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Unlocking Global Growth: Mastering Expansion into New Markets
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Expanding your business internationally can open up new opportunities and significantly boost your growth. In this video, we delve into the intricacies of taking your company abroad, featuring insights from Allyson Stewart-Allen, award-winning advisor, author, broadcaster, speaker, educator and NED, who spoke at Elite Business Live 2024.
Key Learnings:
⭐️ Understanding Cultural Differences: Alison Edgar emphasises the importance of researching cultural norms and localising your products and services for new markets. She cites McDonald's as an example of successful localisation, adapting its menu to suit regional tastes while maintaining its core offerings.
⭐️ Avoiding Reputational Mistakes: Learn from the example of Microsoft's costly error due to a lack of cultural awareness in their advertising campaign. Alison highlights the significance of thorough and culturally sensitive planning to avoid such pitfalls.
⭐️ Conducting Sufficient Market Research: Alison stresses the need for extensive market research, including surveys and site visits, before expanding abroad. She advises setting realistic targets, as breaking even in a new market can take up to five years.
⭐️ Building Local Partnerships: Establishing strong local partnerships is crucial for a smooth transition into new markets. Alison encourages businesses to collaborate with local firms and vendors, integrating their knowledge and networks to support international expansion.
⭐️ Comprehensive Planning and Consistent Execution: Successful internationalisation requires a well-thought-out strategy, consistent efforts, and convincing stakeholders within the business. Alison underscores the importance of analysis and research as critical components of this process.
Don't miss out on these expert tips and actionable advice for navigating the challenges of global expansion. Watch the full session to gain valuable insights and learn how to master the art of international growth for your business.
🔔 Subscribe for more insights and updates from Elite Business Live.
👍 Like and Share this video if you found it helpful.
📥 Comments are welcome - let us know your thoughts and experiences!
#GlobalExpansion #InternationalBusiness #EliteBusinessLive #BusinessGrowth #MarketResearch #CulturalAwareness
Key Learnings:
⭐️ Understanding Cultural Differences: Alison Edgar emphasises the importance of researching cultural norms and localising your products and services for new markets. She cites McDonald's as an example of successful localisation, adapting its menu to suit regional tastes while maintaining its core offerings.
⭐️ Avoiding Reputational Mistakes: Learn from the example of Microsoft's costly error due to a lack of cultural awareness in their advertising campaign. Alison highlights the significance of thorough and culturally sensitive planning to avoid such pitfalls.
⭐️ Conducting Sufficient Market Research: Alison stresses the need for extensive market research, including surveys and site visits, before expanding abroad. She advises setting realistic targets, as breaking even in a new market can take up to five years.
⭐️ Building Local Partnerships: Establishing strong local partnerships is crucial for a smooth transition into new markets. Alison encourages businesses to collaborate with local firms and vendors, integrating their knowledge and networks to support international expansion.
⭐️ Comprehensive Planning and Consistent Execution: Successful internationalisation requires a well-thought-out strategy, consistent efforts, and convincing stakeholders within the business. Alison underscores the importance of analysis and research as critical components of this process.
Don't miss out on these expert tips and actionable advice for navigating the challenges of global expansion. Watch the full session to gain valuable insights and learn how to master the art of international growth for your business.
🔔 Subscribe for more insights and updates from Elite Business Live.
👍 Like and Share this video if you found it helpful.
📥 Comments are welcome - let us know your thoughts and experiences!
#GlobalExpansion #InternationalBusiness #EliteBusinessLive #BusinessGrowth #MarketResearch #CulturalAwareness
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