ELEVEN GLOBALIZATION FACTORS TO USE IN YOUR BUSINESS

The idea of globalization has many people worried about their economic and employment future. After all, globalization means competition with everyone on earth (7 billion people), and those who have favorable trade, regulatory or tax environments enjoy an advantage. Maybe you fear a race to the bottom in wages and prices because there is always someone who may undercut you.

But globalization presents extraordinary opportunities. Because of the common bonds all humans share, globalization provides you with an opportunity to take your product or service to new markets, and introduce varied cultures and backgrounds to the value you have to offer. You may be surprised by how well you do because of the ties that bind across all humanity, and bring us together more often than split us apart.

Globalization means you are operating on an international scale. Even as a small business owner, you are thinking about how to deliver your product or service in a global marketplace. Here are eleven factors to keep in mind:

1. Use differences

Many people have a pre-conceived stereotypical idea about what other people are like. Depending on the product or service you are delivering, the stereotype may be a selling point in a foreign market, as long as you are careful to keep the image playful and not offensive. In this Internet era, your advertising is available to the world. If you use insulting images everyone will know about it. But if you relate the image to your product or service in a fun and tailored way, you may get a positive response.

Part of your value is in your uniqueness, and part of your uniqueness may very well be where you come from.

Action: Use the cultural or location uniqueness of your product or service to appeal to foreign audiences.

2. Highlight similarities

Even before the Internet era, people around the world were united through sports, popular television shows, movies, and music. Michael Jackson’s death was famously acknowledged on every continent with young people coming together to dress and dance as he once did.

You can likely find a connection between your country and your target market, which can be used to build a shared idea around your product or service. When finding common political or historical grounds, do your homework and make sure you are not igniting old negative sensibilities. Sadly, many countries have the same foundational backgrounds because they were the victims of colonialism and conquest, and the stories are not always welcomed as history. Position your product or service on the positive side of shared ties.

Action: Research the history of your country and your target market and try to find a political or historical connection that ties back to your product or service.

3. Use photos

A picture is worth a thousand words. The saying has never been more relevant.  Humans have always used pictures to describe and memorialize their history, stories, and the world around them.  But the process is much faster now with photo/video sites on the Internet rising in popularity. With a camera in every hand, capturing and displaying images is a daily occurrence for millions of people.

Imagine how your product or service can be captured for display for people who speak a different language or have a different culture. If people see an image they can instantly understand, they will probably share it with others, and spread the word about the value you are delivering.

Action: Capture the value of your product or service in images that can be shared.

4. Be affordable

Nearly one in five of the world’s people live on less than one dollar a day, nearly one half live on less than three dollars a day.  But development is happening everywhere, and the opportunity for economic growth exists in even the poorest countries.  Depending on your product or service, you may have an opportunity to reach a broader base by providing free or low cost introductory products for your audience.  You can utilize global resources and outsource to find the most affordable options.  This will allow you to maximize sales and volume, if that’s the gain you are hoping for.

Action: If you create a free or low cost introductory product or service, you have an opportunity to reach a broader overall market.

5. Be expensive

Consider the estimated potential for a middle class including as much as half the world, more than 3 billion people, who could become part of the global middle class in the next few years. This presents an outstanding opportunity for all businesses.

The global middle class will be buying everything, not just consumer goods like cars and microwaves, but information, education, software, self-improvement and business development tools as well. Plus this group is Internet-connected, and well aware of their consumer needs. If you ignore them, you will miss out on amazing opportunities.

Action: Price your product or service at its value to your consumer market. Quality, premium goods support consumers’ goals, aspirations and tastes all over the world.

6. Travel and see for yourself

When you travel to the destinations you’ve only heard about, you find out what people are really like, as well as the market’s consumer interests. Although you may be concerned about venturing around the world right now, travel is not as daunting as it may sometimes appear. If you have a flexible schedule and can travel in non-peak times, you may be able to find inexpensive fares, hotels and even tours. Use the tours to help you navigate the land, but make sure you also wander into the streets and observe the daily goings on with the local people.

You may find endless ideas to support your product or service launch in the market you are visiting.

Action: Schedule travel to markets where you plan on launching your product or service.

7. Provide information

People are looking for well-presented, straightforward, consumable information about a myriad of topics (look at Google search terms). If you can tie your product or service to a broader topic, you may double (and triple and quadruple) the value you provide to your intended customer base.

In many countries, although people have the Internet, they do not have support services such as libraries or government agencies to back up their research. Think about the industry your product or service is in, and the type of information people need when using the product or service. Package or support your business with this additional user-friendly information. Being a broader source of information could make you the industry’s go-to person and an influencer for the market where you sell.

Action: When preparing the product or service for the overseas market, consider the industry information that may be relevant and valuable to your targeted audience.

8. Be flexible with time zones

If you are doing business in the entire world, understand the impact of time zones on your event marketing and launch scheduling. You may not get the results you want if you are only available to the public when your target market is asleep. When doing webinars or live events, if you are reaching out to the whole world, include different times when people can tune-in and catch you. These types of events have a huge impact on building your audience and you do not want your intended target market to miss you.

Action: Have a system for checking the time in your target market so you can schedule for your intended audience.

9. Learn language keywords

When you branch out globally, you may decide to target two or three potentially strong markets for your product or service. In this case, learn a word or two in the local language to use in your communication, advertising and promotions. Check how the locals say: Hello, Thank you, and Contact Me.

Google Translate and other tools make it easy for you to receive messages in multiple languages. You can indicate your willingness to accept different languages by expressing the interest in your outgoing communications. Using a little of the local language could be a differentiator and allow you to stand out from others who may have a similar product or service. Plus it could indicate to your audience that you know a little something about where they come from.

Action: Add words in a foreign language to target specific global audiences where you may have a following. Show your global view in your communications.

10. Connect your technology

Globalization means you are part of an integrated economy. But if your technology for communicating with customers, accepting purchases, and delivering products or services does not reach everyone you want to serve, you will miss out on potential customers.

Double-check your technology and the options you have available for your customers. For example, make sure e-mails have the option to be delivered in Plain Text or HTML so people in countries with slow Internet do not have to wait for graphics to load. Having accessible technology is vital to being a global business, no matter how small or niche your market.

Action: Check your technology to make sure options are provided for the various types of Internet access and speeds available around the world.

11. Be Consistent

Universally, consumers are looking for valuable products, services and information they can rely on. As you begin rolling out your product or service, stay in the markets where you go and continue to deliver value to those consumers. Of course, if delivery in the market does not go well you can always back out. But once you’ve established customers there, don’t forget them. You will likely be part of a growing marketplace and can continue to offer new products and services where you are already established.

Action: Think global from the beginning and maintain a consistent approach to your global customers.

Remember…

Successful global entrepreneurs recognize the entire world is the potential marketplace for their products and services. As you approach global customers, your valuable contribution to the world marketplace will be recognized and celebrated if you remember these eleven tips for being Global right from Your Backyard.

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