By Sawaram Suthar
A successful cross-border business strategy relies on innovation and marketing. Investments in small industries are soaring as a result of start-ups and small businesses exploring distant shores through virtual business platforms. Expansion of businesses across multiple global markets is a phenomenal trait of global entrepreneurship. Dynamic marketers are developing ground-breaking ideas to capture potential global customers. To take advantage of small business and industry-wide growth, one must start at the bottom.
Getting funds is the first hurdle young entrepreneurs face. Cross-border business is susceptible to political uncertainties and international relations. Thus, it’s necessary to continually expand the customer base, while keeping the existing base intact.
Below are five necessary strategies for boosting your small business in booming new, international markets.
1. Diversify selling across multiple global markets.
Diversify your selling mechanism to bolster your business. Whatever business you deal with, you need to have fall-back options, contingencies and back-up plans. Expand your business across multiple global markets. Flexible business plans work in challenging market conditions.
There are two reasons to adopt this strategy: First, if a particular country’s market crashes, the future of your business remains open to considering other options and possibilities. You won’t incur the high-intensity burn in terms of financial losses, and you’ll have the opportunity to establish your customer base in the market that proves the most lucrative for your business. Not all business markets are equally-favourable – depending on your niche, they show a substantial degree of variation. Plan your future investment strategies by distributing the funds in the appropriate markets.
2. Receive funding.
Regardless of the ingenuity of your ideas in planning a new business, hard cash is needed at the outset. Reach out to investors and seek funding from traditional sources. One positive aspect of small business funding is that most countries’ governments have acknowledged these sources to be the most vital portion of their economy. Investors are also keen on investing in small businesses, so long as you can project your potential. Unfortunately, entrepreneurs often end up in a pickle, unable to determine the funding level most-lucrative for them.
Federal grants are a common, but difficult method of obtaining funding. One must develop a strategic business plan to seek these grants from the appropriate authorities. Additionally, various contests are organized by the leading eCommerce companies. For example, promising business start-ups can receive financial assistance from the Amazon Web Services Start-Up Challenge. Various platforms, like Kickstarter, assist start-ups with their finances using crowdfunding.
3. Reap the advantages of global marketplace platforms.
Business firms face many challenges when entering new markets. It may become difficult to manage time and costs when exploring these customer bases; and other hurdles, like luggage barriers, can also hinder business. A large section of today’s successful online business firms sell their products through local online markets. This strategy involves a comparatively-smaller risk when testing new markets. It also ensures business agility and complements efforts to move forward quickly. To evaluate business conditions, focus on local eCommerce sites that target your business’ demographics. The international marketplace is highly-competitive. Businesses are constantly evolving to provide one-stop solutions for their customers. To penetrate your market strategy deeper, remain open to collaboration with the global platforms.
4. Focus on shipping.
When starting a business, you must develop a personalized approach and fast delivery mechanism for customers. A stable shipping process leverages fulfilment with customer satisfaction. These factors play a decisive role in establishing your brand’s image. It is imperative to choose the appropriate shipping method. Most businesses incorporate multiple shipping options for catering to their customer’s requirements. Young entrepreneurs exploring international markets need to devise a strategic return policy. A statistic reveals that 89% of customers continue shopping from an online store so long as their return policy lives up to their expectations. Timelines and delivery speed define a shopper’s overall purchasing experience.
Shipping costs must be reasonable. A sizable section of online buyers abandon their carts due to high shipping charges. Streamline shipping strategies to the highest degree possible and, if possible, develop same-day delivery policies. End-to-end shipment tracking enhances transparency.
5. Develop international market networks.
Successful businesses live on by establishing international connections and networks. When devising an international business strategy, focus on new market relationship-building. Leverage your business’ stability and sales by developing a favourable rapport with your associates, suppliers and other networks within the business. To increase your website’s visibility, enter into strategic partnerships with recognized websites and social media players and influencers.
One of the most-effective strategies for multiplying your international business connections is creating a powerful SEO strategy. This will help your business to connect with relevant networks. Use this connection to gain more traffic and strengthen your sales mechanism.
Marketing trends are shifting. 56% of today’s Gen-Xers opt for online stores over traditional business platforms. The global market in the virtual space seems promising to small businesses. Localize everything. Start with language and continue through to international taxation processes. This involves reaching out to potential customers in their native languages. A sound understanding of international laws will help you comply with the same. Nurture your customer relationships with ease and authority. This will bolster your small business as you explore the global market, which is teeming with opportunities.
Sawaram Suthar is head of marketing at Tagove, a provider of chat software and also a founder of Jagat Media. A digital marketing consultant, he has experience in things including branding, promotions and page optimization, along with research and strategy. He has an MBA from the University of Pune.