‘Brand Britain’ is seen as desirable and reliable in all corners of the globe, according to CBI International Director Simon Moore. Talking to the online magazine, Real Business, Moore was promoting the 2016 International Festival for Business.
Why go global
Industry analysts point to the growth of jobs and opportunities that can be developed as a result of the global marketplace. Moore states that, ‘it’s increasingly important for businesses to connect to new markets and build an international presence as soon as possible.’ This is all well and good but you have to ensure clear goals when expanding your business and have to be able to deal with the complexities of the overseas marketplace. Getting in touch with a firm of notaries can help. Vanner Perez Notaries offer translation services and guide you through the shoals of international legislation.
Does your brand work overseas?
In an increasingly uncertain global marketplace, just look at the recent Eurozone problems; your business will have to be prepared to adjust to the different centres where it plans to do business. At a recent lecture hosted by The Guardian company directors suggested that anyone producing goods that they wish to sell abroad should look at creating packaging for different countries. The success of a global business lies in recognising that ‘one size, doesn’t always fit all.’
We are all different
Advertising can be very expensive. An advert that appeals to a UK audience might not appeal to those in China or Russia. Have a look at alternative advertising solutions, liase with bloggers, use social media, and hold focus groups to analyse reactions to your brand. You can never carry out too much research. If you want to get your brand or products talked about in the local press, find out the relevant journalists that you should connect to. If you have funds to spare, then hire a local PR agency and see if they have a good track record in attracting reviews and publicity.
Use the UKTI
The government is committed to helping UKL firms expand and flourish overseas and the UKTI website is a good starting point for examining the global marketplace. You’ll be able to access direct leads for new trading markets as well as all types of international projects. Reading the website will also give you a good idea of whether you’re ready to compete in an international environment.
Make sure you understand the world
In 2014 Citrix Small Business Report claimed that ‘6 out of 10 Small to Medium Business (SMBs) would be trading overseas by 2016. The report also highlighted the fact that 15% of SMBs felt they could expand more profitably by developing a local, rather than international, base.
If you are thinking of going global then talk to as many experts in advance as possible. Learn as much as possible about your new market and work with the locals in order to boost your business opportunities.
Ben is an accomplished and experienced freelance writer who has featured in a number of high profile publications and websites. If he’s not reading the financial times you’ll find him listening to live music or at the coast surfing.