In the past few years, FDI or Foreign Direct Investment has changed the way global businesses operate. You can be headquartered in New York, USA, and be generating record revenues from a continent and a country located thousands of miles away.
Growing the global business footprint is something that all major organizations strive to achieve. In recent years, Asian countries like India, China, and Bangladesh have emerged as the chosen destination for investors and businesses in the US or Europe.
A burgeoning middle class, lower taxation norms, and flexibility in operations are making manufacturers and businesses from the West come to the East to make business investments and profit in a major way.
Put a lot of Focus on Product Development
According to Hawksford, a leading name in the world of setting up foreign businesses, the Far East is a great destination for businesses looking to spread their global footprint profitably. One of the surest ways of standing out is developing superior products.
Because customers are interested in buying what will deliver greater value for money, you can race ahead of the competition by developing better products. Take the example of smartphones. A manufacturing business can develop a new model or improve its current ones to guarantee clients longer battery life, quality display, and better processing power.
You can even rope the targeted clients into product development to craft a stronger attachment to your enterprise. To do this, consider liaising with clients on social media, gather feedback from the supply channels, or run surveys. Then, enrich your products with suggestions from clients.
Have Knowledge About The Market Of The Country
You must have a clear knowledge about the market of the country you are planning to set your business in. Check whether or not the product you are selling has a demand in that particular country. You need to conduct your research before taking any step further. For instance, selling cricket bats in a country like Russia might not be a very good idea.
Do Your Prior Research
Before heading off to that foreign land, you must ensure that you have done your research on the market. You can use tools like Uber Suggests and Ahrefs to know about the keywords that are trending in the country you want to set your business in. While searching for the keywords, ensure that you have searched for the exact translation.
Buy A Domain Ending With The Country Code
This is undoubtedly one of the best strategies for your business in foreign countries. You can buy a domain name with the country code. If you are planning to open a business in the UK, then your domain name should end with ‘co.UK. This will make your potential customers think that you are originally from the United Kingdom, and hence it will give your business a significant boost.
Consider Working With Local Partners
You must always consider working with the local partners if you want to do well in your business. You must strive hard to work with the distributors, partners, affiliate marketers, and agents of that particular country. This will ensure that you make your way into the product market of the country.
Learn the Ways of the People
You need to know the customs of the people of the country; otherwise, you will not be able to conduct your business properly in a foreign land. Remember that you might have to give after-sales service and customer support. So you need to get familiar with the language spoken in that particular country.
You must also ensure that you know a thing or two about the business etiquette and local customs of the land. Doing all these will ensure that your potential customers get a good feeling while buying your product and returns over and over again.
Setting Up Production In Different Countries and Selling to Others
We have already mentioned how governments in various Asian countries are rolling out the red carpet for foreign businesses. If you are a business looking to set up a manufacturing hub in any of the countries, you need to know what are some of the benefits of the same-
- There is a cheap availability of foreign labor that can be taught to handle the technical aspects of manufacturing. With the rise in educational levels and industrial training facilities, many of the countries are now emerging as favored manufacturing hotspots.
- There is a lot of flexibility that is being offered in terms of setting up factories. Land at dirt-cheap prices, electricity, faster environmental clearances, and fast movement of other paperwork is being offered as major attractions in developing countries.
- In terms of taxation, there is also a lot on offer. Tax breaks or holidays are the common buzzwords that are defining the industry. Manufacturing companies are likely to be taxed according to a different standard than national companies.
Work with an Agency of Experts
Entering into a new market, especially the competitive ones, can be challenging. This is simply because each country has its own sets of norms, rules, and regulations. Rather than going solo, working with an expert firm that can help liaison with the governmental bodies and various other authorities is the way to proceed.
Having been in the market for some time and helped other businesses to grow, experts can tell you what works and what does not. Instead of trying a method that is likely to fail, experts will help you to craft what guarantees success. The agency of experts can also come in handy to help you with the following: Registering your company, Bookkeeping, Filing returns, Compliance with relevant laws.
The Bottom Line
Drawing a good marketing strategy is one of the most important methods to help your company grow and become successful. Working with an agency of experts can come in handy to help you take advantage of the local and the larger Far East market. This will be a great step to making your enterprise international.
