Revamping Your Marketing Efforts for a Global Business

Marketing a business is not just a one-time deal, more so when you have entered into the international scene. There are some small business owners I know personally who just leave it to chance, or just leave it the way it is. It maybe because they're thinking, "Well, it works. Why fix what isn't broken?" I'm not saying anything is broken or their marketing efforts does not work. But if you're planning to have a wider customer base, your marketing efforts needs a bit of tuning.

Planning how to market your business is easy. The hard part is its execution. Below are some tips I have gathered for a more apt marketing strategy which would serve both local and global businesses.

Is Your Business Globally Competitive?

The international market holds a wide-open door of opportunities for small businesses. Even home-based businesses have as much chance now to enter the global arena. The reality is, expanding into the international scene is a step most entrepreneurs are hesitant to take. Not because they do not believe in their products or services but because of lack of confidence in taking the next step.

The question is, how would entrepreneurs know when they are ready to go global? What signs are there to watch for to be sure that they are not entering into this lightly or haphazardly?

The Positive Effects of Globalization to Small Business

In my previous blog post, I have tackled the subject on whether globalization is to blame for unemployment. This is precisely because outsourcing is the new trend and most employees feel that their job security is being threatened. Since I have addressed that issue previously, I will now be discussing more on the topic of the positive effects of globalization to local businesses. Globalization is responsible for creating millions of jobs all over the world and it also is the reason why imported products are available anywhere for consumers.

According to the encyclopedia of small business, globalization had undergone reassessments on whether the positive far outweighs the negative effects of globalization.

Is Globalization To Blame For Unemployment?

It is a well-known fact that globalization increases productivity and life standards. There are a lot of advantages which causes business owners to work on the goal of expanding the business overseas. While this is proving to be beneficial to countries where products and services are being exported to, the concern grows for locals. This concern is largely focused on that fact that the unemployment rate continues to rise thereby giving the impression that globalization is one of the causes.

Will Continuous Oil Price Hikes End Globalization?

I just read about the new Jeff Rubin's book, Why Your World is About to get a whole lot Smaller: Oil and the End of Globalization. The article is disturbing since it points out what increasing oil prices can do to the world's economy and how it can cause globalization to end.

Factors Affecting Business Globalization

Even during ancient times, globalization was already on the rise and it still is in existence, albeit conservatively because of the economy, today. What every entrepreneur must understand is the fundamental factors which drive globalization. According to the article by Michael Mussa, there are three factors: technology, tastes and public policy.

Any improvement on technology whether in communications

Political Risk and Globalization

Since you are planning to venture into the international market, there are a couple of things you need to take in consideration and the most overlooked factor is political risk. In the United States, the Overseas Private Investment Corporation (OPIC) offers small businesses the security to export to other countries by means of political risk insurance. Basically, this gives you the assurance that your financial investments are secured. However, there are other aspects interlaced with political risk and globalization. One of which is your personal safety and those of your employees.

For example, you are well on your way in expanding your business to a different country. You have done your research and you chose a country which is less risky in terms of politics. However, because of some unprecedented circumstances, the country that you chose encountered upheavals and some political changes were made. This may alter your expected outcome of the business. Now since you have financial insurance because of the OPIC, you are more or less comforted. But then, you have to take into consideration the complications such as terrorism, riots, political coups, civil wars and insurrection to your own life and the lives of your employees.

Before getting into the international scene, you have to be prepared especially when it comes to political risks since it affects the strategic, financial and personnel facets of your business. You have to be prudent when it comes to globalization not only because your finances might suffer but also because your most important asset, your people, can be put into jeopardy.

Globalization Controversy

In a small business operation, it is considered to be a big deal when you plan to enter the international market. While the advantages of going global cannot be ignored, some parties involved in the business would not have the same benefits as others. There are laundry lists of risks as well as unmitigated advantages in viewing globalization and therein lies the controversy.

Some people have the idea that globalization would only be increasing the inequality between developed and developing countries. Some are convinced however that it is vital to promote worldwide economic development. While both arguments have their own points, it is essential to take a step back and study why there are different results in different countries. Most small businesses from developing countries have a better grip on international markets but developing countries on the other hand find it difficult to thrive on the international scene.

There are many issues need to be addressed by both developing and developed countries. There should be a balance of regulations in order to have a sustainable growth in business. Globalizing a small business is no easy feat and the only way for a company to be able to thrive in the international scene successfully is to be able to view the world as a single market.

How to get your business running on a global scale

Deciding to go global is not an easy decision to make and the implementation of ways to make globalization a reality for your small business is not a simple feat either. With the advancement of technology, most small businesses thrive on a global scale through the use of communications. The global entrepreneur just needs to have a mix of passion for business, a “never-say-die” attitude and the willingness to harness the power of the internet in order to succeed in a global economy. It also would not hurt to read up on advices on opening an international business.

Since the global market is diverse and the competition is stiff, you need to have an edge against your competitors. The value of your products and services can spell success or failure. You have to stand out among other companies who offer the same thing and it has to be communicated effectively to your target market. Once you have done so, your business would be on lock.

It is a must for the small business owner to learn ways on how his products and services can adapt to the global market. You have to be open to suggestions and comments by your consumers so that you would know which trends to follow and if it would be feasible. Planning is the first step in considering going international and you have to be patient in order to get your global venture going.

Establishing Global Perspective

Global perspective is very important for an international company who is planning to maintain leadership role employees. The business world is becoming interactive and culturally oriented nowadays and you cannot afford to scoff on intercultural differences. A global entrepreneur must take an intercultural training to strengthen the foundation and understanding with cultural differences.

A global company should be careful with establishing intercultural relationship. It should be profitable and healthy. A simple inappropriate e-mail content, comment or interaction can easily damage or destroy international relations. You should establish international relationship in a serious note to eliminate misunderstandings.

The common practice in global business is a worldwide merger. To make this successful and profitable, you must learn to understand and gain cross-cultural knowledge. But this ahs become a growing problem for managers. The time is short to learn intercultural awareness, and the lack of this may lead to a disaster for your business. It is recommended that as much as possible, you should take time to learn intercultural differences and to awaken awareness. This way, you could be able to establish a professional and profitable global business.