By | Henry Mcdowell
Stepping onto an international path is a very serious move for any business owner. While there’s a lot of opportunities in the global arena, there are always numerous risks. Yet, it is always important to consider not only the potential downsides or benefits but also consider what kind of opportunities there are in great detail. If you launch a business in another country following a trend popular there at the time, you will certainly find yourself on top of the game.
Top 10 Trends in International Business
There’s always something trending in business. It can be certain specific products, services, customer experience approach, or a marketing technique. Knowing what is about to be trendy or only starts getting into the trend is a very important skill that every international entrepreneur must possess. And it is important to know not only the global trends but also certain trends specific to the country you wish to target with your business. The following list will provide you some of the trends going around the whole world.
- While globalization is an obvious element of any international business, it is still a thing and is still trendy. In the context of multinational business, globalization assumes an interconnectedness between companies at all levels, from suppliers to distributors, all around the world. If you, for instance, launch a business in Southern Asia, you will have to look for your business partners there, compromise with them and do your best for your partnership to be as beneficial as possible.
- This is the trend that takes a technological perspective on globalization described above. Today, people around the world are in touch with each other as they have never been before. As such, more than half of the world’s population has access to the internet and means of communication, which largely accelerates all business processes and increases the strength of shifts in the business.
- Supply chain shifts. Not only are people connected virtually, but the physical connections also grow closer and stronger every day. In case if global shipping was a kind of a cool and innovative thing for a company just a decade or two ago, today, it is a normal thing. You have to study all possible variations in your connections in order to establish the most reasonable and beneficial chain between supply, production, and distribution.
- Virtual workforce rise. With stronger connections and the need for more specialists with higher qualifications, more and more businesses tend to rely on outsourcing for lots of work. As such, some of the most demanded and well-paid jobs are done by freelancers. This way, the companies do not need to pay a full-time salary to a person who will have to work actively only for a certain period. These unnecessary costs can be invested in other aspects of business development instead.
- Corporate social responsibility. The 21st century is the age of wide awareness, hence, supporting the trend of proper and humane treatment of other people is a must for most businesses today. This concerns not only the essentially adequate working conditions for all your employees, such as having bathrooms or lunch breaks. This means that your business is ready to create additional jobs for the countries that have high unemployment rates or participate in charity.
- Emergence and rise of an eco-friendly business. Not only a humane treatment of other people is extremely trendy today, but also is a similar treatment of our planet overall. Whenever you consider, for instance, to start your production, think twice what resources you will use, what materials you will put into your products, and what consequences your products will have for Earth on a global scale. This trend is especially popular in Europe and Scandinavian countries, so to start a business there, you must take the environment into account.
- Whenever going international, translating any content you have to offer is not enough anymore. Localization services are highly popular today and some of the best translation agencies strongly recommend choosing localization over mere translation. In order to appeal to the potential target audience in the country you have chosen to launch your business, you have to adjust the content of your advertisement or website, to the cultural specifics of that country. You can use slang, cast local celebrities, insert pop culture reference, and do anything so that your product and its presentation would be recognizable and relatable to the locals.
- Demographic shifts. As you go international, you might find that your target audience in different countries varies in age, occupation, and overall material status. For instance, in some countries, younger generations may be more financially stable than older people and vice versa. You have to consider all such combinations before going global.
- Increased competition. While you might have learned about business from handbooks, the reality will most likely be much tougher than that. Even if you have earned your degree or MBA only a few years ago, you might come across much fiercer competition when aiming for another country, so keep that in mind.
- Growth of personalized marketing. The population grows everywhere, and so do the varieties of customer needs. This in turn influences the approach to the customer base. As people grow more and more aware and literate regarding business and marketing, it becomes harder and harder to engage them. You will have to define very individual approaches to every customer group you will have, which will include the involvement of additional resources, effort, and costs.
The World is Spinning Fast, and So Must You
Global business changes every day at an enormously rapid pace. Trends today are as dynamic as they never were before and they set this pace. The most important thing that you must consider when going to the international arena is that changes are imminent and very fast. While you have to learn about new trends and follow them, you must always have a plan B, just in case if the trends change the next day.
Henry is primarily interested in current trends in work, education, travel, and modern lifestyle. Every post that he creates contains information that you will find useful, from choosing the best freelance career to picking the translation agency specifically for your needs. Follow Henry on his path and always stay in touch with this modern fast-paced world!