There is no shortcut to success. Just ask Estée Lauder. The late cosmetic giant owner once famously said, “I never dreamt of success. I worked for it.”
Startups have to work twice as hard to reap the rewards. Congratulations if your business managed to weather the storm of the “startup curse.” According to Exploding Topics, new startup success rates are between 10 to 20% over the long term. Your business is one of the lucky few.
And now that your company is finally seeing a steady and sustainable source of revenue streams, the next step is to go global. You know you have a good product. It’s just a matter of making it attractive to international customers.
Taking your business to the rest of the world doesn’t come without its setbacks. In this article, we’ll explain proven strategies for your business to experience global success.
#1. Follow the Money Trail
Experts always say to go where the money is. Right now, China is the leading eCommerce market. In 2023, the Asian country was worth $2.2 trillion in revenue, followed by the U.S.
To provide further insight into the sector, about 300 million customers worldwide flock to eCommerce platforms annually. Influencer Marketing Hub predicts global eCommerce retail sales will reach $7.3 trillion by 2025. That’s a big chunk of a very huge pie.
Tapping into the ever-growing global market is important to the success of your startup. If you aren’t adapting to the changing needs of your local customers, you’ll be left behind when vying for the attention of international consumers.
#2. Leverage Technology as a Marketing Tool
No one can deny the massive influence AI technology has on the world. You may have to rethink how you do business to gain a competitive edge and compete with the rest of the globe. This can come in many forms, from automation to cross-border payments to regulatory compliance.
AI has become an effective marketing tool for many businesses. Influencer Marketing Hub explains that 69.1% of marketers have already adopted AI technology into their business operations.
AI need not only be confined to marketing. The technology has been seeded into various aspects of startup growth.
Automation is another emerging trend that startups are taking full advantage of. PayPro Global advises that scaling your startup globally can include an automated tax management system. It takes the headache out of tax calculations and filings while complying with international tax laws.
#3. How to Choose the Correct Billing Method
Currency exchange can be confusing, even at their most basic levels. That’s why you must opt for a payment gateway that allows various global transactions.
Assess your payment methods and integrate payment tools to accept payments from customers, no matter where in the world they are.
Checking out a product or service doesn’t stop there. Your payment gateway should invoice clients in their preferred language and have tax and fee guidelines for that country.
If your business operates exclusively online, it’s good business practice to include the following payment methods on your website:
- Debit and credit card
- eCheck
- Mobile
- Click-to-Pay email invoicing
#4. Rework Your Go-To-Market Strategy
Your go-to-market strategy (GTM strategy) is your roadmap to success. Tech Target advises startups to implement their GTM as part of their action plan when going global.
It’s important to note why you’re launching your product, your target market and how you intend to engage potential clients to encourage audience growth.
Tania Saez, a B2B growth advisor, says ignoring your client’s buying habits when devising your GTM strategy can come back to haunt you. She suggests a more strategic approach by aligning your marketing efforts with the buyer’s journey.
#5. Always Comply with International Law
One wrong move could result in costly fines and legal issues for startups finding themselves in unknown territory.
Now’s a good time to become familiar with compliance rules. Or even better, enlist a legal firm to help navigate the distribution regulations governing that country.
Legal professionals who specialize in international business law can advise on registering your startup in a foreign country and make sure you stay within the boundaries of data privacy laws.
Here’s where your global payment solution will come in handy. Your tax management will be automated if you’ve chosen a SaaS platform for your eCommerce needs. A good tax software provider should automatically calculate and collect the correct tax amount based on your customer’s location.
Parting Words
By integrating these five factors into your roadmap, your global expansion journey stands every chance of succeeding. Be patient and practical. Don’t view setbacks as failures. Instead, see them as opportunities for growth.
