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Around The World: International Business Expansion With First Page 6

Around The World: International Business Expansion With First Page

In today’s increasingly interconnected and globalised world, businesses of all sizes and industries recognise the tremendous potential that lies beyond their domestic borders. Pursuing international business expansion has become a strategic imperative for companies seeking to tap into new markets, access diverse talent pools, and fuel unprecedented growth.

This is reflected in how more companies in Singapore expanded overseas with the support of Enterprise Singapore (EnterpriseSG) in 2022, with about half of them doing so for the first time. While Southeast Asia remains the top destination for companies to expand internationally, many have also branched out to the Middle East, Africa, US, Latin America, and Europe, according to The Straits Times.

google go global event first page

Google’s Go Global Event With First Page

The Go Global event, a high-profile gathering of leaders from First Page and Google, offered our clients invaluable insights into the challenges and opportunities of global expansion.

In this session, several key points were shared:

The event ended with a panel discussion on international expansions for 2023 as well as successful case studies.

discussing business expansion insights

Key Takeaways From The Go Global Event

We interviewed two attendees, Jasmine Lek and Jared Chua, who will share their perspectives on the key takeaways from this event which is the first of its kind in Singapore.

Both Enterprise Digital Marketing Specialists from First Page bring a wealth of experience in helping businesses grow locally and scale globally.

Takeaway #1: Diversification is key

Jasmine emphasised the importance of diversification in the globalisation journey. This is an especially significant point for businesses that might have previously been too focused on their domestic markets. If a local economy struggles, companies with an international presence can maintain stability, spreading risk across various markets.

“Expanding beyond the local market is crucial for businesses to reduce dependency on a single market and tap into new customer bases worldwide,” she pointed out.

International expansion also opens access to new and diverse customer bases, increasing sales and profits. The 27-year-old believed that emerging markets offer substantial growth opportunities due to the increasing consumer purchasing power and expanding middle-class populations.

Takeaway #2: The digital advantage

Digital platforms, such as websites, social media, and e-commerce sites, plays a pivotal role in the international business expansion. Jasmine added they provide companies with a global reach, enabling them to connect with customers in different parts of the world without the need for extensive physical infrastructure.

According to her, prioritising exceptional customer experiences across all touchpoints, from online interactions to post-purchase support, has contributed to the success of brands going global.

As for Jared, going digital helps keep business owners informed of what a market is like and whether or not there are any ongoing trends they could leverage.

“Generally it’s used to match whether or not their business would integrate well with the selected market,” the 28-year-old noted.

Takeaway #3: Be aware of the various challenges to overcome

However, expanding overseas comes with its own set of challenges.

The biggest difficulty Singapore companies face when expanding overseas usually depends on the nature of the business, according to Jared. Overall, “exports are generally tricky to deal with” and “handling product inventory (also) seems to be an ongoing issue”.

This serves as a sobering reminder of the practical and logistical challenges that companies must overcome as they extend their reach to international markets.

Jared emphasised how learning from others’ experiences, particularly the challenges different companies face, equips businesses with practical insights.

“Being aware of the various challenges other companies have faced has brought clients great insights into the kind of considerations they should be looking out for when deciding whether going global is the right direction for their businesses,” he further shared.

Takeaway #4: Conduct market research before international expansion

Market research is like the compass that guides a company’s journey into a new market, reducing risks and increasing the chances of success.

“Bringing businesses on the global frontier involves a wide variety of considerations; one has to evaluate whether their business can be integrated well with the country, whether the culture supports the nature of the business etc,” Jared said.

He advised businesses to conduct thorough research before entering a foreign market. Drawing from his experiences, Jared further explained how digital insights keep business owners informed about market trends and whether their businesses could integrate well with the selected market. He emphasised the power of digital technology in delivering critical, real-time insights that businesses can act upon.

“Digital insights essentially keep business owners informed of what a market is like and whether or not there are any ongoing trends that they could leverage on,” he said.

Agreeing with Jared, Jasmine shared how her clients  managed to adapt products or services to suit the target market with the market research insights shared at the Go Global Event.

business expansion

How First Page Supports Clients’ Global Aspirations

Our interviewees further shared how First Page can support businesses planning to venture globally. Jasmine highlighted the value of strategic partnerships and data-driven strategies.

“First Page can offer valuable insights, expertise, and data-driven strategies to help businesses navigate international markets successfully,” she noted, adding that leveraging data and analytics platforms can provide actionable insights for businesses.

In line with Jasmine’s insights, Jared stressed the importance of providing clients with targeted marketing insights for specific countries.

“By continuously providing clients with marketing insights for specific countries, we can help to tailor further the data that we’ve been given to provide our clients with a qualitative analysis of whether or not market penetration for their business would make sense, and perhaps provide actionable recommendations for them to work on,” he explained.

businesses working towards international expansion

Towards A Global Future In Singapore & Beyond With First Page

The insights shared by Jasmine and Jared provide a comprehensive view of businesses’ challenges and opportunities when going international. From the need for diversification to the power of thorough market research, it’s clear that going global is a multi-faceted journey requiring strategic thinking and actionable insights. Jasmine and Jared emphasise the significance of detailed market research and carefully adapting business strategies to local cultures.

As businesses venture into new territories, challenges such as managing exports and inventory and navigating local regulations and cultural nuances loom. Yet, these challenges can be transformed into opportunities with the right strategies and support.

If you’re considering taking your business global or enhancing your international presence, First Page is excited to embark on a journey around the globe with you as a Google International Growth Agency Partner (IGAP) in Singapore. With our internationally-recognised agency, you’ll enjoy more than the necessary capabilities and resources to bring your business to the next level.

Consider a tailored growth marketing strategy that addresses your unique needs and goals for more personalised guidance. Or, if you’re looking for ways to enhance your digital presence, explore how a targeted digital marketing strategy can help you reach and engage global customers more effectively.

Wherever you are on your international business journey, remember that the world is full of opportunities. And with the right strategies, support, and mindset, you can seize these opportunities and realise your global business expansion. Whether you are just getting started or have an established business, take advantage of the many free SEO resources available to aid your company in your global expansion efforts.

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