These times are tough ones. Companies and conglomerates are eyeing international markets to expand and grow, while the digital media is taking over control of consumers worldwide. From the shifts in global consumption patterns to the ways that businesses of today are organizing themselves to steer ahead of the competition, the word “global business acclaim” has taken a whole new, different meaning.
One of the key aims of many organizations, particularly the ones that have succeeded in making a name for themselves in their lands of origin is the aim of going global. While most of these companies rely on translation services to aid them with the global transition, others take a more risky approach of licensing or franchising into the target regions. This “going global” is defined as the shift or movement towards achieving economic, commercial and financial access to international markets by using a company’s capabilities and expertise. Throughout history, companies have strived to achieve this globalization, dating as far back as the Roman Empire. More recently, however, this concept of globalization was further popularized by Thomas Friedman in his book “The World is Flat,” in which he stipulated that the speed at which trade, finance, and outsourcing are growing is sure to impact business organizations, continuing to influence business practices in the future times too.
So, how is achieving this global business acclaim possible? We have drawn 5 general ways that a business can follow to get the right mix of global fame and internal excellence:
1. Create something of real value
The term “value” is defined as something that is beneficial for its users. Creating value is the first rule that most businesses are taught in their initial stages. Think about this for a moment. Many large businesses that we see around us today—Google, Facebook, Apple—started out as modest businesses that created value bit-by-bit and became the most successful companies of today by following this value creation. Take the example of Facebook and Google. The former connected the world through the massive social network while the latter was the pioneer of the global search engine dominating the world of information today.
This is why it is important for a business to create value for its customers first. Carry out researches to find out what your customer really needs and focus on delivering solutions to fulfill these needs.
2. Be Authentic and Transparent
No one likes a business or a company that is not transparent and open. You can’t expect to sell anything of value if you are not transparent about your business practices and your role in the social fabric of society. Be authentic in your business claims. Understand that the higher the claims you make, the faker your offering will sound to the audience. Customers demand an offer that fulfills their need and is considerate of the environment as well. In this consideration, be sure to include the “social impact” factor in your business offering—a term commonly known as “corporate social responsibility.” The more considerate you are of the environment in which your business operates, the more chances there are that you will be appreciated by customers worldwide.
3. Communicate and Collaborate
One of the most overlooked yet extremely critical steps to attaining global acclaim is communication. This art of easing bonds of communication between countries and customers may have been grasped by translation agencies of the world, who use their translation services as stepping stones for other companies to go global, but few other companies are able to master it fully. Get to know who your customers are and perform active communication with them to understand their needs and ideas. Understand that customers of each country bring their own demands and needs to the table, and businesses need to cater to all of them to make a lasting impact. Take the example of Middle Eastern countries, where cultural norms are very different from the norms and ideas of Western countries. A company that recognizes, and tailors itself to meet the needs of its international audience stands a greater chance of achieving the global business acclaim.
4. Follow the 80-20 Rule:
The 80-20 rule states that 80 percent of results are derived from 20 percent of efforts. This means that a company investing only 20 percent of its consistent efforts stand a chance of securing 80 percent of profitable results. This rule applies particularly to the sales, where it means that 80 percent of sales are generated from 20 percent of the customers.
In an international setting too, this 80-20 rule holds equal importance. When you carry out market research to gauge your international customers and their needs, you will realize that only a small portion of these markets will be the “ideal” markets for your product. Focus on growing your reach in these markets first by penetrating to the core of customer wants and needs. Count on these small markets to grow and prosper instead of targeting regions and countries. Establishing a name for your business in these markets will be the stepping stone to achieving acclaim in international markets too.
5. Gain a Competitive Advantage
This may sound cliché, but competitive advantage is one thing that a business should always strive to achieve in every business setting. Gain a strong competitive advantage through the creation of a supporting mechanism in which all operations and supply chain activities are distributed in other countries. Establish relationships with third-party companies for ensuring smooth logistics in the global markets, while employing research wings to know more about your customers.
Going global is not for the faint-hearted, and is not a piece of cake for businesses. An organization willing to take the leap to global business needs to rethink and re-design its strategies and goals to make an impact on the customers. Remember, once your business goes global, you can be sure to achieve the global acclaim you have always envisioned—and more.