On a geographical map, the borders between countries are very clear. But on a global business map – you’ll see these borders have almost disappeared. That’s due to the constant financial and industrial activities between international businesses. The speedy flow of information makes international borders less important every day, especially when it comes to business opportunities. Thousands of companies now manufacture “globalized products” that address customer needs across various international markets.
LESSO, one of the most successful “globalized” companies of the 21st century, follows this simple but effective strategy. The LESSO Service Network consists of 26+ manufacturing bases spread across multiple countries and continents. Check out their network to learn more about building globalized products and international brands.
For modern-day businesses, creating a “globalized product” means honing the capability to understand and address the needs of global audiences. Can your small business create such globalized products? Yes. Several companies sell globalized products, irrespective of their sizes or industries. There are countless successful case studies to learn from. Here are four things these companies do to successfully globalize their products –
Assess the Implications of Sending Your Product to Global Markets
Does your business have products that are already successful at a local scale? Good. Now it’s time for bigger-picture thinking. Consider all the possible implications of your products going global. Address the following questions –
- Why was your product successful in your local marketplace?
- How can the same success be repeated in an international market?
- What major logistical challenges will your business face when entering a specific global market?
- What types of support systems will your product design or manufacturing team need to function effectively at an international scale?
- How will target audiences in the foreign markets receive your product?
Over-strategizing is never good. But, addressing these questions before making business expenses like hiring translators is very important. Think critically about your company’s products and how they’re valuable to your existing audiences.
Then, widen your views by researching the international markets you’re targeting. Combine the two to build a solid globalization strategy for your products.
Align Business Goals with Your Product Designers
Your product designers and engineers need to be on board with your product globalization plans. These professionals will ensure that your products function internationally at a technical level.
For example, building globalized products is very common in the software development industry. In these companies, professionals always retrofit and modify their local products to suit international audiences.
Of course, taking such a step is not easy. Creating different, localized versions of your products for different audiences can be very challenging. Figure out how much time, resources, and labor these efforts may cost with the help of your production crew.
Make sure your product globalization goals align with your company’s budget and your production crew’s technical capabilities.
Start Gaining a Deeper Understanding of Your Target Markets
Every country has a different type of audience. Your product may be received differently in different countries. As a product seller, you need to forecast these responses in advance and prepare for all outcomes.
Culture guides consumer shopping behaviors. For your products to succeed in a global market, you need to have a clear understanding of global cultures. Tailor your products to suit the cultures of your global audiences.
Similarly, tailor your marketing messages to suit their particular cultures. Smart cultural marketing is the key to getting new audiences acclimatized to your products. Start your cultural marketing process by conducting extensive research on your target markets.
For example, a recent study by Stanford revealed that Asians and Anglo-Americans respond differently to ads of the same product. A grape juice ad was assessed in the study. The Asians preferred watching ads that highlighted the healthy qualities of the juice.
On the other hand, Anglo-Americans responded more to ads that highlighted the energy-boosting features of the juice.
Globalize Your Workforce
A company that sells globalized products must also have a globalized workforce. That means hiring workers from different nationalities. Collaborating with local experts on the global markets you’re targeting is also equally important.
Businesses can also globalize their workforces by incorporating different time zones into their shipping orders, customer service support, etc. Create a team that can handle product orders and customer inquiries from foreign customers time-efficiently and in the right language.
Globalizing your product is difficult. But, it becomes easier when every step you take is researched and calculated.