You might be planning to expand your business to other countries in the world but you may be facing a problem in making policies on how to leverage foreign clients.
It is a very obvious problem that most of the firm face and let me tell you that you are not alone who is facing this problem.
Why should you consider expanding to foreign lands?
- High demand for your service/product overseas.
- Increasing your revenue.
- Have a better business environment overseas.
- More commendation for you and your company.
Here is a small list of strategies that you may follow that may help you to acquire clients overseas.
Hire a translator
If you are planning to expand your company to other countries then it is very important for you to hire a translator. You need a translator to avoid communication problems while signing agreements with other countries. And even after setting your business abroad, you need a translator for reaching your clients there.
Suppose you are planning to open a branch in Spain and you don’t know Spanish. We know that the people of Spain face difficulty in speaking and understanding Spanish. So in such a case, it is very important to hire a translator so that you face no difficulty in communication.
Try to reach Neighboring countries
Suppose your company is a US-based company and you are planning to go International. It will be easier for you to expand your branches to Mexico and Canada rather than expanding to Asian countries.
Why is it so?
- Reduces cost in promoting your service in neighboring countries. Especially the transportation cost.
- Helps in communication with your clients because of no time difference.
- Easier to reach your targeted audience due to geographical advantage.
So with so many advantages, it is recommended that during the early stages of expansion of your Brand try to first reach audiences of neighboring countries.
Try to attend International events or conferences
Attending International events, conferences and exhibitions is a great way to interact with international clients. Often you will see your targeted audience in such events. You could reach out to these prospects through your voice.
In such events, you get a chance to get in contact with other company’s CEOs or your targeted audience. Keep in mind that these events should have some link with your own industries and you should make prior contact with the high-profile personalities through emails so as to make a good impression.
Acquire customers from countries you already have connections with
If you are trying to reach foreign customers then you may take the help of your existing connections abroad. You may take help from friends who have businesses abroad or if you have any previous clients who have offices abroad then you may take help from them to acquire foreign customers.
Collaborate with other countries’ big names
Collaborating with other countries’ big companies help you to gain a lot of clients overseas.
Once you make the collaboration successful you can eliminate the market competition that would have existed if there had been no collaboration. Now you can optimize the scarce resources in your production and generate a greater profit margin.
With collaboration, your company gets recognition through your collaborating company, which makes it a lot easier task for you to get to the audience with your product, thus helping you to generate many new clients overseas. Also, with collaboration, you are building the relationship between you and other big names in the industry strong.
Always try to collaborate with top MNCs in other countries, as it will get you wider recognition, helping you get more clients.
For Example: Microsoft, an American software company recently collaborated with Reliance Jio, an Indian telecommunication company for the project ‘Digital India’.
Proper research about international markets
Before you choose your international destination for your business, proper analysis of the market is required. You need proper research of the market where you are opening your factory.
The factors that are required to to be analyzed are,
- Your competitors.
- Capital Needed.
- Number of Customers.
Knowing about your overseas competition is very much required to start doing business there. If you see that your competition is too much then it will be a wiser decision not to choose that destination for your business as you may not get enough customers there. Also, you need to check how many customers will be interested in the service you will be providing.
If you see that you have a booming market abroad then you should invest in that country. Finally, you must take care of the investment. You need a large investment in opening your business abroad especially in manufacturing and promoting your product.
Try to comprehend the choice and demand pattern of your overseas customers
Clients are the biggest asset of any company because without them you are nothing. So as the head of the company, you should take the utmost care of your clients. The logic remains the same even if you set your business overseas.
To set up your business abroad you should know the taste and preference of your prospects. You have to keep them satisfied with your services. This will help your prospects become your actual clients in the future.
Knowing the time differences while promoting
This is a problem many companies initially face while setting up businesses abroad.
Suppose you are a US firm based in New York planning to start your business in India. You know that the time difference between New York and India is 9.5 hrs. So, while speaking to customers inquiries or setting up online business meetings in India you need to keep the time difference in mind.
You have to keep flexible working hours so that you can provide good customer service to your overseas customers. To do this you can hire employees who will provide services to these people. If you can achieve this, then it will help you in gaining a lot more customers from Abroad.
For Example: Walmart.inc an American retail business that has networks and markets all over the world. It provides special customer support to its worldwide customers.
Show your loyalty to your customers abroad
This is a very important point to look into. We know how ‘trust’ plays an important role in acquiring customers. So you need to be very loyal to your overseas customers in order to maintain their trust in you. This will help you to generate many leads overseas.
You need to provide them with excellent service and try to help them out with any problem they face. Sometimes, international transactions and communication between one another become very difficult.
You know how offers can attract customers. The same logic goes for acquiring foreign customers as well. If you provide cool and exciting deals and provide giveaways on purchases then it will surely attract many customers.
This policy/strategy is adopted by many companies to attract customers. It remains as one of the main weapons for companies to attract customers.
For Example: Amazon, an American company that has businesses in India, provides various offers on various occasions to the people there. They have a large number of Indian customers.
Frequently Asked Questions about to Get Customers from Abroad
For eliminating communication problems you should hire a translator.
To leverage foreign customers you can try giving out cool merchandise, free gifts on the purchase, giveaways, and cash backs and other special offers like ‘buy one get one’.
Yes, if you promote your services and products through foreign influencers then there is a high chance that you will acquire many more overseas customers.
With globalization being practiced all over the globe and almost every country in the world is welcoming foreign companies to do business with them, setting up your business abroad has never been easier than this.
Every company that is planning to go expand its business to other parts of the world should do it now. The above strategies are the primary policy that every company should follow to leverage customers.
Business activities are not the same everywhere. So according to the policies in different countries, companies should formulate their plans to acquire customers.