The advantages of operating on a global level

We all live in a global society and share many commonalities, regardless of where we are physically based. Businesses and customers alike are using more and more technology in their daily lives. From using social media to stay in touch with family and friends, right the way through to making purchases online, the average person now spends over 5 hours per day online.

The current pandemic has only further highlighted how we are all interconnected and really are part of the global community. This year has been challenging for all of us as we adjust to the new normal and realities we are facing. The last 9 months have really presented many opportunities for entrepreneurs, employees and society in general to embrace technology.

In fact, this year we have all seen a significant shift in people's attitudes towards technology. For example, at the start of the year most of us were not familiar with tools like Zoom and now it’s almost become a staple of all of our lives. There are also many other examples of technology platforms that are now regarded as a necessity rather than a luxury. This is further reinforced with governments and institutions worldwide now championing the need for digital transformation on a huge scale.

With that being said, this week's blog is really shedding some light on a topic that is dear to our hearts as a company, namely, the advantages of operating on a global level.

An international perspective
There are over 7 billion people on earth and millions of businesses worldwide. Taking an international view can really benefit you, especially if you are starting your own business as you can grow and scale relatively quickly. One of the great things about technology is the universal appeal that it has to end users.

For example, a great solution will appeal to customers in lots of different countries as long as it serves its purpose and presents a great user experience. Whether it is an ordering system or online booking system, technology can be very easily applied to almost every situation and also be localised to serve the needs of the intended demographic.

Reaching new customers
Advertising mediums such as social media platforms and Google have opened up lots of opportunities for us to reach new customers with a few simple clicks. The online adoption rate of technology increases year-on-year and has seen a significant uptake in 2020 because of the global pandemic.

Large advertising platforms such as Facebook, who hold an incredible amount of data about their users, make it relatively simple to target users in multiple locations. Operating on a global level allows us all to tap into these users and maximise the reach for our products or services.

Similar results can also be experienced by using Google Ads as well as the other online advertising platforms available. Having no geographical restrictions puts you at the heart of the global community and puts you in front of more customers that could be interested in what you actually sell or provide.

Opening up new markets
Following on from the point above about reaching new customers, operating on a global level can also open up new markets. For instance, traditionally a lot of businesses have tended to operate on a more localised level. This has made it inherently difficult to open up new markets quickly.

However, with the current situation it has never been more important for businesses to be agile and pivot in order to stay relevant or profitable. Technology and taking a ‘bigger picture’ approach can aid businesses in opening up new markets whether on a geographical or industry sector basis.

Utilising your contacts
Another advantage of operating worldwide is the ability to harness existing contacts you have built up, either professionally or personally. The majority of us now know people overseas and in multiple locations.

Business and in particular business development generally happens when people like, know and trust the other party. Operating on a global level can help us leverage our contacts and actually foster sales/relationships outside our local area.

They also present opportunities to grow as an individual or as a business. Having the ability to work and network with others anywhere in the world is quite liberating as you can open up conversations for mutual benefits without worrying about working in a confined location.

Geographical restrictions
The final aspect we wanted to highlight this week was the whole concept of geographical restrictions. We recognise and understand that protected areas/territories are quite common in the franchising world. They actually work quite well for physical stores that have a permanent location for customers to visit.

In contrast, technology is borderless and that’s why partners who scale their Digital Agencies with us have total flexibility in terms of where they operate. With no geographical restrictions, our partners are able to help businesses all over the world improve their online presence with our unique technology solutions.

It is important to note that we do utilise geo-planning software as well as analysing business/population density to ensure there is no cross over between partners. We also have other safeguards in place to help our partners scale their Digital Agencies without competing with other members of the network.

Having geographical restrictions or a restricted area actually penalises proactive business owners in the long run. For example, if you have a geographical boundary and you’ve exhausted all the contacts in your area, how do you grow your business further?

The only viable option you have is to buy another territory that will cost money and resources. So in actual fact, you are disadvantaged for trying to grow and scale your business. However, if you have zero restrictions, you can start to grow into other areas without incurring any additional costs.

This is one of the primary reasons why partners choose to launch their Digital Agencies with us as they can operate on a global level and reach an infinite number of potential clients.

Summary
As we have seen throughout this week's blog, there are many advantages of operating on a global level. From reaching new customers to opening up new markets and leveraging contacts, working on a global level is definitely the way to go if you are planning on operating a technology based business.

As we all wind down for the festive holidays, we wanted to thank you for engaging with us throughout the year. Just like you, we’ve all had to adjust and face some of the biggest challenges imaginable but with a collective effort we can see better days ahead.

From all the team at iOB Business, we wish you a merry Christmas with your family and most importantly, stay safe.

Until next time, take care.