How small businesses can adapt to a globalized market

An increasingly globalized market has helped many businesses grow in ways that were previously unimaginable. No longer limited by geographic restrictions, technology and changes in the way we work have created new markets that have permitted small businesses to compete with bigger businesses. Yet, increased access comes with increased competition.

Businesses, particularly small ones, are susceptible to the challenges that come with trying to succeed in an international market. In order to survive, there are several ways that small companies can adapt to a globalized market that will ensure they can successfully reap the benefits of an international community.

Build a strong brand identity

A strong brand identity will help you stand out no matter where you are in the world. Learning how to implement strategies that strengthen brand identity is an effective way to ensure that you build a strong sense of self that will attract consumers.

Here are a few key ways that you can build a strong brand identity:

  • Focus on your personal content, whether it’s on your website or social media channels and make sure that it communicates who you are as a company.
  • With each step that your business makes, keep you consumers informed by posting regularly on social media or a blog if you have one. This will show that you are a forward-thinking and transparent, which is key when attracting “value-based” consumers.
  • Use data analysis to identify your target audience and innovate with them in mind. This will help you build a loyal consumer base, which is essential for a competitive market.

Investing in brand awareness is a key part of remaining competitive, especially in a globalized market that is subject to constant change.

Invest in your local community

Thanks to the internet, businesses have the potential to attract customers from every corner of the globe. While a wider audience is certainly beneficial for small businesses, it’s important not to lose sight of where you came from. Investing in your local community is an effective way to lay down some roots, even if you are benefitting from a global consumer base. Community engagement can cover a wide variety of activities, ranging from sponsoring local events to providing discounted products and services to your community. Cultivating community contributes to brand loyalty, which is vital to any business’s survival, big or small.

Embrace partnerships

While it should be a priority to ensure your business model is competitive, you want to be careful that you don’t isolate yourself. Building a professional community takes hard work, but is more achievable when you have a support network.

Businesses reap numerous benefits from partnerships, from gaining inspiration to helping you cut down on overhead costs:

  • All businesses today understand the power of having a strong social media presence. Those that are open to collaboration gain access to a new audience, which could potentially boost your customer base.
  • Partnerships are a great way to increase innovation as you can come up with joint projects that will increase audience engagement.
  • Working alongside another business shows that you are open to new ideas, which in turn can attract more customers coming from other industries.

Even if it’s just a short-term collaboration, you have already increased your chances of generating interest from other potential partners.

It’s important to remember that being a part of a globalized market doesn’t mean that you should try to mimic the exact actions of a large international company. It’s wise not to forget that you are a small business and you need to be both strategic and open to collaboration if you are going to compete with the big name brands.

Written by Tania Brooks for CW Magazine.