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7 very easy Steps to Expand Your Online Business Successfully

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7 very easy steps to expand your online business successfully

Making a few very useful services accessible to millions of people is one of the goals of an entrepreneur who has just started a startup. After getting rewarded with a small success in the local market, he starts planning out a process to expand his mobile app-based business globally. But dominating the new market can be tricky. 

Billion dollars brands such as Walmart, Starbucks, Groupon couldn’t acquire customers from new business landscapes and as a result, the internet is flooded with case studies of their business expansion clunker. 

So, if you as the startup don’t want to be documented in one such kind of case study, make sure you craft the business expansion process in such a way that you will land in the new market successfully and that first new market won’t be your last new market. 

In this blog, we will study the top 7 techniques for expanding your mobile app-based business internationally with zero damage. These 7 techniques have been listed out after analyzing the case studies of a few well-known failed business expansion tragedies.  

 

Understand the market including users and competitors 

Do you remember that which was that first thing you did while starting your startup(in the local market)? 

You did the market research to know whether your startup idea will fit into the market or not. Right? 

So, when you are expanding your startup to the new market, why are you ignoring the most fundamental business expansion technique – market research? 

Market research allows you to understand the business-friendliness of new business terrain. It exhibits if there is any, favorable situation which motivates new users to use your service So that, eventually, you can customize the services according to their needs. 

Most importantly, a market study reveals a few very crucial things about your competitors of a new market, like, which are your top business competitors, their services, their business models, their marketing strategy and overall on which bases they are running their mobile app-based business successfully. 

Here, I am not encouraging you to follow the legacy of your competitors. But learn from them. They are already running their businesses in your future business landscape. They know the market well. So, you need to know them well. It is as simple as this! 

 

Compare the outcome of market research with your available resources

Time-traveling to the last paragraph,  market research reveals the user behaviors and characteristics of competitors. Along with these, it also unveils the required resources including finance, you need to employ to dominate the new market. 

So, now when you know the possibilities of success in a new market and which are the internal and external resources you need to deploy for it, ask yourself whether you are armed with necessary resources, will it cost you more to expand your business? 

For example, 

Generally, in a developing country, the process of getting a business license lasts long and requires a lot of resources. So, as a startup, are you ready to cope with it while making sure that the resource utilization of your startup during that ideal period is 100%. 

Because, in the past, poor resource management caused many business failures in the startup industry.  

 

Don’t be selfish while deciding the pricing structure 

It is humans nature to prioritize themselves. But it is dangerous for an entrepreneur to keep that selfish soul alive within him. Because that soul won’t let you think about the profitability of your users and if you fail to offer benefits, specifically financial benefits, to your users, they will never uninstall some other mobile app to install your mobile app. 

Thus, study the financial status of your new users, compare the pricing structure of your competitors with your proposed structure, ask your mobile app development company to rewrite the pricing algorithm and then deploy an app with a fairly good pricing model. 

I know, what are you thinking after reading it? 

Yes, you may not generate a good profit if you offer economical services. But looking at the long term profit, it is acceptable if you won’t make good money during the first two business quarters. 

 

Serve what users want    

No, you haven’t done yet. Don’t think an affordable service makes all magic for you. There are certain other things which you need to consider. 

When Uber launched its ridesharing service in a profitable yet challenging market of Bangladesh, Uber customized the service according to the user’s need. Uber studied the market and found out people’s zeal towards motorbike taxi. So, justifying the user’s need, Uber introduced Uber Motorcycle Taxi for the people of Bangladesh and guess what? Uber is earning well even from a challenging market. 

So, do whatever it takes to know the preference of users. You can carry out a survey. You even can consult any local business expert or mobile app development company. But your app must be equipped with features which are, for new users, worth to take into account. 

 

Tie up with local companies 

Tiger is physically stronger than Lion, then why a Lion is a better hunter than a Tiger? 

Because, a Lion hunts in the group while Tiger not only hunts, but lives deserted.

So, be like Lion and tie up with local businesses of terrain where you wish to launch your business. It helps you to know and overcome the possible local market challenges efficiently. It also enables you to build business environment into an almost unknown market from scratch. Your local partners are your business advisors. They assist you to keep yourself on a profitable path.

When Starbucks launched its coffee business in Australia, they decided to run a business on its own. But later, they found out that not tieing up with local businesses was one of the reasons why they couldn’t expand their business in Australia successfully.   

 

Hire local staff   

It is known to everyone that you need to hire new people when you expand your business. But it isn’t as easy as it sounds. 

Sometimes, you end up hiring new staff way before than the actual need and sometimes you come across the urgency of new staff and so, you quickly hire insufficient staff. 

How to avoid this conflict? 

While crafting business expansion process, divide it into different stages or phases and define a specific stage where you require a new staff. It will prevent such situations which we have just discussed. 

Also, it is advisable to hire local staff as it is an easy process. Also, local people can communicate easily with your users and can provide great customer service. On top of it, hiring local people saves the immigration cost which is very high and a company should have to bear it!  

 

Launch a result-driven marketing campaign  

Once you are done with major phases of the business expansion process, like, study the market, define the pricing structure, rearrange the services, hire local staff, the only thing you need to do in order to expand your business successfully is to run an effective and efficient marketing campaign which is again not easy. 

A marketing campaign is the best tool to reach to your potential users. Directly or indirectly, It tells people that which are the groundbreaking services you are offering and why they need to start using your services. Only through the marketing campaign, you will acquire an initial user base in a new market which is very important for a startup. 

So, if you have enough resources, get an in-house marketing team or you can even outsource your marketing campaign. But make sure, your marketing campaign is so impactful that users start seeing your business as a troubleshooter of their problems.    

 

In the nutshell

If you have made it so far, congratulation. You just have successfully expanded your business to the international market.   

 

About the Author:

Vishal Virani:

Vishal Virani is a Founder and CEO of Coruscate Solutions, a leading mobile app development company. He enjoys writing about the vital role of mobile apps for different industries, custom web development, and the latest technology trends.

 

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