Going global: 5 Silicon Valley experts reveal everything you need to take your business global
Is your business doing well in the domestic market? It might be time to look at strategies for going global. Get exclusive advice from five Silicon Valley experts who will teach you everything you need to know to go global in this eBook.
You’ll find out how to:
- Approach and deal with regional differences
- Integrate your core values in the new market
- Build trust
- Deal with multijurisdictional regulations
- Process international payments
- And more!
Strategies for going global
There are many reasons for businesses to go global such as increased demand for your brand. However, operating in new markets is challenging due to political, regulatory, and cultural differences.
Whether you adopt a transnational or international strategy when going global, these tips from our new eBook will help your expansion strategy succeed.
Dealing with regional differences
Every country is different when it comes to rules, customs, regulations, and financial considerations. Understanding these differences early on ensures a smooth transition into every new region. The top ways to deal with regional differences include:
- Starting with one core product or service
- Making sure you introduce products or services from a localized point of view
- Hiring a country manager
The values of your company during expansion
Every company has core values – what it cares about the most. The only way your brand can stay true to itself when going global is by maintaining these core values and communicating them in your brand message.
- Recognize cultural differences. What happens if some regions don’t align with your brand message due to cultural differences? You might find yourself wondering whether to change your values to match the local culture.
- Measure demand first. Measure the demand for your products/services in the region you want to expand into. Ensure that your target market will accept your products/services with little or no changes.
- Recognize that each situation is unique. The more specialized your target market is, the more changes you may need to make to meet market needs.
- Build the community from within. Once you’ve ensured that there’s strong demand for your brand, hire a country manager to help you tap into the local talent pool. Building a community from within allows the transfer of values, enabling your business to grow without sacrificing core values.
Building trust through partnerships
Being a new entity, it’s hard to get people to trust you. How can you build trust in a new market?
- Work with other reputable companies: This will help you build credibility by association
- Brand comparison: Tap into an established network to showcase how your brand compares and differs from other brands on the market.
- New markets: If you’re going to a new market, you need to work harder to build trust and relationships. Work with local people who’ve interacted with your brand and learn from established companies in the area.
Dealing with multi-jurisdictional regulation
Multi-jurisdictional regulation refers to the laws and regulations that apply in different geographical areas. Read up on the regulations and look for specialists to advise you. This will help ensure that you’re compliant with tax, finance, and audits, even when laws on the same change.
Processing international payments
One of the most challenging but important parts of going global is dealing with payments. The best way to tackle this challenge is to look for a reputable vendor to process payments on your behalf.
An expert vendor will provide a seamless payment experience for both the payer and the payee.
Additionally, a good provider will lessen regulatory burdens by ensuring you follow the necessary regulations. Most importantly, they will ensure that your payments are completed quickly and securely.
To reduce the hassle of international payments, use a payment processor like Payoneer that allows customers to pay in their local currency. This will make it easier for your customers to make payments and may even lead to more sales.
Successful transitioning to the global marketplace
If you’re going global, Payoneer is a game changer for your business. It can help you quickly open new markets, get paid in multiple currencies, and process payments faster.
To find out more about how to successfully transition into the global marketplace, download our eBook today!
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