Weekly Business Insights from Top Ten Business Magazines | Week 298 | Entrepreneurship | 2

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 298 | May 26 – June 1, 2023.

How to Expand Your Business to Over 30 Markets in 5 Years — 7 Tips for Successful Growth

By Ivan Mishanin | Entrepreneur Magazine | June 2, 2023

Listen to the Extractive Summary of the Article

Localization is about more than just translating your media and product into the appropriate languages for each region. Every new market has its particular quirks and nuances, and it’s a founder’s job to make the integration as seamless as possible by immersing themselves in the culture and surrounding themselves with local experts who can help cover any blind spots your company might have.  These seven basics are a great starting point:

1. Learn the culture.  Customers want to interact with businesses that take the time to learn about their unique cultural needs and preferences, and they are much more willing to trust you when you have established roots in their country.
2. Tailor the product-market fit.  Every market has its own expectations about how your product can serve them, so a crucial part of your localization strategy should focus on meeting those unique needs for a better market fit.
3. Tackle language barriers head-on.  This is one reason why hiring locals is important whenever you enter a new market. Local managers could help you manage the hurdle with less frustration and fewer setbacks than if we had tried to deal with it alone.
4. Leverage technology for scaling, customer acquisition and performance metrics.  Limited time and resources mean startups must utilize all available tech tools for preliminary market analyses and customer segmentation. This data provides a clear picture of the most promising regional inroads and gives the most “bang for your buck” when it comes to successful expansion.
5. Offer free proof of concept and utilize it for business development.  An entrepreneur’s mantra emphasizes the need for a minimally viable product (MVP) in consumers’ hands. It enables actionable feedback and raises brand awareness, plus it helps your company focus on developing the features that matter most to your audience.  This is how Instagram got its start. 
6. Prioritize networking and building your presence in every region.  Support your expansion efforts and stay in close contact with each team while being there.  As a leader, it’s your responsibility to demonstrate commitment to connecting with potential partners and customers rather than delegating relationship-building tasks to regional subordinates.
7. Assemble cross-market teams driven to succeed.  Every team member in every region is a key part of a long-term expansion project. You can’t be everywhere at once, so you need employees who are hungry for success and just as severe and passionate about the work as you are.

2 key takeaways from the article

1. Localization is about more than just translating your media and product into the appropriate languages for each region. Every new market has its particular quirks and nuances, and it’s a founder’s job to make the integration as seamless as possible by immersing themselves in the culture and surrounding themselves with local experts who can help cover any blind spots your company might have.  
2. Seven basics to have a great starting point: learn the culture; tailor the product-market fit; tackle language barriers head-on; leverage technology for scaling, customer acquisition and performance metrics; offer free proof of concept and utilize it for business development; prioritize networking and building your presence in every region; and assemble cross-market teams driven to succeed.

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Topics:  Entrepreneurship, Internationalization