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How to Expand Your Business Globally

How to Expand Your Business Globally

How to Expand Your Business Globally

In December 2021, the balance between goods and services across the UK’s international borders was in decline, depreciating by 2.337 billion over the course of the previous 12 months.

Of course, UK businesses are facing a myriad of challenges at present, from the ongoing fallout from Brexit to the socio-economic impact of the coronavirus.

While it may not seem like the best time to take your business international in the current climate, there are some steps that you can take to achieve this objective. These include:

#1. Consider Payments and Currency 

On a practical level, the process of trading internationally forces you to give significant consideration to payments and currency.

After all, you’ll be required to sell your goods and services in foreign currency denominations, while online businesses selling into international markets will have to integrate some form of currency calculator to help customers make informed purchases in real-time.

If we extend this principle further, you may also want to consider offering multi-currency solutions through an open banking platform. 

This establishes a simple and universal payment solution for customers across the globe while accounting for the variable popularity of PayPal, Alipay and similar options in different regions. How to Expand Your Business Globally

#2. Embrace Culturally Considerate Marketing

While there are some rules of marketing that are universally applicable across different channels and industries, different principles may be applied in alternative geographical regions.

One of the most important considerations in this respect is culturally relevant marketing, as tactics and narratives that work in your home country may not work overseas. In fact, your campaign content could even cause offence in some instances, particularly if it’s at odds with the prevailing cultural norms or traditions.

So, when marketing your business internationally abroad, you’ll need to consider culturally considerate content and approaches while simultaneously calculating what specific markets respond to.

You may also want to adjust your spending based on potential returns, which will vary markedly depending on the size of each international market.

#3. Minimise the Impact of Language Barriers

On a similar note, erroneous translations and language barriers can also impact negatively international brands, with a number of high-profile branding gaffes having been reported through the years. 

This certainly applies when advertising overseas, as even the slightest typo or translation error can damage your brand and its reputation as it emerges into brand-new marketplaces.

From an online perspective, you can also use detailed web analytic reports (such as those compiled by Hotjar or Google) to identify your business’s precise traffic sources and the origin of your virtual customers.

This way, you can streamline the customer experience and bottom-line conversions by offering all services and products in consumers’ native tongue, with some 55% of individuals more likely to buy from a supplier that speaks their language.

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How to Expand Your Business Globally

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