5 Tips to Grow Your Business Globally
Entering into Global markets is a great way to organically grow your business. However, many small to mid sized businesses have a hard time, if they even venture to go global at all, entering global markets. Here are 5 tips for businesses looking to expand their business by entering global markets:
- There are literally thousands of physical retail shops selling low-cost to brand name cosmetics.
- ECommerce and credit card usage in China is not popular. Cash still rules commercial transactions.
- Mainland Chinese women go to Hong Kong to buy name brand products because they know that in Hong Kong the products are authentic.
So, it's important to know whether your product, service or business model will be able to compete with local competitors. Ask yourself: "How are locals in these markets presently sourcing these products or services?"
Speaking of Asia as a region, often times you will need to look at regional competitors as well who may be headquartered in Hong Kong or Singapore but also market into the rest of Asia. So, being aware of regional competitors as well as local competitors is important to determining your place in these markets.
In this age of the Internet and as more countries are being wired in, it's becoming more feasible for businesses of any size to expand into international markets. So, start growing your business and expanding your reach. If you follow the tips above, you'll have a good start to going global.
Copyright © 2004. Ethan Hathaway.
Wayne Po, is the Founder and Marketing Consultant of Ethan Hathaway (http://www.ethanhathaway.com): A virtual consultancy that helps small to medium sized businesses with their B2B marketing communications challenges and helps global SMEs market better into Asian markets as well as Asian based businesses needing help marketing overseas.
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