The world is going global, and it isn’t going back. Expanding to international marketplaces is essential for modern companies. Doing so helps them reach a wider audience, increases their impact, and boosts their reputation as an industry leader.
Here, we’re going to talk about some business growth strategies that can help you succeed in 2023. Read on to stay competitive and make the most out of your future business endeavours.
1. Data-Driven Growth
Data analytics is the first step toward any successful expansion. You can invest in business intelligence solutions to track:
- Changes in your local market
- Changes in the global market
- What nations your market is big in (to prioritise for expansion)
- Technologies that are making the market shift (AI, machine learning, new applications)
- Supply and demand
- Changing consumer demands
- Newly-emerging consumer values
- Push and pull factors for a business
Introducing data analytics specialists to your team can make you grow by at least 30% in just 5 years. This will give you the chance to expand after evaluating data, predicting useful projects, and determining necessary expenditures.
2. Market Expansion
Market expansion is simply the act of expanding your business into new markets. This doesn’t need to be immediate international expansion. You can expand simply by offering new products and services that data identifies as relevant in 2023.
For example, if your company offers website analytics and search engine optimisation services, you can add pay-per-click marketing services to your repertoire, too. This will get your brand name in front of new online audiences so that you can extend your reach.
Market expansion is especially necessary for oversaturated industries. If there’s too much competition, you’ll have no room to grow. Finding a new way to reach your target audience- and getting an even broader range of target consumers- can keep you relevant.
Globalisation is also a top company growth strategy because it gets you in with markets you haven’t even learned of yet. Expanding to international markets gives you more opportunities to find clients and build business connections.
It’s also easier than ever before! Remote work is becoming the new norm, and employees can work from anywhere in the world. This means that you can hire people abroad to connect with others in the international marketplace.
You won’t be limited to hiring those solely on your home turf. You’ll get a more diverse range of ideas and experts that know about their local marketplaces. This will give you the chance to communicate with more people abroad and position yourself as a brand leader.
4. Product Development
No business can succeed without high-quality products. Product development is essential for those looking to expand.
This means that you’ll need to create new products to add to what you have to offer. It also means that you’ll need to tweak what you’re already selling to make it more appealing to modern audiences.
Product development is therefore really diverse. It might mean more innovation and 100% new advances. It also just might mean updating some features on items already in your product line.
This will stop you from becoming outdated and keep you competitive.
Diversifying your product line is also important. Product diversification strategies mean reimagining your company holistically. You’ll need to add totally new products (and groups of products) to bring in a more diverse range of consumers.
This is especially important for those expanding internationally. Those in other areas of the world will face different challenges and have unique goals intrinsic to their own marketplace. Consumers in one area may have different pain points than those in another.
Make sure that you do your research and consult with people in the location you’re expanding to. Product diversification is inherently risky, so you need concrete evidence that you’re making a great choice. This will usually tie back into data analysis so you can make informed choices.
6. Technology Integration
Modern businesses need to utilise up-to-date technologies to remain competitive within their industry. If you fail to automate or integrate 2023’s top applications, you’re going to be inefficient. This will not only drive away employees looking for competitive work; it will also inhibit you from giving your customers the experience they need to be satisfied.
Some technologies to consider are:
- Widespread artificial intelligence (AI)
- Machine learning and automation
- Employee monitoring software (for remote and hybrid workers)
- Remote onboarding software
- Mobile-ready applications and platforms
Adopting these technologies will keep you ahead of the competition. You can streamline your operations, provide your team with better communication strategies, and scale a business more easily.
7. Multi-Platform Sales
Selling goods and services on multiple channels is critical for company growth. You’ll be able to reach a wider audience because different demographics are active on different social media sites. If you’re looking to target a broader group of people or want to draw in multiple demographics, this is essential.
It’s also important because people all across the world connect on social media. If you make a post from the US, people in Australia or the UK can immediately see it. Belgium-based businesses can instantly connect with those in Japan or India, which will make it easier to get their name out in these new frontiers.
Implement Top Business Growth Strategies
While going global can be challenging, it’s much easier with the right business growth strategies. Now that you have some growth hacks to boost your business in 2023, it’s time to enlist Bradford Jacobs’ experts in helping you expand.
Our team is committed to helping you attract, engage, and retain employees in many different nations across the world. We’ll help you assemble a top-notch remote team so you can broaden your horizons. Contact us to learn more about how we can help you meet your goals.