Expanding your business globally can be an exciting opportunity to reach new markets and grow your customer base. However, it also requires careful planning and execution to ensure success. Here are some key strategies to consider when expanding your business globally, along with an example of how Tixel successfully expanded to the UK.

Conduct market research

Before expanding your business globally, it’s important to conduct thorough market research to understand the demand for your product or service in your target market. This includes researching local laws and regulations, competition, cultural differences, and economic conditions. By understanding the market and adapting your product or service to meet local needs, you can increase your chances of success.

In 2019, Tixel, a ticket resale company, conducted extensive market research before expanding to the UK. They analyzed the ticketing industry in the UK and identified a gap in the market for a fair, safe, and secure ticket resale platform. By understanding the needs of the market and adapting their platform to meet those needs, Tixel was able to successfully enter the UK market.

Develop a strong brand

Developing a strong brand is essential when expanding your business globally. Your brand should be easily recognizable and resonate with customers in your target market. This includes developing a strong visual identity, creating compelling marketing materials, and providing excellent customer service.

Tixel’s strong brand played a key role in their successful expansion to the UK. They created a consistent brand identity across all their marketing channels, including social media, email campaigns, and website. They also provided excellent customer service, which helped build trust and loyalty with their customers in the UK.

Establish a local presence

Establishing a local presence is important when expanding your business globally. This includes hiring local staff, setting up a local office or storefront, and building relationships with local suppliers and partners. By establishing a local presence, you can better understand the local market and build trust with customers in your target market.

To expand to the UK, Tixel established a local office in London and hired local staff to manage their operations. They also built relationships with local suppliers and partners, which helped them navigate the local market more effectively.

Leverage technology

Leveraging technology is essential when expanding your business globally. This includes developing a strong online presence, utilizing digital marketing strategies, and using technology to streamline operations and improve efficiency.

Tixel’s innovative technology played a key role in their successful expansion to the UK. They developed a user-friendly platform that made it easy for UK customers to buy and sell tickets securely and conveniently. They also used digital marketing strategies to reach their target audience and build brand awareness in the UK market.

Build strong partnerships

Building strong partnerships is essential when expanding your business globally. This includes partnering with local suppliers and distributors, as well as building relationships with local government officials and industry associations. By building strong partnerships, you can access new markets and leverage local expertise to help your business grow.

Tixel’s strong partnerships played a key role in their successful expansion to the UK. They partnered with local venues, promoters, and event organizers to offer customers a wide range of events and tickets. They also worked closely with industry associations to stay up-to-date on local laws and regulations.

In conclusion, expanding your business globally requires careful planning and execution. By conducting market research, developing a strong brand, establishing a local presence, leveraging technology, and building strong partnerships, you can increase your chances of success. Tixel’s successful expansion to the UK serves as a great example of how these strategies can be applied in practice.