Emerging markets—countries with economic incomes in the low to middle range—are becoming an increasingly attractive business proposition. With global growth increasing and foreign investors projected to invest $970 billion in emerging markets such as China, Brazil and India during 2017, there’s never been a better time to expand your business internationally. However, the strategies that work for your company at home are not necessarily right for success in an emerging market. Here, Galvin International explains how you can set your company apart in these rapidly growing economies.
Know Your Target Audience
Countries like Brazil offer some of the most lucrative opportunities for companies looking to grow on a global scale—but the clients using your products and services in Brazil will likely be very different from your customers in Britain or the US. This is why it is so important to understand your target audience and market your business accordingly. Conduct surveys, measure social media analytics and study competitors to learn how to tailor both your marketing tactics and your products themselves. A bit of customisation can go a long way.
As you set up your expansion, it is crucial that you maintain compliance to local laws in legal matters, taxes and other areas. These laws can differ significantly from those of your home market, so it is often necessary to employ an outside party to guide you through the complexities of compliance and expansion. At Galvin International, we go beyond a typical international expansion consulting service, taking a comprehensive concierge approach to ensure that your business will succeed. We set you up with on-ground compliance experts who understand the intricacies of local policy, and we check that everything from your business’s payroll to your accounts are operating above board.
If you’re looking to entrench yourself in your chosen emerging market, consider hiring from the local pool of applicants rather than bringing in employees from your home country. Not only will this strategy eliminate any problems with language barriers or cultural differences, but it will show that you support the community and care about the people in it. Rather than being seen as foreign, your company will be viewed as a natural part of the country’s business landscape.
Account for Risk
Approach international expansion cautiously and calculate the risks involved before diving headfirst into the market. Develop an understanding of policy risk and risk management, and study your targeted market to analyse its weak points. Galvin International can aid your business in this respect by connecting you with professionals who have an extensive knowledge of the economic state of the country. These experts can help you avoid any possible pitfalls and assess risks before they pose a problem.
Emerging markets present exciting prospects for businesses around the world. Set your company up for success by letting Galvin International walk you through the international expansion process. Whether you’re looking for assistance across the board or you simply need guidance in a single area, we provide the resources you need to thrive in your emerging market of choice. Get in touch today to see how we can drive your business to global growth.