Tag: business expansion
Is Small Business Your Big Break?: The Pros and Cons of Staying Local vs. Expanding Globally
The idea of expanding globally is enticing for any growth-hungry entrepreneur, but it’s also been said that good things come in small packages. It's crucial to weigh the benefits of staying local vs. expanding globally so you can make an educated decision about what's best for your business. Expanding your business globally One big advantage that comes with taking on an international market is the ability to tap into a larger consumer base. There are many potential customers around the world who you can reach if your business has an international presence. One of the easiest ways to establish your business presence in international markets is to use a virtual office service like iPostal1. It allows you to immediately create a professional presence in any market where you want to plant your flag. The virtual office can intercept mail on your behalf as well as give you a local phone and fax number, so you can manage your new expansion from the comforts of home. Another benefit of expanding globally is the ability to gain access to a new pool of talent. You can hire employees from all over the world if your business reaches international customers. You'll also gain the ability to find suppliers worldwide that meet any requirements you may have around cost or availability. The downsides for this type of expansion are that marketing can become a lot more complex, and employees may be scattered across time zones, making labor-management difficult. Keeping your business local The first benefit of keeping your business local is that you can provide better customer service. You're able to respond more quickly and efficiently than if you had customers around the world. Another advantage is having all of your employees in one place. The team can schedule meetings and solve problems faster than if you had to navigate around time zones and remote work. Often, the result is that you can innovate more quickly than if your employees were working remotely. The final benefit of keeping your business local is that marketing remains simple. You can use the home-field advantage to cater marketing efforts to your community. The downfall here is that you will reach a limit to how much the company can grow, and your team may not be as diverse. How to expand your business internationally The first step is determining the resources you need for expanding globally. Make sure you have enough capital and employees qualified to take on international markets. It's essential to determine how you're going to reach these new customers. You can do that by creating a marketing plan for both your home country and the international markets you want to expand into, including a new search-engine-optimized website. You should also develop a plan for how you're going to handle any legal issues that may arise, such as taxes or regulations. Make sure you hire an accountant with experience pertaining to the local laws in each market. Wrap up Now that you have seen a comparison of remaining local vs. expanding internationally, it’s decision time. Take your time and make sure your final decision makes the most sense based on where your business sits currently. Read Also: Run Your Business with Ease Using an Integrated Management System How You Can Grow Your Small Business By Taking Help From Crypto VAVE Cost Reduction in Business – Its Importance & Benefits
READ MOREDetails
3 Product Launch Tips that Dramatically Increase Your Success Chances
The product launch is a proud day for your company and a vital one as well. If you want that product to succeed, you need to find a meaningful way to connect with the customers. That can be more challenging than you might realize at first. We’ll run down the three things you should do to make sure your product launch works. Doing these three things won’t guarantee the product’s success, but it gives you the best chance to get the market penetration for which you’re undoubtedly hoping. Product Launch Tips that Dramatically Increase Your Success Chances There are various product launch tips that can increase your success chances significantly and some of the major ones we have described below. Have a look! 1. Announce the Product Via the Right Venue or Channel As you’re getting ready for your product launch, your company’s employees might be a little bit nervous. Your R and D department might have worked on that product for weeks, months, or even years. You might need this product to succeed if your company is going to remain afloat or gain ground over your competitors. If you want to give that product the best successful chance, you should announce it at the right venue or using the proper channel. That venue might be your website, but it could also be a podcast. You might also set up a press conference and announce the new product that way. If your company is just a startup, though, a press conference is probably not a possibility. You haven’t established yourself yet, so there’s no reason why the press would care enough to show up. You might choose social media as a way to announce your new product is out now. If you do, you’ll need to figure out the right platform to use. You should utilize what social media platform you know your customers use the most. Using an online video editor, you can create a video introducing your product. It could be Facebook, Twitter, Instagram, YouTube, or something else. You might also announce the new product via your website. Again, that’s only going to work if you’ve already established your company and a good amount of people know about it. 2. Build the Anticipation to a Fever Pitch You also need to run a marketing campaign before dropping the product to attract as much attention as possible. Think about the marketing leading up to a new movie or album release. Consider the various ways the marketing team drums up as much anticipation as possible. Exactly how you can promote the product before the launch depends on several factors, such as what the product is, how much money you have to work with, and what channels you have available. You might release featurettes on your YouTube channel about the product for months in advance. You can offer related merchandise if that’s practical. You might offer a limited edition of the product for those who preorder it. Try to fill up the waitlist on your website. You could include a special giveaway that comes with the product, but only for the first 500 customers. 3. Make Sure Your Product Fills a Need The last thing you need to think about is whether your product addresses a customer pain point. The pain point is something the customer wants or a need they have. If you do a lot of market research using advanced analytics and customer surveys, you should develop a very clear idea of what your customers want. If you don’t bother to do that, you’re leaving the product’s success up to chance. That can’t happen, especially if you’ve sunk a lot of time and energy into this particular product. If you miss the mark when you feel like you’ve determined what your customers want, that can be an error from which your company might not recover. Remember that if you’re deviating too much from what your customer base has bought in the past, you’re taking a significant risk. If you launch a product that’s a major departure from your prior offerings, offer it in a much more limited capacity. If it catches on, you can mass-produce it. You have a much better product success chance if you derive your product from what you already make. If you’re a clothing manufacturer, for instance, and you decide to expand your brand to something wildly different, like office supplies, the odds are against it succeeding. The Final Thoughts You’ll need to plan the launch meticulously, with painstaking research and customer focus groups beforehand. If you do all that, you can probably count on a strong reception. With any luck, your product might go viral. It could be what propels your company to new recognition and previously unseen success. Hence, this is all about product launch tips that will help you to dramatically increase your success chances. Read Also: How Customer Success Can Help Grow Your Business Five things to consider before starting a Business 7 Growth Hacking Ideas that will Boost your Startup
READ MOREDetailsPopular
Technologies For Creating A Startup Idea
20 Feb 2023
How to Download Facebook Videos on Android?
07 Feb 2019
7 Rules of Effective Ecommerce Web Design
28 Jan 2021
