As a startup business, there is always a challenge on how to grow and expand your business online not just in a local setting but also in the international market. But doing so will take serious steps and rigid planning to avoid any failures while you make your way up.
There are many available materials online such as case studies, business-related articles, and books that may help you build your own process to grow your own business. Dunkin Donut, Greenwich Pizza, and Popeyes Fried Chicken are few of the names that made their way to expand their business abroad.
If you are running a business and would like to grow and expand your market in the international setting, online marketing is one of the possible ways for you to maximize your business. But you need to craft your business ideas since the online market is full of competition and working its way to market the same product as you are doing.
In this article, we will try to give you 7 possible ways to expand your business successfully online.
7 Ways to expand your Business Successfully Online
1. Analyze the Market and your competitors
Before running your business in the market, make sure to conduct marketing research and analyze if your business is in demand in the current market.
Say for instance, you want to run a Print on Demand (Tshirt Printing) company in your local market. Try to check if it is saleable or not, if the mass would like to wear customized printed shirts rather than buying a Ready to Wear (RTW) T-shirts.
Assess the presence of your competitors. Try to evaluate how they run their business, their pricing, the design, the promo, and all. They already established the business that you want to build, they knew the ins and outs of the business, the struggle, and how to cope up with these challenges when starting your own business. Better learn from them first.
2. Evaluate your available resources based on the result of your Case Study
The result of your Case Study is really crucial to your business. It reveals the customers’ behavior and the business strategic style of your competitors. Through these results, you can assess whether your resource is enough to meet the demands of the market and supersede the business strategy of your competitors.
Say for instance, in the local business, you need to acquire the legality of the business through a business license that needs time and money to do so. So as a start-up, are you ready to implement all of these while making sure that you have enough financial resources to utilize in doing the process?
Because if you don’t, better collect enough amount of resources to help you establish your business. Financial Deficiency is one of the reasons why business quickly stops during the initiation of the business.
3. Consider Good Pricing
Good pricing of your business is really important as the potential customer will look into the price that you are selling. Most of the businessman who runs their business during the startup was so greedy that they don’t feel the shoe of their potential customers. The case study will help you decide as to how much will your potential customers be able to pay for the service that you will be going to offer.
Say, for instance, you have you Print on Demand business and your pricing is too expensive for your customers. This will lead your business to bankruptcy anytime soon. Likewise, if you short sell your business, you will end up nothing since you’ll money by giving your customer a very low price to a point that will not earn even a single cent.
Again, the result of the case study may help you organize the things that you need for your business which includes the pricing of your products or services.
4. Entertain your Customer’s Need
The result of the case study will help you analyze the potential needs of the customer or the end-user of your product or service.
When Uber tried to penetrate the market in Bangladesh, their case study shows that most of the Bangladeshi People used motorbike taxi instead of the regular 4 wheels vehicle. Uber did the penetration to the market by adopting the usual or common vehicle that most of the Bangladeshi People used in their normal commute which is Uber Motorcycle Taxi. The result of the study turns out to be effective for Uber Business Strategy. Customer engagement should be your number 1 priority.
5. Build a Partnership with Local Companies
The animal kingdom will teach you something in terms of Partnership. Ants work with another group of ants to save food and do their daily tasks. Lion used to hunt with another group of lions for food. Birds use to fly in a group so that predators will not going to hunt them. These animals will give you the idea of working with partners to achieve a common goal.
When Starbucks tried their luck to expand in Australia, they run their business on their own. Unfortunately, it didn’t work well for them. So they conduct a case study for this and they found out that failure to tied up with other local businesses was one of the reasons why they failed to succeed in their venture.
6. Local Staff will help your Business
If you run your business abroad, hire local workers that will help you achieve your expansion abroad. You need to explore the people where you will run your business and build your ideal startup team.
7. Create a Result-Based Marketing Campaign
Once you’ve done the things that we mentioned above, you are now ready to launch a Result-Based Marketing Campaign for your business. The process involves advertising your product in your local market and build the brand that you are trying to market.
You can always utilize social media to advertise your product or services. It is way cheaper than Television Ads.
In short, Expanding your Business Online is a Few Steps away from success
You can always expand your business abroad and penetrate other international market using the steps that we cited above. Your success depends on how well you study your chosen market, your competitors’ business strategy, and the strategy that you will be going to build for your business.
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