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It is not easy for a company to expand internationally and achieve success at the same time. So, what is it about Apple, Google, Amazon, and global companies that make them the successful international businesses that they are today? How have these companies mastered their global marketing strategies and expanded beyond their initial customer bases? There are several traits that distinguish companies with accelerated global growth from smaller local companies.
Value Opportunity to Expand
The fear of the unknown deters a lot of companies from taking the opportunity to grow internationally. These companies might prefer keeping their customer base small and believe it is better to focus on other major issues. High-growth companies view global markets around the world as unexploited markets full of potential. These companies believe in the value of opportunity to expand.
Favor the Web
The web has made it easy for companies to experience global growth. Creating an application, software, or website can be shared and advertised around the world without a large investment. Less money is involved when expanding internationally by using the web and companies think this is a great advantage. For example, H&M is a clothing company that has expanded around the world not only by opening stores but also creating an online store. H&M is constantly working to improve its user and mobile-friendly online shopping experience. This online shop has allowed H&M to expand in 21 markets around the world.
Customers Come First
The strongest international businesses are the ones that can create a unique approach towards customers. Customers love companies that make them feel like they come first when they are having an issue with a certain product or service they bought. Also, global businesses have an advantage over businesses that are not global because customers from around the world will be familiar with their product.
Measure Success
Keeping track of the company’s success and efforts are crucial during times of expansion. The quicker you get a hold of things that are going on, the smaller the fix. It is important to analyze different strategies and records occurring in the firm. This helps companies get rid of strategies that are causing failure. When current systems are running and failure occurs, this might mean that it is time to use the employees' sense of creativity and innovation to build something new.
There is no doubt that more companies are leaping into new international markets all the time because of greater revenue potential, access to new talent, exposure to foreign investment opportunities, and much more. Click the link below to check out a blog which dives into some of the important steps companies have to execute in order to enter into new international markets.
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