4 Ways To Boost Your Local Business Into A Global Start-up

In the second decade of the 21st century, the world is going through a phenomenal churn that is reflected even in the reshaping of globalization. As we know, globalization as the predominant force started to take pace with the end of the Cold War in 1991 and peaked by the middle of the first decade of the 21st century its downfall began after the global financial meltdown of 2008-09, after which a sentiment of anti-globalization started emerging in the western countries. After COVID-19, it seems like the debate around globalization has shifted from “complete anti-globalization” towards “re-shaping globalization” and the “China +1 strategy”. These terms have become a buzzword in the western democracies.

This new version of globalization, along with the advancement and resurgence that India is witnessing, especially in the field of infrastructure and digital technology, with the government’s support in providing a better business environment have given a promising opportunity to businesses to expand their reach into global markets. The global supply chain is re-calibrating itself. This is the best time to fit your business in the global supply chain and transform it into a big, sustainable global firm.

Here are the top 4 ways that will help you navigate better in this unforeseen global market. Though, venturing into the global arena requires careful planning, strategic foresight, and an understanding of the global market climate, here are a few suggestions that could help you going forward.

1. Invest in your core team

The most important asset for a business is its Human Resources i.e., its core team. Team building is like the foundation brick of any large-scale sustainable business. Your team should be small yet effective, energetic, and focused. It should have a clarity of vision and both a long-term and short-term perspective regarding the business. It should have a good blend of both strategic risk-takers on one hand and people with patience and perseverance on the other. A business goes through a series of highs and lows and to navigate through this journey, you will need to have both Rahul Dravid and Virender Sehwag playing together on both sides of the pitch. Your team must include product experts, business strategists, marketing people, and people from a legal background who will help you with international laws, rules, and guidelines of the World Trade Organization, and various legal nitty-gritty of countries where you wish to sell your goods or services.

2. Conduct a thorough market research

Before entering the global market, you need to conduct thorough market research or you can study recent similar research to understand the global demand and supply chain of your product and where you stand at the moment. The market research will help you strategize your expansion. After you have done your research, mark the regions where you find the best traction for your product. Make sure that you find a proper product market fit. After choosing your countries of expansion, you must focus on creating your place in that market.

3. Build a strong brand identity

In the absence of brand identity, it is very easy for your product to become one among the many products of a commoditized market. For the sustainable growth of your business, you need to invest heavily in robust brand-building efforts to create a recall value for a product. This is easier said than done but in today’s era of digital media, it is possible with strong social media advertisement and sorting out the local distribution network. Focus on unique yet relatable logos, brand stories, messaging, and brand recognition. Make a strong presence on digital platforms. This is the most important and also the easiest way to make your presence feel in a new market. Invest in user-friendly apps and websites that should be in local languages with relatable color and style. Promote your product among youth, especially among the age group that has maximum purchasing power. In today’s age, people spend a lot of their time on digital platforms which you can exploit strategically with targeted advertisements for your benefit.

4. Strike a healthy balance between higher aspiration and grounded ethos for your product

After the COVID-19 pandemic, there has been a surge of emotion and attachment among people towards their local history and culture. People are moving towards their roots and trying to identify themselves with their own past more than before. This has become a global phenomenon. For this reason, you need to position your brand in a manner that fulfills the consumer’s aspiration that they are purchasing an imported product of global standard, but at the same time, they must feel that the product belongs to them. Somewhere they should relate to the product. The one who strikes this balance effectively will have an enormous advantage. For this purpose, you need to customize your product with local taste and flavor both in its utility and in its appearance i.e., looks, packaging, etc.

After taking all these steps and applying all these methods and strategies, you may still find that your product is not reaching the desired height that you would have wished. The global market is very fragile and competitive. It depends on various geopolitical and geoeconomic factors that will never be in your control. Hence you need to remain agile to changing market dynamics and adapt to the situations that come your way. If you keep moving forward with the right strategy and perseverance with an open mind to adaptation, in time you can successfully boost your local business into a global start-up.

The above article is authored by Sanjana, a student of Mahatma Gandhi Central University, Motihari (Bihar).