7 Tips for Growing Your Business in a Global B2B Marketplace

7 Tips for Business Growth in a Global B2B Marketplace There are over 7.6 billion people in the world. Luckily, your business doesn’t need to be confined within national borders. In the digital age, expanding your B2B company overseas is easier and cheaper than ever. It’s an opportunity to move beyond saturated markets into a bright new […]

7 Tips for Business Growth in a Global B2B Marketplace

There are over 7.6 billion people in the world. Luckily, your business doesn’t need to be confined within national borders.

In the digital age, expanding your B2B company overseas is easier and cheaper than ever. It’s an opportunity to move beyond saturated markets into a bright new horizon.

So what does it take to enter the global B2B marketplace? Read on for 7 tips on growing your business internationally.

1. Research

Before you begin anything else, you need to do research about the global B2B marketplace.

B2B market research should be the foundation for any decision you make for your company. That’s especially true when treading in unfamiliar waters when you have little personal experience to go off of.

Research can show you which countries and markets you might be the best fit in. Research also shows you what to expect in those markets, from legal, economic, and cultural perspectives.

Your research may include looking at raw trade data through services like the US Department of Commerce or the European Commission. You can also look for case studies that lay out the successes and failures of companies similar to your own.

B2B market research also involves seeking out expert opinions. Connect with people who understand your industry and the locations you’re looking at.

Taking in as much information as possible can help you make smart, guided decisions moving forward.

2. Be Strategic

You’re excited to expand your company, but there are some harsh realities you will need to face.

Your product or service just won’t work in some areas.

This is why research is so important.

Based on your research, you’ll have a solid understanding of where your best prospects are. You’ll also know places you should avoid.

Don’t try to put a square peg in a round hole. Put your time and energy into situations that play in your favor.

3. Know the Cost

Entering the global B2B marketplace can be very profitable and have other potential benefits. Otherwise, there would be no reason to bother.

And luckily, international business is now easier and cheaper than ever before thanks to advancements in technology.

But even so, expanding globally can still be expensive.

There’s the cost of translating your website, documents, and marketing material into other languages. You can hire an in-house translator, or outsource to a translation service.

There’s the cost of getting a lawyer who has expertise in foreign law to help you navigate the laws and regulations of foreign economies.

You may be subject to tariffs to trade or sell across borders. Local taxes could also apply to your transactions.

If your overseas work grows big enough, you’ll likely need to open some offices in foreign countries and hire local employees.

Each of these things is expensive, but skimping on any of them can lead to even bigger problems.

Before committing to global expansion, you must be aware of the costs and challenges of doing so.

4. Set Objectives

Stepping into the global B2B marketplace with no focus or direction is a recipe for failure.

Long-term, you want to grow your company and make money. But what are you trying to do in the short term to reach those goals? How are you evaluating your success or failure?

As you expand internationally, you need to have more than just broad visions of what you want to accomplish.

Objectives need to be specific. An effective objective includes each of the following elements:

  • An action with an effect
  • A target audience
  • A realistic, quantifiable magnitude of the intended action
  • A deadline or timeframe

Here’s an example of an objective you might write as an international B2B marketer:

To increase awareness of our brand among Japanese small-to-medium-sized retailers by 15% by December 31, 2018

The specificity of objectives gives you clear-cut guidance and a benchmark for success upon which to evaluate your progress.

5. Show Your Marketing Skills

Expanding internationally may be your greatest challenge yet. But luckily, many of the skills and experiences you get from marketing domestically can also be applied to potential partnerships in new lands.

Your website remains your public face. Keep it fast and optimized for all devices. You’ll also want to make sure your site has appropriate language options.

SEO best practices aren’t restricted to domestic web browsing. The same principles apply wherever your customers may be online.

Inbound content marketing continues to be one of your strongest SEO tools. If you’re expanding to a new country, pay attention to local current events and trends. Search for content ideas and keywords opportunities designed for that market.

Your work on international social networks such as Facebook, Twitter, and LinkedIn can already span borders. Also, consider establishing a presence on foreign sites like Viadeo and Xing.

Your in-person pitching and networking skills will also be valuable at international trade fairs. Meeting face-to-face with potential partners is perhaps your most effective method of marketing in the global B2B marketplace.

6. Build Relationships

Just as in any business environment, so much of your success is not about what you sell, but about who you know.

Through your marketing and your time overseas, you’ll have opportunities to build relationships with other companies and potential partners.

Even more than in B2C marketing, relationships matter in the global B2B marketplace.

Take the time to learn cultural norms so as to properly engage your potential partners. Be professional, courteous, and demonstrate how a relationship can be mutually beneficial.

7. Don’t Lose Your Identity

International expansion can bring many changes to your company.

You’ll have new partners, new employees, and new streams of revenue. You may need to adapt your branding or messaging to fit into certain markets.

But through all the changes, it’s important to stay grounded.

Don’t get caught up in the allure of international business. At the end of the day, your business is built around a core identity.

Don’t alienate the principles that brought you to your current position. Staying consistent and true to yourself will make your present and future partnerships stronger.

Tools for the Global B2B Marketplace

Every international company needs tools to help manage their work.

Now present in more than 60 countries, Kompass International is a top B2B digital solutions provider. Vist our website to start building your prospect list with the wealth of information in our database.

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