Ivan Mishanin Shares Growth Strategies for Business Expansion

1 min read
Jun 8, 2023 3:06:00 PM

Ivan Mishanin, our COO and Co-founder, recently penned an insightful piece for Entrepreneur titled "How to Expand Your Business to Over 30 Markets in 5 Years — 7 Tips for Successful Growth". His rich insights and expertise shine through as he outlines actionable steps towards successfully growing a business in multiple markets.

Localization, according to Mishanin, goes beyond merely translating media and product into the regional language. It entails understanding the unique nuances of each new market, an obligation that lies squarely on a founder's shoulders. Founders must strive to immerse themselves in the local culture and rely on local experts to address potential company blind spots.

Mishanin suggests a seven-point approach as a strong foundation for successful growth:

  1. Learn the culture: Understand the unique aspects of each market.
  2. Tailor the product-market fit: Adapt your offering to meet local demand.
  3. Tackle language barriers: Ensure clear communication across markets.
  4. Leverage technology: Harness technology for scaling, customer acquisition, and tracking performance metrics.
  5. Offer a free proof of concept: Use this as a tool for business development.
  6. Prioritize networking: Build your presence in every region.
  7. Assemble cross-market teams: Form teams driven to succeed, regardless of the region they serve.