What does going global entail?
Going global is a large business opportunity that helps expand a company’s customer base while also increasing the company’s opportunity to tap into new markets. When a company goes global it generally means that they have a strong foundation; if not they will most likely struggle bringing the company somewhere else. Going global can be revenue boosting or can be a complete flop, when planning to go global look into:
- Doing thorough research on the different markets in the new location
- Bridging the gap caused by cultural differences
- Localizing in international markets
- Hiring locals
- Improving marketing and branding to match the new transition.
What does staying hyperlocal mean?
Hyperlocal marketing is when a business targets new clients/customers in a geographically restricted area. In most cases the ares can include only a few blocks surrounding the business. Between 2014 and 2015, “near-me” Google searches increased 130%. When creating a hyperlocal campaign it is highly recommended to get the business on the browsers of consumers by using advanced search features on search engines and social media platforms. When paying for search engine marketing it is essential to pick the strongest keywords that correlate with the business.
Pros and Cons of Going Global
Pros
- Entry into new markets
- Access to local talent
- Increased business growth
Cons
- Huge investment
- Cultural barriers
- Can be challenging managing international employees
Illustration of global business concept
Pros and Cons of Focusing on Hyperlocal
Pros
- Low cost
- Allows for time-sensitive promotions
- Word of mouth can be efficient
Cons
- Moves money from business to business quickly
- Consumers expect rapid response
- Controlling quality and inventory can be difficult because of possible shifts in foot traffic
