How to scale a startup globally?
Scaling up a business is any deliberate increase and expansion of the boundaries of a startup’s activities to increase profits. In simple terms, scaling a startup is when production capacity, space, number of outlets, and employees, as well as sales and profits, increase.
In scaling, the company grows while simultaneously solving all kinds of issues - it is necessary to cope with the increased workload, attract and train additional staff, reduce costs, optimize the sales system, strengthen the brand, and enter new markets. However, it is not an easy task to enter a new market, especially when your startup is scaling internationally.
In this article, we are going to give you several essential aspects that are worth considering while scaling up your startup globally and reaching new, international markets.
Research the market and target audience
The first thing that is worth paying attention to is the boring but crucially important aspect of researching - researching the market your startup is going to enter. Some startup owners simply underestimate this moment. But knowing the market, including your target audience, is one of the essential things that every entrepreneur should know.
While doing research and getting to know the market, you deepen your knowledge of the competitors. This aspect helps understand better what customers lack. And with the help of this information, it is getting easier to provide your target audience with what they are in need.
One more thing that makes research of the market, as well as your target audience, so valuable is the additional knowledge of what your prospective customers are looking for. Maybe, you can find something your competitors cannot provide their customers with, and you will be the exact startup that will close this gap.
So, you see that analyzing the market can be your advantage, and if you use this information in the right way, it can bring a lot of valuable fruits in return.
If your startup is trying to reach a new market, consequently, a new audience), it means that you need to consider the aspect of adaptation as well. Taking as an example the market of the United States, you know that the official language there is English, the national fiat currency is the US Dollar, etc. And it is nonsense to enter the market unprepared.
That is why it is reasonable to adapt your website, product, and service to the target audience that is located in the new market. In this case, it is mandatory to translate your site and everything related to your product/service so that people can adequately understand what they are dealing with. For instance, you have video content that should be dubbed and translated into another language, like from German to English or from Italian to English . In this case, you need to hire a video translator and an audio translator to make the work done. Or, it will be easier to use the video translation services.
Additionally, it will be a good step if your startup can offer to buy your product/service in a currency that is the most convenient in the region.
So, the logic of adaption is understandable - just make sure that your prospective customers can understand your product/service correctly and have the most convenient options to deal with it.
Local and global support
The next aspect that should be thoughtfully considered is the availability to communicate with the customers and be able to get feedback. To reach these goals, it is required to have a support team or a team of communicative managers that will be able to hold a conversation in the most convenient language for the customer, like Ukrainian , Spanish , or French .
It would also be great if you could provide the opportunity to reach the representatives of your startup via phone or personally. By the last option, we mean that the local office is a great idea. Your customers can easily reach it and share with you their thoughts about your product/service in detail. And consequently, you will have a complete puzzle of how you can improve your product/service and give your customers what they indeed need.
Localization in details
We have already touched on the topic of adaptation, and one of its crucial aspects is localization. In general, localization means the translation of every single piece related to your startup. However, many entrepreneurs do not invest much time in details. They translate the general information, but details remain untouchable.
So, your essential goal in this regard is to put enough effort into making localization close to perfection. And bear in mind that details always matter. So, if you have translated the text on your website, for example, from Polish to Ukrainian, you need to be sure that the text on the pictures posted on your site is translated as well. Furthermore, it is necessary to make the translation properly. The worst idea that can come to your mind is to translate your content word-by-word without considering the cultural subtleties.
Time zone difference
While scaling your startup internationally, it is inevitable to face the problem of the time zone difference. And it is the normal order of things that some of your customers are located on the other side of the world, and others - somewhere else.
That is why you need to be sure that your startup (your product or service) is available for the customers around the clock and independently from their location. And the digital approach to doing business can help you reach this goal so easily.
Cultural and traditional aspects
And finally, it is pretty understandable that citizens of different counties have their own cultures, traditions, and special events. For instance, your startup company has created a collection of wear dedicated to the national event Día de Los Muertos (Day of the Dead) in Spain. This collection will be extremely popular with the citizens of this country. But the citizens of China, for example, will not appreciate this collection to what you expect.
So, you need to carefully develop the strategy to make sure that your ideas will be realized and implemented properly and be sure that these ideas are relevant to the people from the region you are working in.
To summarize everything, you need to understand that these six aspects should be considered and analyzed first before you are going to initiate the process of scaling your startup globally and going to conquer new markets with new customers. And if you do everything correctly and in the right way, your efforts will undoubtfully bring their fruits and help you reach success in your business and make it prosperous.