once you’ve got this understanding, it’s likely that success will eventually follow. So start networking and building relationships now!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(cell) (314) 913-6529
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/