How to Take Your Business Global
In this video, CEO Mark Miller discusses why businesses going global need to understand the markets they are planning to enter, and why paying attention to your customers’ needs is critical.
For your convenience, a transcript of the video is provided below:
I think you really need to understand the markets you are moving into. You can’t assume that they work the same way they do at home.
It can be quite a bit different, and trying to have the customer adjust to your products is not necessarily the way to go. Your products need to clearly work well for those customers, so really spend the time to study and understand those customers before jumping into those markets.
Also make sure that the market is big enough before you decide to enter it. If the market is small and there isn’t really an opportunity to build a good business in it, getting one customer there isn’t going to do much for you.
You really need to understand whether you want to get into those markets before making that leap, rather than being drawn in by one customer that is offering you a large contract. Long-term is what matters, and that market needs to make sense for you.
What I really believe is, don’t have global products unless you absolutely think it is the right thing to do. You can focus in on a departmental system or a particular area of a customer’s business that you can replicate across the world. That there’s very similar needs—that’s really critical. But if that is not the case, try to have local products that work within specific markets or countries, and make sure you have people out there that really understand the customers’ needs.
I think that’s a really good basis to build a business from and to continue to grow and generate organic growth.