Big data is nothing new. For the last few years, big data has fueled a lot of major business decisions- both good and bad. If you’re one of the many that’s looking to leverage big data to grow your business in international markets, this article will help you identify strategic ways to use global data to fuel smart business decisions.
Global data from companies like Sayari can do more than tell you what needs to happen in your Hong Kong store. It can help you measure the longevity of your product or service. Measuring the longevity of your product through campaign retention and sales numbers can help you adjust marketing campaigns in stores outside of Hong Kong- as well as develop global campaigns that can be easily scaled across new and existing markets.
In the more infant phases, having access to global business intelligence can help you discover spending trends in markets around the world. In addition to guiding your marketing campaigns and their content, global data can impact your decision to enter new markets.
Hiring Standards for International Offices
One of the many challenges of creating a global presence for your company is hiring. In addition to needing a fundamental understanding of the standard of living in the country you’re hiring in, you need to stay compliant with the country’s employment regulations. Using globalized data to discover demographics, cost of living, and taxation will help you make informed hiring decisions.
Deciding Where To Expand
When a business decides to expand across the globe, they need to decide where to set up shop next. When you have global data on your side, finding the next big economy to hop into is easy. You get to see direct numbers in the market, and you can see how the economy of any area around the world is expanding in your industry.
By using global data, you can find the areas that are booming in your industry. If you can find these areas and jump in early, you can ride waves of success in your industry. This lets you get in and grow before the inevitable economic plateau, so you have a better chance of becoming a long-standing business that can last through any state of an area’s economy.
Finding Over-Seas Partners
If you are looking to incorporate a strong horizontalization strategy in your company’s business model, you are going to need partners overseas. By accessing public records of businesses in the areas you are targetting, you can find the right people to work with. You can look at their records to make sure they are a good fit for your company to operate overseas with. From their revenue stream to their public records, qualifying the right partners is a major step to a successful horizontalization strategy.
Opportunities to Start Markets
Sometimes the global data will open you up to opportunities to expand into areas that haven’t seen what you have to offer yet. If you find a booming economy that can be driven by what your industry has to offer, it might be worth investing in. These quick growth areas can lead to huge gains for your business in a market that has infinite potential.
The opportunities can show you have to manage your inventory in certain areas as well. If you are using the global data you have to monitor the economic states of the areas you are operating in, you will have a first-hand look into the economic status of your industry and the area’s economy as a whole. This can bring you amazing insights when you mix this data with your company’s personal sales in the area. If you are selling out of your product, it’s a good idea to boost inventory in those areas. If the area’s economy isn’t doing so hot, you might want to look into reducing inventory.
Rerouting Your Horizontalization Patterns
Maybe you already have a solid horizontalization strategy implemented in your business. Your perfect flow seems to never catch a snag, and your customers are happy with their service. That’s amazing, but what happens when that supply chain breaks? Do you have a backup plan for your deliveries? An alternate route?
When you have access to global data, you can make plans B and C with ease. Having these different routes in your back pocket can help your turn your delivery system into a well-oiled machine no matter the circumstance.
Putting Global Data To Use for You
There is so much you can learn from studying global data. It unlocks your ability to do calculated business across the globe and can unlock amazing new profit avenues for your company to expand into.
If you are looking for the best weapon to help you make smart moves around the globe, you have to find look into global business data.
So, where can you implement this data into your business? Basically anywhere that involves your product, money, or the transportation thereof. Seriously, having access to global data can help scope new economies, and tell you when to abandonship in others. It can help you create routes with the greatest cost efficiency, or help you find a new route to improve or back up what you already have in place. Global data can even help you when it comes to stocking inventory in specific areas around the world!
No matter what you end up using it for, global data is an extremely useful tool for your business operations. It can be the key to unlocking the world’s potential for your business ventures. If you are looking into expanding across the globe, you need to get global data on your side.