For any company, the goal is to create a business that is not only successful on a national scale but a global one. Expanding to include a global market comes with many benefits but many companies fall to the same common mistakes that can actually hurt their business. Here are strategies you should keep in mind when making the transition.
Building Your Company’s Brand on a Global Scale
Entering into the global market calls for understanding your competitor and looking for an advantage. Assess which companies offer similar products or services in each particular country as they will not always be the same. For example, many companies sell sports merchandise but there is a difference in the quality of unlicensed and licensed items. A business who sells high-quality licensed sports material has the advantage in the market since their items meet the standards of their customers over the competitors. That is one aspect you need to emphasize in your advertisements.
Knowing your customer preferences and purchase habits in every country is important. For example, the habits found in America is not the same in Spain. Economy and trends fluctuate, so you want to be well-aware of those factors when advertising and selling in another country. One reason why many businesses fail in creating a successful global brand is because they do not do their homework. Only certain licensed sportswear may do well in one country over the other, whereas baseball is popular in America, but soccer does better in Spain.
Take the time to ensure your business is translating well in another language and do not hesitate to make necessary changes. What might work in English may translate into something embarrassing or inappropriate in Spanish. Even big businesses such as Heineken and Visa have made changes to their name and logo to better convey their brands message.
Never limit your company to one product or service when the market demands more. A company that is capable of providing more should do so to have the edge in the market and make an impact.
Do not shy away from a partner who will aid in protecting your intellectual property overseas. At Dependable Solutions, we provide the licensor software you need to keep track of your brand as it enters the global arena. For additional information, visit www.dependablesolutions.com or request a demo at 877-289-8431.