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A good marketing strategy must tap all the bases. At all times, the primary focus must be that the markets currently in your pocket are satisfied and content with the services and products you and your organization are peddling. Thus, the proficiency of your facilities, assets, the new and even existing product, and what potential new grounds could be focused on with your current strategy are all carefully examined.

Of course, many companies and organizations have successfully established themselves as global leaders in their respective markets. Most of them started locally on a small scale. If you aim to replicate their success and expand your business globally, then learning from their example will provide valuable insights. So, in today’s post, we’ll look at five cases of highly successful companies that have expanded internationally by overcoming the limitations of geographical and cultural differences.

The target market is the market that a business focuses on when launching a new product/service. This market comprises an audience or people who would likely use your product/service. These are the end-users who will end up using your product/service.
For instance, a business that manufacturers walking sticks will treat elderlies as their target market. Similarly, a company that makes microwaves will treat bakers, chefs, and people interested in cooking as their target audience.

On a larger note, the risks associated with international business have increased globally. In fact, it has been rising for the past few years. As per the Global Business Risk Report of Dun & Bradstreet, the GBI score has increased to 288 in 2021 last quarter. However, compared to 2020 (during a pandemic) last quarter, the risk has gone down by 32 points. 

As per this report, the top global risks are:

• Global inflation due to the natural gas crisis
• US-China competition over military presence in Taiwan and the South China Sea
• Resurgent Covid-19 variants of concern and variants of interests
• Supply chain disruptions worldwide 
• Politics in the EU regarding the placement of the Russian military along the Ukrainian border
• Europe’s energy challenge
• Political polarisation 
• Climate change and its policies
• Emerging markets suffering from fiscal worries like inflation

The demand from international consumers should be stable if you can predict the probable increase in sales in the near future. Also, it is worth taking the risk if you are receiving several emails and messages inquiring if your business makes overseas deliveries of products. 

The main goal of globalization is to ensure that businesses obtain greater returns and make more money with less investment. Both the cultural and economic systems of the countries involved must align for globalization to occur.

Are you looking forward to expanding your business in the international market? Domestically or internationally, growing your business horizons involves a lot of planning, organizing, and research. This is when international strategy comes into action. So, what is an international strategy and why is it important?

Just like Rome wasn’t built in a day, you cannot expand a business in a single day. It involves years of hard work to expand boundaries and reach a larger stage eventually. 

Here is a simple market potential calculation example for you. Suppose you have a well-established product in the market. But now, you want to expand your market reach by launching your product in a new market. This new market can be an overseas market or a different state within your own country.  How do you […]