OVERLAND PARK, KS / ACCESSWIRE / April 26, 2023 / Expanding a business into foreign markets can be a daunting yet rewarding experience. From understanding cultural differences to navigating new sets of government regulations, there are various factors to consider when going global. With the right strategies and preparation, however, new businesses can successfully expand into the international market and reach a wider audience. As Kansas-based on-demand vehicle delivery company, Draiver, continues to grow and expand globally, its CEO, Zarif Haque, shares his insights on what it takes to successfully expand a business to foreign shores.
Unique and Scalable
In today's fast-paced world, a unique and scalable business model is the foundation for any successful business. It is what sets one company apart from others, and allows it to grow and succeed in the long-term. A business model that is unique should address a specific market need and provide solutions that are both innovative and efficient. It should be scalable so that as the business expands, it can continue to meet the demands of its partners
"A key advantage of having a unique and scalable business model is that it provides a competitive edge in the market. By solving a problem that no one else is addressing or by offering a solution that is more efficient than those of other companies, a business can quickly gain traction and establish itself as a leader in its industry," Haque says.
The Draiver proprietary business model, which utilizes AI technology and a gig-ified approach to moving vehicles with independent contractors, provided a solution with a built-in marketplace that enabled the company to scale quickly, both domestically and internationally.
"This unique approach sets Draiver apart from other companies and has allowed us to thrive in the highly competitive vehicle delivery industry," Haque points out.
Partnerships
Establishing partnerships with industry leaders is an important aspect of expanding a business to global markets. These partnerships can provide valuable resources and support as a business navigates the intricacies of entering a foreign market.
"Draiver has attracted renowned industry partners like Penske and Budget, who recognize our market-leading vehicle delivery approach. These partnerships not only lend credibility to Draiver, but also provide a vehicle for further growth and expansion," Haque says.
Hire Local
Hiring talent in a market where a business plans to expand is an essential aspect of going global. By hiring local employees, a business can tap into the expertise, knowledge, and networks of those who are familiar with the market, culture, and business environment. These employees can provide valuable insights into consumer behaviors, cultural norms, and regulations that are unique to the foreign market.
"As Draiver expands into new markets like Mexico and Brazil, we have hired general managers for each country to oversee operations. By hiring local talent, we are able to understand the local market and culture, which is crucial to the success of our expansion," Haque says.
Adapting
Adapting a company's business model to the needs of a foreign market is critical when expanding into other countries. Different markets often have unique regulations, cultural norms, and consumer behaviors that warrant a more tailored approach. Failing to adapt to these needs can result in misunderstandings, lost opportunities, and even failure for most businesses.
"While our business model has proven successful in the United States, we recognize the need to adapt to local needs as we expand into new markets. By understanding the local market and culture, we are able to tailor our services to meet the needs of our clients in each country," Haque explains.
Whether it is scaling quickly, building partners, hiring local talent or adapting to a market needs, all of these efforts are pivotal when expanding your business into new markets. With these key tactics, any company or business owner will be able to drive success in new markets and beyond.
About Draiver
Draiver is a leading vehicle delivery company offering best-in-class AI logistics software with a vetted, insured driver marketplace. The company's full suite of services is available in North America and South America. Clients include global Fleet and Rental Companies, OEMs, Large Automotive Groups, and single location businesses. (www.draiver.com)
CONTACT:
Patricia Galea
Patricia.Galea@Draiver.com
SOURCE: Draiver
https://www.accesswire.com/751344/Zarif-Haque-on-Going-Global-Lessons-on-Expanding-Internationally
