Surviving International Competition
Many people think of business and globalization as the same, but this couldn’t be further from the truth. Growing international retail has had a substantial effect on many companies and brands. However, a successful business plan must consider ways to navigate this new global market to succeed. To do so, businesses should consider how there are only specific ways to win over the competition in different countries around the globe.
How Businesses Can Survive International Competition
1. Work With Third Parties
There is no doubt that globalization has created a lot of opportunities in the world. In addition to companies being able to be seen around the globe, many great business partnerships have also been developed. A perfect example of this is how pain management specialist Dr. Jordan Sudberg has expanded his practice to other countries to help them better their healthcare system and bring in more patients. However, not all businesses should try this as one of their competitive strategies. A company must first figure out what they are looking for before deciding whether or not it should work with a third party or keep things in-house.
2. Find A Niche Market
It is a no-brainer because those who don’t do this or don’t do it correctly will find themselves struggling to stay afloat in the international market. You should first figure out the most profitable areas and what you are looking for from a business standpoint. For example, Pain Management Specialist Dr.Sudberg knew that he wanted to expand his clinic to make more money and grow his brand. To do so, he had to find countries that were not only in need of healthcare specialists but also had a high demand for them. For example, we can look to other companies, like online retailers, who have discovered the importance of having a regional strategy.
3. Work With Existing Brands in Other Countries
There is no denying that many brands like Dove and Budweiser make it easier to establish themselves in new countries because most are already well-established by their international subsidiaries. However, they are not the only ones with this strategy available. Many other companies have also made it easier on them by partnering with other brands worldwide. You should first decide your brand values and then try to see if any existing brands are also consistent with those values or plans. For example, Dr. Jordan Sudberg wanted to expand his business and decided that Spain would be an excellent place for him. When he arrived, he sought out a company already in Spain that had similar values to himself because it made it easier for him to establish a brand.
4. Invest In International Training Programs
Foreign countries tend to have different ways of doing things, especially regarding their language, customs, laws, etc. It can be pretty overwhelming for an individual or even a large corporation trying to start up in a particular country, so investing in international training programs for your employees might be an advantage. For example, Dr. Jordan Sudberg is a person who has trained himself to become the most successful pain management specialist in the world because he didn’t want it easy. His program was extended to help other universities worldwide acquire the skills he was already using. Even different programs had been added so that people could continue learning from this guy.
5. Find Out What Customers Want
It would help if you decided on your market and then figured out what you are looking for from them. It might be as simple as what color of shirt they want or if they wish for a specific product.
There are a lot of things that you might want to take into consideration when navigating the world of international retail and developing a strategy that will lead to long-term results. You should first figure out what your market is and what their needs are before you decide on which approach to take.