(FeatureSource) You’ve been daydreaming about spanning your company across the globe…reaching your product into every corner of the planet…beating the competition across 24 time zones…The money! The thrill! The hugeness of it all!
Sounds like you’ve been thinking about going global. We can see that you’re convinced, but what about the rest of your colleagues? Author of “Business Without Borders” ($29.95; Wiley) Donald DePalma says, “The prospect of entering new markets around the world and selling products or services to new prospects sounds like a great plan. But most companies have not yet evolved their planning past ‘make lots of money in new markets’ daydreaming and when it comes to their international market strategies, their aspirations deflate.”
When the time comes to make the case for a bigger budget to enter international markets-—typically over the Internet-–follow these seven tried and true reasons from DePalma’s book “Business Without Borders” that go beyond the simplistic “make more money” or “beat the competition” you’ve been daydreaming about.
Going global will:
1. PUT MORE FOCUS ON YOUR CUSTOMER.
Consumers and business buyers have tremendous power on the Web. They can buy from you today and from your competition tomorrow. Offering services tailored to local markets by globalizing online information creates a personally and culturally relevant experience, thus strengthening the customer relationship and improving customer satisfaction.
2. LOWER THE COST OF DOING BUSINESS.
Taking expense out of both operational processes and customer service will improve your return on investment on Web and global initiatives.
3. IMPROVE COLLABORATIVE EFFORTS AND KNOWLEDGE MANAGEMENT.
The efficient flow of information and knowledge within your company will be a major differentiator between you and less data-savvy competitors.
4. SHORTEN TIME TO MARKET.
You can use the global Web to get into new markets quickly and establish a strong presence before your competitors do. And if the competition is already there, at least you can set up an offense more quickly than by any other channel.
5. HEIGHTEN BRAND AWARENESS.
Brand is what makes a can of Coca-Cola worth $1.00 and a can of Sam’s Cola worth only $0.25. Your brand may be all that separates your company from your competition. Make sure that key world markets know your brand.
6. BEAT COMPETITORS.
Market exploration, examination, and time response are critical as you face current rivals and meet new ones.
7. INCREASE REVENUE AND SHARE IN GLOBAL AND ETHNIC MARKETS.
Growth will come from selling to new markets and from reaching new communities in existing ones.