How to Build the Global Presence for your Brand
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Entrepreneurs have big dreams. They aren’t restricted to boundaries. So it’s but natural, that they take it quite literally. While most start-ups start small and figure out their own target audience, the aim is never to stick to the same area but to grow their businesses fast and impact many more lives.
So, for start-up founders the saying is true – go big or go home. Indian entrepreneurs too have started their own journey of going big. Having established their big successes at home, Indian start-ups are now crossing boundaries and wandering into exciting adventures in unknown territories – that is, they are going global.
Indian entrepreneurs are racing past hurdles and are growing their businesses. Multiple Indian start-ups have market their presence in international markets. From Zomato to Ola to recently, Oyo start-ups have entered global markets and are determined to make their mark there.
Prove Your Business Model First
Spreading your wings on international skies, however, is not an easy task. One can’t start up today and then immediately after announce an expansion overseas. The first step is to test waters in familiar territory and prove your business model. Having said that, it is also important to know how customers perceive or understand your business. Their reactions and responses will further help you tweak your product for the better.
Having proved your mettle in familiar territories and with revenues flowing in, one can think about going global.
Understand the Market You are Entering
Market research is one of the most important things while preparing for a global entry. Entering bigger markets, ones that you aren’t familiar with, it’s important to do a proper study and understand the needs of the market. By carrying out surveys and studies of the target audience, entrepreneurs can try and gauge the view of the market they are entering.
But it’s not just that. An important hurdle while entering a foreign market is the rules and regulations that come with the country. You have to have your legal team work on the laws of the land and ensure that you are adhering to all of them. Your brand should be protected in the new market you are entering.
Make Your Brand Stand Out
Identify the uniqueness of your brand and sell that in the foreign market. It’s crucial to study your competition and know what makes your product different from them – what more are you offering the users.
Want to Know More? Head to Entrepreneur Show 2018!
Hear from the horse’s mouth! Ritesh Agarwal, founder, Oyo . Oyo has said Ni Hao to China! The hospitality startup has launched its services in Shenzhen, China and has already opened eight hotels. This is Oyo’s second international venture after Dubai. Know how Agarwal did it, only at Entrepreneur Show 2018!
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