Do you start your day with a mobile app? Mobile apps have become an integral part of our daily lives as most of us start our day with a mobile app. Read More
Research Widely on Potential Markets
When taking your business international, it is very important that you conduct a thorough research on your potential market. A product/service targeted at the wrong type of customer could be a nightmare for you.
Start with realizing why your product or service is needed, focusing on what problem it can solve. Research about who your target market is, their average age group, gender and maybe income group too. What are the characteristics of your target market, how do they shop? Do they like to visit the market in person or are they more comfortable shopping online?
When taking your business international, it is very important that you first develop contacts in the foreign country. These contacts range from people who would help you distribute your products to people who are going to sell your products. You also need to get in contact with vendors for raw material in case you need to setup a production line in the foreign country.
Understand Regional Laws
Get in touch with government and authorities to make yourself aware of the regional laws for conducting business in the country. Countries may have different policies for the sale of goods that may be allowed in other countries. Tax, intellectual property and other corporate laws may not work in your favor, so you need to be well aware of all this before you can go ahead and conduct business.
Develop a Solid Business Plan
Each market has its own particular boundaries because of social, administrative, and economic situations. It is imperative to build up a standard procedure and marketable strategy that fulfills the requirement of the market while staying incorporated with the essence of your brand.
- Define short-term, medium-term and long-term strategies.
- Set measureable targets to measure progress and cost/benefits.
- Decide whether to set up a separate office, franchise or e-commerce/m-commerce platform if the business is to be conducted online or are you simply going to be exporting the goods.
- Decide the annual budget
Spread Brand Awareness
When tapping into the international market it is very important to create brand awareness. It is not necessary that the new market you are tapping into would already be aware of your brand and products.
You are facing the global market, so you have to be careful with the message you send out there as what may appear charming in the U.S. may mean something offensive in another region. Your message should be in perfect alignment with the cultural values of the region.
When deciding to tap into an international market, you must realize that it’s not going to be easy. The process could be time taking and difficult but it is very important that you do not lose hope.
Be sure to take help from all the platforms available to you, try and create a difference in your business from your competitors in the new country. The difference could be as small as having a mobile app for your business.
There are innumerable approaches to be distinctive in your business, from minimal to extensive. The amount of difference required totally depends upon your business and the amount of competition. Look for your competition and discover what they are doing. Figure out a typical pattern that everyone is by all accounts following, and go the exact opposite way. Being different is the need for every new business today. You wouldn’t want your business to lose its identity in the overcrowded marketplace. Here are a few suggestions to create a difference and help your business grow.
- Specify your target market – By specializing in a specific customer niche, you can focus on the skills or services that uniquely benefit that customer. Being the best to provide a solution to their unique situation enables you to maximize revenue and build stronger customer relationships.
- Put your effort to improve the customer service – Make sure to provide the best experience to your customers. Make your customers feel like they are the most important entities in this world. Provide them with quality service from ordering your product to delivering it. Leave an impression on their hearts and their minds.
- Find a solution to your customer’s problem – Discover what basic issues your customers have and be the best at comprehending them. Make your answer’s turnkey so you can tackle their issues quickly and with better outcomes. For instance, your clients should need to shop from the solace of their homes hence get a mobile application for your business or maybe an E-commerce platform.
With the benefits being ultimately customer oriented, technology is enabling businesses to become better equipped in the modern economies of the world. The progression of technology will allow organizations to become cost-effective, visible and improve the delivery of products.
The advantages of technology are numerous and beneficial, therefore, the future role of technology in the economy could play an influential role. According to Statista, the number of smartphone users is forecasted to grow to around 2.5 billion in 2019, with smartphone penetration rates increasing as well. Just over 36 percent of the world’s population is projected to use a smartphone by 2018.
How good is a business if no one knows about it? Every entrepreneur knows it exceptionally well that the message of their business should be conveyed to their target market at any cost. Unless you’re the owner of a very well-known brand.Read More
Since women form 48.76% of the total population of Pakistan, have you ever imagined what the economy of Pakistan would be if the women were able to add to the economy as much as men do? (Samaa TV, 2017) We are all well aware that in Pakistan, women entrepreneurs do not enjoy the same opportunities as men.
Although the women in Pakistan are slowly getting into starting their own ventures and adding to the economy this does not come without problems. Women are the ones to manage their homes as well.
Ever thought of a female having to go through the hectic exercise of starting up a venture all alone? It’s a nightmare for the ladies due to a number of discriminatory socio-cultural values and traditions.
Women have too many duties on their hands like managing the house and taking care of the family. The only option they’re left with is to run their own business from home.
Recently, Pakistan has been able to witness quite a few successful female entrepreneurs like Sabeen Mahmud (late), Sana and Safinaz and many more. (Sumaenah Rizvi, Parhlo, 2015). This has provided females and their families the courage to think about setting up their own small businesses.
What’s needed in the society is a platform that enables women to run their business successfully from the comfort of their homes while they also manage the daily duties of their families.
How many female entrepreneurs do you think start businesses with sufficient amount of capital to get their own websites and mobile apps to sell their products? Not many, right? Every new venture is short on capital.
Ever thought of a platform that would provide a custom mobile app for the businesses at a very nominal price? A platform that can help showcasing your talent in front of the entire world and can enable Mobile Commerce.
Imagine empowering women by providing them with an app that can enable them to run their new venture from the comfort of their home without being left behind in the race of business technology. It’s a dream too good to be true, right? This is where EveryCatalog a product of CODE Informatics comes in.Read More
In the last few years the entrepreneurial culture in Pakistan has been on the rise. The interesting thing is that the trend of rising entrepreneurship continues despite the growing political challenges and unstable business culture.
The government is playing it’s part in the promotion of startup culture in Pakistan, they have recently launched a program to provide loan to young entrepreneurs of age group 21-45 years at the rate of 8 percent markup per annum, for 100,000 beneficiaries (SMEDA, 2018).
With the rapid improvements in technology it is the need of every new and old business to cope up with the technological trends in Pakistan. Like every large business, you too must have dreamed of having a mobile app for your business, didn’t you? Looking at the current trends you’ve wanted to take your business into e-commerce as well, right?
The problem with Pakistan’s startup culture is the lack of funds available. Though the government has introduced programs but young entrepreneurs still struggle when it comes to financing their ventures getting their businesses online is a thought of the future.Read More
Analytics is one term we increasingly hear on an everyday basis. Although the term has been around for the past three centuries, many of you would be surprised to know that it originates from the fields of mathematics and statistics.
Analytics has now re-emerged with the development of the big data revolution which has manifested itself over the course of last decade.
It has now re-emerged with the development of the big data revolution which has revealed itself over the course of last decade. With concepts like Big data, every company wants to make the best use of the information it gets through its online existence, and therefore Analytics play an essential role in this decision-making process.
Big Data and the Internet have revolutionized the world. Every two days, there is just as much information created across the globe as there was from the dawn of civilization until the year 2003.
The massive growth of data in combination with cheaper and smarter storage is acting as the powerful, valuable engine in the industry. This reflects that today it is possible to not only extract insights from consumer/buyer behavior but also program machines and computers to gain extreme productivity gains based on this data. This is the primary driving factor for more innovative analytics in every business application.
New competencies in collecting, processing and analyzing significant amounts of data reshaped analytics from a traditional phenomenon into a disruptive technology that is changing the world today.
Analytics play an essential role in harnessing this data to identify and create new opportunities for companies. This results in more operational business moves, efficient operations, higher profits and more satisfied customer.
We have heard the term” Customer Is King”, and analytics help us align our objectives to those demanded by our clients.
Tom Davenport’s report on Big Data in Big Companies, highlighted three key benefits of big data.
- Cost reduction. Easy identification of new business opportunities. Less investment in research and development.
- Faster, better decision making. Immediate access and analysis of information.
- New products and services. Ability to measure customer needs and satisfaction allows business to provide customers what they want when they want.
Analytics is thus an essential component of any website, application or social media platform.Companies should now invest in resources to incorporate analytics into their online platforms to analyze customer behavior and understand what customers want.
Happy Customers guarantees successful business!
Mobile commerce has become the key focus of most marketers and brands are spending more time improving the in-app experience for the customer. According to a survey by netmera.com, smartphone’s share of mobile commerce transactions accounts now for 60% of all mobile transactions in US alone. The key goal of most retailers with their mobile commerce solution is to increase the conversion rate of consumers buying theRead More