Despite the global recession, there are still many countries that have booming economies and are growing rapidly.
If you want to grow your business, you’ve got no choice but to expand to new markets. But how exactly do you reach these untapped markets for your company?
This guide will share some quick business tips on how to expand your business to take advantage of emerging economies. This has to be a crucial part of your business strategy.
Here’s what you must know:
Choose a PIM Solution
Your first step is to choose the best PIM solution for your eCommerce products. This will help you organize your products across various distribution channels. It also helps you promote your content across multiple platforms.
Once you’ve chosen your PIM solution, you’ll have an easier time making your products accessible to different markets. The next step is to seek out which particular markets are suited for your business.
Look at Demographics
To find your untapped market, you’ve got to look at demographics and their interests.
Let’s say you sell products for the elderly. You’ll want to look at markets that have an aging population. These can include countries such as Serbia, Bulgaria, and Greece.
But what if you sell baby products? You may want to reach out to countries with higher birth rates. This could include India and Nigeria.
You also want to look at interests and cultural likes and dislikes. This is something you must strongly consider. You can ruin your entire company’s reputation if you promote a product or idea that doesn’t have a cultural fit in another country!
Localize Your Content
The final step is to always localize your content to reach untapped markets. Even if you create English-language content and English is widely understood, you’ll reach an audience better if you market in their language.
For example, Aldi is a popular German supermarket. But it localizes to suit the local culture.
An Aldi in England or the United States will read “Welcome to Aldi” whereas an Aldi in Serbia will read “Dobrodošli u Aldi.”
Make sure you also translate your content to a local script. For example, both English and Serbian can be read in the Latin script. But Cyrillic is the native script for Serbian. Using this alphabet will resonate with your new target market.
If you have video commercials, make sure you subtitle and dub them as well. You want to seem like a local brand even if you’re an international one.
Reach These Untapped Markets
Now you know how to reach untapped markets to grow your business.
Your first step is to use a PIM solution. This will help you organize your products through your eCommerce store. It’s one of the easiest ways to improve your distribution.
The next step is to study the demographics. This will help you understand the cultural differences to cater to. It also helps you understand where your products will work best.
The final step is to localize your content to suit the new market. If you need even more business tips, you’ll find them on our website!