Apologies if this question has been answered earlier as I couldn't see any.
Wanted to check how can a newly launched Integrated Digital Marketing Platform be expanded/ marketed Globally. The challenges I see it as below:
The possible solutions, I see as:
What is your thought? Any advise or suggestions? Really appreciate answers.
Thanks in advance.
Expanding into the global market is never going to be a walk in the park. As important as it is, reaching out to the international market is one of the most chaotic things for a company to go through.
With today’s highly competitive business environment, global expansion is becoming a vital piece of an organization’s growth strategy.Businesses use several tactics to achieve their global expansion plans, including exporting goods, forming strategic partnerships.
Exporting goods from a corporation's home country to other nations can be a solid starting point for global expansion. Exporting allows companies to introduce their brands and products to foreign markets with minimal or no direct investment in each country.
Gain a strong competitive advantage by creating a supporting ecosystem of complimentary products and services, which can come via third-party relationships. These relationships can support the scaling of the organization while minimizing the financial risk.
Adopt a Clear Product Strategy
Reinvest Revenue Gains
Once you have a marketplace where the sales of your product are thriving and have low competition, you will be able to attain a lot of extra revenue. Reinvest the excess revenue into developing your product domestically and make progress. This will be a good way for your company to avoid any outside sources for your capital needs and greatly benefit your equity. This helps when there is a lack of funding and lending is not an option.
Be Proactive, Not Reactive
Global expansion is a big token for any company’s business plan. It is a long-term plan when you are entering a foreign marketplace. Therefore, your approach to global expansion should be proactive and not reactive. Patiently conduct all your research and get all your team up to speed, making sure that they are aligned with this long-term plan and that your expansion strategy is being accommodated in your business’ overall strategy.
A VC will not fund technology globalization unless it has proved its efficacy with local traction and has a team that can globalize. You need to focus on your #4 solution. Ad-tech and mar-tech are both so crowded, you must be very successful to attract funding for even a localized solution.
Definitely go down the path of a VC or Angel Investor. They are sure to have relaven contacts or have worked with individuals who can benifit you on expansion. They will also reduce the burden of capital.