For mid-market brands, it is tough to prevail in many global markets since they are saturated with similar products. In this case, a full market evaluation before launch of cross-border is required, to identify competitors, take note of their activities, take note of what they fail to do and even understand the direction of the market and its perfect fit.
Winning globally for most companies is to acquire market share and retain customer interest consistently. Here are the top mid-market considerations for cross-border commerce that will ensure its success:
- Make Technology an Enabler of Success
Automation is the key to be lean in international selling, with enough team time and space for promoting innovation.
Here are a few workflows for automation:
- Email Marketing – Create audience segments, and revisit them seasonally to ensure the pitch is aligned with brand messaging and as per the regional sensibilities.
- Product Information Management – Invest in a streamlined product information management (PIM) system to manage local content that will increase as you scale your operations. Be sure to include a repository for product information, content and media. Keep each country’s product catalog and content separated from each other.
- Order Processing – Do not let countries and markets get disintegrated into silos. Invest in connecting channels with strategic planning across the organization. One can even invest in ERP solutions or Shopify to get the order processing streamlined.
- Defining Key Domains – Product Delivery, Logistics and Shipping
The core foundation of cross-border commerce is ensuring product delivery in-country. Logistics should be a vital function that needs to be addressed right from the first day. Mid-market merchants do it themselves, using warehouses or ship from a warehouse. Some use an affiliate, for the same.
Shipping shouldn’t affect profit margins. Hence it is important to localize management efforts with a dedicated resource on the ground within the region. When evaluating hiring personnel, do check how professionals understand building global teams. A key stakeholder in the place with global experience is useful in this regard.
Managing global resources from long distances means that there should be constant communication between stakeholders about the product, the brand’s tone, marketing message, vision, and the like so that specialists can mitigate any issues with localization with brand experience.
The in-country team needs to be conveyed about company’s top-level goals and how the market can help meet the goals.
Adequate localization, key stakeholders in-country, a local logistics provider with affordable shipping, and other regional factors need to be in place for mid-market organizations who are looking for success in cross-border commerce.