Growth and expansion are essential for a business owner to stay successful in a competitive market. This is true for growing companies as well as for established franchises. Global franchising is an opportunity to reach new markets, create an instantly recognizable worldwide brand, and be a trusted leader in your industry.
Effective marketing strategies reach new audiences so they can learn about your company’s unique voice, allowing them to experience your passion and share your vision. This equates to more customers enjoying your products or services and building worldwide brand loyalty.
Follow the steps below to create a brand that is recognizable worldwide. The tips we’ve provided can help whether you have an established franchise, are looking to expand globally into new markets, or are part of a growing company ready to expand into franchising.
What is Global Franchising?
Global franchising is the expansion of franchises into new, international markets. It is complex and requires a different approach than expanding more locally.
It’s important to understand the culture of your new market, as well as the consumer behaviors of your target demographic. Consumer behaviors can vary from region to region and may require different marketing strategies for different geographic areas. What works for one market may not work for another. Research, therefore, is critical.
Additionally, new markets require new networks. Franchising globally requires an understanding of your international audience and access to a network of resources in these new regions. Access to established partnerships will ensure a more successful transition to the global market.
Why Expand Globally?
Global expansion is an opportunity to innovate as well as increase profit margins. With new markets, your company can expand the life of your product or services by serving new customers and tapping into new markets. If your product experiences a gap in sales due to market fluctuations such as demand cycles or seasonal changes, new markets can help close the gap and mitigate profit loss. Expanding into new markets reduces a company’s dependency on regional consumer behavior.
Taking your company to a foreign market can also expand your talent pool. New cultures with different needs or perspectives can help unlock new ideas as your company strives to understand a new audience and offer something new. Opening international franchises will also create opportunities to hire locally, giving your company access to larger pools of talent with their unique expertise and fresh ideas.
Tips for Building a Global Brand
Identify Key Markets
Taking your brand worldwide requires an understanding of different foreign markets and selecting the best markets of opportunity for foreign expansion. To expand globally, your company must identify which markets are crucial and should be your new target market. Which geographic regions’ trends in consumer behavior align best with your product or service? Is there existing infrastructure already equipped to handle the production and distribution of your products? Consider resource supply, cost efficiency, market size, and any legal regulations that may affect production.
Effective expansion begins with target markets best suited for your goods or services then builds on the franchise’s success to move forward with additional foreign markets.
Research International Consumer Behavior
Once you have identified your key markets, research consumer behavior in these international markets. Customers tend to respond better to brands they identify with and that meet their individual needs. This varies depending on region, so it’s essential to research consumer preferences. What brands are already successful in this new market? What messaging do consumers best respond to? These insights will help you create relatable messaging that is effective abroad, inspiring customers to engage with your brand.
Plan for Website Localization
This must start from the beginning. Your website is the landing page for your brand, and it’s important to make an excellent first impression. That initial take depends on design, layout, optimization, and whether it’s adapted to foreign markets.
Consider translation differences, multiple languages, and using Unicode for your website to display different languages and characters correctly. Make sure to also set up billing and payment systems for international customers. The easier a website is to navigate, with the appropriate payment tools in place, the more likely your site will increase conversions and grow revenue.
Diversify Products
Product diversification is vital in reaching different target markets. Since consumer preferences are only sometimes universal, expand your offerings to create a customized experience for each market. Though your franchise may offer standard products across all markets, consider introducing new products or services that cater specifically to different markets. Expanding outside your niche market can attract new customers and increase alternative consumer demographics.
Focus on Worldwide Marketing Strategies
Taking your brand worldwide can provide unique challenges for brands expanding their franchise globally. Different markets respond differently to distinctive types of marketing. How does your business reach these differing international markets without compromising its brand? Though it’s important to offer relevant messages and diversified products, staying true to your brand voice is equally important. Consistent branding is essential across local and international markets. Your brand values should not change from market to market, even if your strategies differ.
Work with branding experts with a vast knowledge of local and global marketing, as well as established partnerships in your target foreign market. Successful international market entry largely depends on networking, partnerships, and well-established resources in your foreign market.
InnoVision Global Marketing provides tailored and innovative strategies to help you successfully launch your worldwide brand. We are a full-service marketing agency with a network of resources and partnerships. Access international markets without compromising your brand identity. Work closely with our team of experts for custom strategies designed with your unique goals in mind!
