Globalization is an inevitable process which every company must embrace at some point in order to grow beyond borders as the world’s activities become highly intertwined. This is especially true in the digital age with rapid interaction and integration on social, cultural and economic activities where information and trade exchanges happened at split second. The Covid-19 pandemic proves how closely interconnected countries are, hence the rising dependency for digital technology during this pandemic has taken globalization process at an unprecedented rate giving rise to the urgent need for digitisation and innovation in business operation, products and services.
Globalization = Internationalization + Localization
Any company aspires to go global should embark in internationalization and localization of its products and services. The formula to successful cross-border expansion involves building a cohesive strategy and robust sales & marketing effort. Launching your business in market such as Asia and Middle East requires careful planning. Before entering into a new market it is important to understand the business environment and cultural differences. The strategy must adapt to this new market as entering into a new market can be tricky. It is also important to understand your target market well and follow through guided implementation and processes.
Bridging culture and forging relationship through internationalization.
Internationalization is a process of cross-border economic expansion to increase your company’s footprint and capture international market share by making your products and services available to the foreign market.
The process of internationalization involves corporate strategy and expert assistance.
We provide individual and customized support to SME in their internationalization projects and follow some best practices recommended by the European Commission guide for European business support organization to help European SMEs in their internationalization effort.
Localization helps the products adapt to the new market. The extend of localization depends on variety of factors such as culture, religion, language, history, and insight to the new target market. The elements of localization should be taken into consideration when preparing corporate strategy for internationalization. They include localizing your operation, brand and product advertising, marketing to entice local audience, and having a trusted local partner to ensure your success can be replicated in the new territory. It is important that the product delivers its value preposition and adaptable to its new market preferences and capture local’s heart.