Tag Archives: international expansion

Global Trade, International News, News

The Questions Every Business Should Ask Before Expanding Internationally

Despite the current economic headwinds, global expansion is having its moment this year. It increased by 45% this year compared to pre-pandemic figures, Signifyd data shows.

International expansion has become a necessity for businesses. Global ecommerce presents ample opportunities for merchants to tap into new markets and increase their revenue. But before attempting international expansion, there are certain questions every business needs to ask to bulletproof their strategy.

In an interview for Signifyd’s commerce report, Signifyd head of global financial services and EMEA marketing Amal Ahmed sat down with Chris Holley, commercetools global director for independent software vendor partnerships to discuss the very important things a business should consider before taking that step. Here are the main takeaways.

Why am I expanding and why now?

The time has never been better for businesses to embark on cross-border expansion. That double-digit global ecommerce growth is more than attractive to ecommerce leaders looking to bring their game to the next level. The earlier you make the move and take advantage of the fresh global ecommerce market, the more you will be able to establish yourself and ward off competition once it comes along.

Apart from the time being right for most businesses, you need to consider individually if this is what will benefit your business the most right now.

“One of the questions that isn’t asked when it comes to global expansion is should you even do it? Sometimes you shouldn’t. Sometimes your product isn’t attractive,” Chris Holley said.

If you are a reseller of other people’s products, for example, it’s likely that you won’t have much traction in expanding such an activity. Other businesses, such as plumbing, will also have a hard time competing with the local plumbers in a new country. In that case, you should ask yourself if this really is for you.

“Everybody likes to think internationally, but sometimes it’s not the best idea,” continued Holley.

Where is the place to expand?

Pretty much any market presents you with an opportunity to expand internationally. But each market has its own characteristics that you need to consider beforehand, and one might be better suited for your product and target audience than another.

Think about where you have a cultural affinity? Above research and analysis is your individual business acumen and intuition which can help guide you in the right direction.

Then comes the strategic part. Identify the countries where you think you will be more successful in and create a list of no more than five. Order it by starting with the most attractive one and stop at three. These are your primary target markets with the best opportunities for cross-border expansion. Chris Holley advises expanding into one market at a time. It’s also important that the country you invest into has good macro-dynamics, including a job growth, educational growth, and a net positive growth.

How am I going to get there?

Once you’ve established your target market, it’s time to consider your plan of action.

Chris Holley suggests tasting the new market by expanding through a marketplace at first rather than selling directly into a new country.

While you’re going to have a higher commission cost, the marketplace will do the majority of the work and help you attract a new customer base, thus allowing you to focus on pulling data and analysing it to form your strategy. Then, try and sell five products on a marketplace in three countries for a year. If you’re willing to risk a certain amount of money, this is a great way to get a sense of who your customers are in the given market and what their purchasing behaviours are, so that you’re well-equipped to succeed when you start selling on your own.

Expanding internationally is not a rapid process with momentary rewards. It will take time until you see results, so use that time to test the new market and see what’s working best for you.

Asking yourself these questions will help your business step into the new adventure prepared and with confidence! Cross-border expansion is a game of trial and error, and the more you practise it, the better you will get at it.

International News, Marketing, PR and SEO, News

Multi-local digital marketing agency, Digital Uncut, sets its sights state-side in rapid US expansion

Digital marketing agency, Digital Uncut, has today announced its ambitious plans for expansion into the US market as the company continues its phenomenal growth.

A leader in data-driven digital marketing, Digital Uncut are experts in the channels they operate, with expertise in SEO, PPC, Web Development, Content and Data. Having already achieved excellent growth in the US, comprising nearly 50% of their portfolio, the firm are looking to accelerate further as part of a wider strategy of international expansion.

Since its inception in 2016, the digital marketing agency has honed a clear niche in delivering data-driven campaigns for start-up and scale-up businesses, bridging the gap between what agencies typically offer and what businesses need.

Digital Uncut has already established an exciting state-side portfolio comprising of disruptive brands, including Matterport, Helpshift and PredictSpring, along with recent client win, NETDepot, a leading cloud solutions provider with nearly 30 years experience in the IT space. Digital Uncut have been appointed to assist with tripling revenue within the next 2 years through a comprehensive SEO and Web Development strategy.

Sam Martin-Ross, Founder and Director of Digital Uncut, said: “The US represents a key market for us, and I’m delighted to be leading our expansion into this space. We take immense pride in the service we provide to our clients, and we are incredibly lucky to already be working with so many exciting US brands.

Growth is my biggest driver, so working closely with scaling companies to directly see the impact of our hard work on growth is so rewarding. As a company, our passion is doing things bigger and better, and expanding our presence within the US gives us an opportunity to do exactly that, replicating the success we have already enjoyed in the UK, and applying that to the US market.”

Headquartered in London, Digital Uncut was acquired by French international marketing agency, Eskimoz earlier this year following a period of impressive growth for the firm. The group now boasts a headcount of over 150, with a turnover in excess of £20 million.

For more information visit https://digitaluncut.com

News

Global expansion and new talent central to business success, according to new research

Majority of CFOs Indicate Lack of Global Talent Strategy Will Suffocate Business Growth

Reveals Pandemic Has Fundamentally Altered How They Hire and Manage Their Workforce

In a recent global survey by CFO Research and Globalization Partners, 81% of CFOs indicated their company’s long-term growth strategy includes international expansion–either currently ongoing or in their future plans. The survey also uncovered changing perceptions about hiring and remote work because of their pandemic experiences, with 85% of respondents indicating the ability to tap into a more cost-effective, global talent pool that is equipped with the appropriate skills would be desirable.

Overall, the survey uncovered three key themes:

  • CFOs are taking a global view within their business strategies and hiring approaches
  • CFOs have altered workforce management strategies
  • CFOs are optimistic in 2021 and believe that their success is tied to global expansion

CFOs are taking a global view within their business strategies and hiring approaches

*CFOs have a high degree of interest in tapping into a more cost-effective, global talent pool—a concept favoured by 85%—and capturing market share through global expansion—favoured by 81%. By contrast, in the 2020 CFO Survey only 63% of respondents said they were moving forward with global expansion plans in the face of the Covid-19 pandemic.

*When asked to describe their hiring strategy over the next 12 to 18 months, 42% say they want to attract new talent that is unbounded by the geographic restrictions of their company’s operating model.

CFOs have altered workforce management strategies

*Three-quarters of the executives also say the Covid-19 pandemic fundamentally altered the way they think about hiring and workforce management and 81% say it altered how they consider remote employees or the work-from-anywhere model. More specifically, three-quarters of the survey respondents anticipate operating remote or hybrid workforce models in the next 12 to 18 months.

CFOs are optimistic in 2021 and believe that their success is tied to global expansion

*Ninety-three percent of the surveyed executives predict that their companies will meet or exceed their 2021 goals and a resounding 81% are planning expansions into new countries as part of their long-term growth strategies.

“The data from the survey points to the fact that CFOs are now re-calibrating their talent plans in order to maximise the opportunity that global remote teams provide from a long-term business perspective, including cost efficiency and access to hard-to-find talent,” said Nicole Sahin, CEO and Founder, Globalization Partners. “In addition, the hubs for highly skilled talent are shifting and currently half of the world’s college graduates come from top emerging countries, which means that companies that adopt this strategy now will be able to gain a competitive advantage in the future.”

Also, an added benefit that should be noted is that a global workforce typically provides better bottom-line results. Study after study points to the fact that employees who are part of a diverse culture are much happier and engaged,” continued Sahin. 

As an EOR (Employer of Record), Globalization Partners allows companies to hire anywhere in the world by serving as the legal employer, ensuring compliance with local employment laws and regulations, freeing up companies to manage and direct the daily work of their team members. To see a demonstration, please watch this video.

To download the 2021 eBook, with additional information and details of survey results across the globe, please click here: Report: CFOs See a Clear Pathway to Growth Through Global Expansion.