Does Your Business have what it takes to Strike Big in the Global Market?
The International Market is calling – Find out How to Exploit Your Opportunities and Go Global
Now is the perfect time to take your business to the global arena. Why? India is witnessing a major economic growth like never before, and the economic fundamentals of the country are strong. With huge incentives from the Government, Indian manufacturers, and suppliers, the time and conditions are ripe for Indian companies to strike it big globally.
But, why don’t we see many Indian companies making it big globally? What’s holding us back? Find out the challenges faced by Indian manufacturers and suppliers in making a huge impact globally. And, we also present you with solutions to take your brand beyond the borders of our country.
India’s Negligible Presence in the Global Business-scape
It’s surprising that though India is one of the biggest and fastest growing economies in the world, we have a negligible presence among global brands. Even though a few Indian brands expand to foreign markets, not many are interested in achieving a “global status.” Rather, all they are focused is on making quick bucks in the short-term. They miss out on exploiting opportunities that elevate them to the elite status of an “international brand.”
That doesn’t mean Indian products don’t have sufficient demand in the international markets. Rather, it’s the contrary. In spite of increasing demands for authentic, made in India products, Indian brands aren’t reaping the benefits.
Why aren’t more Indian Brands competing in the Global Market?
One of the main reasons for this is – India is home to a large and diverse domestic market that is growing fast. This makes it difficult for Indian companies to look beyond the local market. They lack the infrastructure and resources to cater to the global market.
Another main reason is – fall in quality standards. Selling your products in the global market is miles different from selling it in the local market. When you go global, you have to comply with international manufacturing norms, high-quality standards and abide by the safety rules set by foreign governments. This is a monumental task, and most Indian manufacturers find it hard to overcome this challenge.
Also, to be considered is the growing suspicion of the quality of Indian goods and services in other markets. Human resources from India, especially in IT and other white-collar industries are valued highly in foreign countries and the West. But, that doesn’t mean Indian products and services are offered the same levels of trust and respect.
Another area where Indian companies lag behind their foreign counterparts is Innovation. India ranks poorly among the list of countries that submit and receive patents. Not much time, labour and money are spent on R&D in the country.
What can Indian Companies do to Strike Big in the Global Market?
Indian manufacturers and suppliers can make a name for their brand in the international market by taking the following steps.
Improve your Quality and Safety Standards
One of the biggest differentiators between the work culture of developing nations and the work culture of first-world nations is that the former has an easy-going attitude. The “laid-back,” “easy-going” attitude of Indian companies is what puts us on the back-foot.
If you want to position your brand in the global arena – you need to develop a disciplined work culture like that of the developed nations. Right from your quality to safety – you have to raise your standards across the board.
If your products fail to comply with quality and safety standard checks in the US, Europe or elsewhere, you cannot expect to find a place for your products and services in the international market.
This is where – Safix comes into the picture. As one of the top safety audit companies in India, we do a complete assessment of your manufacturing process to ensure that it meets the highest quality of standards of the global market.
Contact our audit experts at Safix to find out how you can improve your quality and safety standards to meet the stringent requirements of the global market. Whether you are looking for Risk Assessment & Structural Compliance, Social & Environmental Audit, Quality Control & Shipment Inspection, 360◦ OHS or any other related service, Safix can get it done for you efficiently.
Look to Build Strategic Partnerships
Now, that you have improved your quality and safety standards, the next step is to look for key opportunities in the international markets. An effective way to do this is by partnering with reputable brands overseas. Strategic alliances and joint ventures can help your brand make a name globally.
For instance, take the case of Delhi-based start-up firm Bonita. The upcoming brand has partnered with the huge US brand – Bed, Bath & Beyond to become the first Indian company to sell its products via the American giant. This gives Bonita a strategic opportunity to establish its presence all over North America.
Similarly, consider the example of how Bollywood’s top production houses collaborate with international entertainment companies like the Walt Disney Company and Fox Broadcasting company to distribute desi films in the global market.
Look for strategic partners in the global market, who can help your brand gain visibility overseas.
Think Global, Act Local
If you are looking to make it big in the global market, then this should be your mantra – Think Global, Act Local. While it’s essential that you need to maintain international standards in all your processes, you have to focus on the demands and needs of the global community; you are planning to expand in.
For this, you can take a leaf from the books of major foreign companies that function in India. For instance, consider the case of the global fast-food chain, McDonald’s. The company has footprints all over the world. While it maintains the core product values and business standards across the globe, the menu is altered to suit local markets. For instance, McDonald’s doesn’t use beef in their products in India, while beef is a major component in the US menus.
This is a good example of how you need to think global but act local for worldwide recognition and domination.
Wrapping Up – Are You Ready to Go Global?
If the thought of expanding beyond your local market makes you feel overwhelmed – worry not. Safix will act as your local partner and help you standardize every step of your manufacturing and other business processes, thereby helping you stand tall among international brands. With our expert knowledge, we help you navigate the minefields of international operations.
Are you ready to begin this exciting new journey? Talk to us.