If you are an entrepreneur looking to build a global business you’ll find that the whole process can actually be broken down into three key steps. Every step at each juncture works to inform whether the market or the country works to generate revenue suitable for sustainable growth and expansion.
On behalf of Servcorp Virtual Offices we want to bring you these tips to help you develop your business beyond where it is today and to reach the global market.
Work out your target markets and figure out if the revenue is viable
When you are looking at your target markets you can usually look at two major forms of markets: inbound, where you advertise generally and let people come to you; and outbound where you work to find a particular market and then advertise specifically to those people.
The kind of marketing approach you take generally depends on what kinds of products or services you are offering.
For a business where the target market is in need of the product or service as a lifestyle improvement produce, the inbound approach may be more effective in getting new sales and customers. Your inbound marketing can take many forms: speaking at conferences, offering free demonstrations, and siding with relevant thought leaders.
In a market or country where the product is aimed at a specific market and works only for a certain demographic or group, the outbound marketing method would work better. Things like Google AdWords, social media marketing and content marketing may be better approaches here.
Main point to consider when thinking about target markets:
- Who do you want to serve?
- Does your target market have the need and will to pay for your product or service?
- Can your business experience growth in the market you’re aiming to enter?
You need to prioritise your marketing approach and look at the various revenue streams for every market, and look at how much people will be willing to pay for your product.
Test the market in a new country/location with a trusted partner
It’s not enough to just identify the markets – you need to also be able to test the market. And you need to perform your testing with a trusted partner. For a trusted partnership to emerge you need to share the same values, and you need to have a win-win situation involved with your testing. Multiple partners need to work together to ensure that the results are being achieved.
Tailor the product to the market and customise it to the local arena
Even McDonald’s isn’t one-size fits all. You need to make sure that you are drawing on what you have learned through your market analysis and your local research and that you can tailor your product to appeal to your local audience.
- What are your customers going to get out of our product?
- What are the distribution channels going to be?
After you go through these first three steps – make sure you are testing and measuring for market fit – and don’t hang on to a market if it’s not viable. Test multiple products in parallel to see if you can get better fit. If you want to be on the ground in the cities where you’re testing a new product, you can save money and enjoy testing multiple markets with a virtual office. You’ll have a base to run your business from without having to spend money on an office in an uncertain location. All the best businesses go through this testing and proving ground process, and we highly recommend it as the best way to ensure your products have a chance for success.