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How to Benefit from Multichannel World for Your Global Business

multichannel

How to Benefit from Multichannel World for Your Global Business

When running an international business, your company needs to have a versatile marketing strategy. There’s no way out of it if you want to remain relevant and competitive. 

Global businesses around the world employ multichannel marketing strategies to target their international audiences, which, in their turn, are getting more and more demanding. To comply with the needs of their target audiences, international businesses diversify their business promotion strategies by exploring the world of multichannel marketing. 

Here are some stats to prove the rising demand for the multichannel world:

95% of marketers recognize the importance of multichannel marketing and the role it plays in targeting

-73% of marketers already have a multichannel marketing strategy in place

-Businesses that employ multichannel marketing achieve over 90% year-to-year customer retention rates

Consumers support businesses that have an active multichannel marketing strategy, giving their preference to the companies that have several social media channels with customer support chatbots, a variety of content, and a branded app in addition to the desktop and mobile versions of a company website. 

So, as you can imagine, achieving all these objectives puts a lot of financial pressure on your company. Running a global business already involves substantial investment, so putting extra money and effort into a multichannel marketing strategy may seem like something secondary. 

In reality, however, your multichannel marketing efforts have a huge influence on the success of your international business. The way you run your marketing strategy affects the relationship with your target audience. Hence, if you don’t have this relationship, you won’t have success in the international market. 

So, let’s take a look at how your global business can benefit from the multichannel world (with tips and examples of how to implement a multichannel marketing strategy). 

Localized Social Media Accounts

According to Hootsuite, 40% of digital consumers use social networks to research new brands and products. When looking for a product, consumers go on a research hunt, digging as much information about a brand as possible. 

But if you’re running a global business, you need to make sure that all the information about your company can be accessible to your international audience in their native language. Thus, if you want to benefit from the multichannel world, you need to take your marketing strategy a step further and create localized social media accounts. 

You have definitely already seen many examples of this strategy in action. IKEA, for instance, runs several Instagram accounts in different languages. Here are the examples of their Instagram accounts in French:

… and in Polish:

Image credit: IKEA Polska

If you visit IKEA’s international Instagram pages, you’ll see that all their content is localized, including stories, hashtags, and, of course, image descriptions. 

Having a localized social media marketing strategy helps your global business:

-You create personalized connections with your international audience

-You help them reach your business faster, which gives you a competitive advantage

-It increases your website traffic on the local markets

On top of that, having localized social media profiles helps you diversify your multichannel marketing strategy and strengthen your global presence. 

Mobile App, Available Worldwide

Running a multichannel marketing strategy presupposes the launch of mobile app as well. Desktop Internet usage is falling, mobile internet usage is rising, and hence, the demand for apps keeps growing. 

There are three main reasons why your international brand needs an app:

-Better user experience – when targeting a foreign market, you need your target audience to perceive you not as a someone alien and unknown but as a trustworthy brand that caters to the needs of its target audience;

-A more personalized approach – having an app allows you to analyze and better understand each user’s individual session, understand their needs, and create a more personalized user experience;

-Creating a direct marketing channel – with an app, special offers and promotions will be right at your target user’s fingertips. 

For international business, having an app also presupposes app localization for every country, where the business operates. For instance, Flatfy, an international real estate company, has translated its app Korter to cater to the needs of their audience in Kazakhstan, Romania, Georgia, and Azerbaijan. 

Having a localized app helps a global business build brand recognition and cultivate customer loyalty by improving customer experience. 

Multilanguage Customer Support

Internet users often contact brands through social media. Thus, the need for accessing customer support through social media keeps growing. The growing demand for chatbots shows how traditional marketing and customer support can benefit from a digital twist and improve the brand-customer relationship. 

From the standpoint of multichannel marketing, a chatbot is another channel for the customers to access your brand. For global businesses, however, creating a chatbot that can speak different languages is a must since, for the seamless customer support experience, your audience needs to feel confident when communicating any issues with your customer service. 

Sephora is one of the brands that run their Facebook chatbot in the world’s most spoken languages, including English and Spanish:

Having a localized customer support channel is another step to establishing a strong and long-lasting relationship with your international audience. 

Localization is Key

If you take a closer look at all the three above-mentioned points, you’ll notice that localization is a prerequisite of running a multichannel marketing strategy on an international scale. 

Since multichannel marketing involves a variety of channels, which (unlike in omnichannel marketing) operate individually, you need to make sure that all these channels have high quality in order to perform to their full capacity and bring value to your international audience. 

So, take your global business’s multichannel marketing strategy to the next level and start speaking the languages of your foreign audiences. This way you’ll ensure the success of your marketing efforts and remain competitive on the global market. 

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Ryan is a passionate writer who likes sharing his thoughts and experience with the readers. Currently, he works as a digital marketing specialist, you can check his website https://flatfy.ro. He likes everything related to traveling and new countries. 

tax haven

How to Move to a Tax Haven

 In today’s hyper-competitive global market with rising costs and increasing challenges, saving on taxes can make or break a business and can mean the difference between a secure financial future or just “getting by.”

Increased tax burdens and unfavorable tax laws have left many individuals (perhaps even yourself) seeking what are known as “Tax Havens.”  As the name so blatantly suggests, “tax havens” are those countries or places with extremely low “effective” tax rates that foreign investors can take advantage of.

Seeking the citizenship of any of the tax havens can significantly reduce one’s tax burdens. However, in the process, moving to or partially residing in the country is often required; this might be seen as a downside for many investors who don’t wish to leave their home country. However, this is not always the case as there are many citizenship by investment programs that don’t have a minimum residency requirement. 

Below, we’ll help you explore several tax havens and understand how will they benefit you and your family in the process of tax planning. 

Which Tax Haven Countries can Business Owners Move to?

Business owners are often hit hard by heavily taxed countries, making tax havens an attractive option. If executed correctly, there are a number of legally viable ways, such as offshore accounts and shell companies, that business owners can reduce tax their liabilities. 

For example, investing through a company or trust that has been organized in a tax haven is perfectly legal as long as all compliance and regulatory requirements are met. Yet not all countries are a good fit for business owners.

Popular Tax Havens Often Cited Include: Luxembourg, The Cayman Islands, Isle of Man, Jersey (the island NOT the city), Ireland, Mauritius, Bermuda, Switzerland, Monaco, and the Bahamas 

Although the aforementioned countries tend to get most of the spotlight when it comes to tax havens, they are by no means the only options. In fact, a number of other countries provide measurable tax benefits while also providing other opportunities such as second citizenship and passports that allow investors to enjoy greater freedom of travel, especially for those from Middle Eastern countries where travel restrictions may be an issue.

What are MENA Tax Havens? 

MENA Tax Havens refer to those countries or locations that are open to accommodate the needs of those from Middle East and North African regions. The term MENA covers a vast geography stretching from Morocco to Iran and includes all Maghreb and Mashriq countries. The term is also synonymous or may alternatively be referred to as the “Greater Middle East”.

Popular MENA Tax Havens Include

Saint Kitts & Nevis

Since 2008 there has been a global crackdown on offshore finance and the secrecy that is often associated with tax havens. Political pressure and threats of sanctions from major world powers have forced many countries to open up their books, but not this little dual-island nation.

Investors in Saint Kitts and Nevis can unlock countless business opportunities by being able to open offshore bank accounts and companies while maintaining absolute anonymity and privacy of ownership. Furthermore, Saint Kitts and Nevis’ tax climate imposes 0% tax on global income, inheritance and gifts which makes the island a perfect investment destination for tax planning.

Also, it is worth mentioning that Saint Kitts and Nevis is an island with magnificent nature and climate that draws thousands of tourists each year. Dotted with golden beaches and ringed tropical volcanoes, Saint Kitts and Nevis is an attractive option for citizenship by investment. 

Saint Lucia

A premier destination for those seeking offshore banking and financial products. The diversity of its financial offerings and incentives has made St. Lucia an attractive option for many businesses and wealthy individuals. Options include offshore bank accounts, trusts, corporations and more.

Best of all, the island touts the “absolute” confidentiality of client details and the security of all companies formed in the jurisdiction. As an added benefit, the islands have a long-standing, good reputation and have never been blacklisted or placed under international scrutiny from foreign governments to disclose details of its operations.

In addition to anonymity, the island promotes an easy incorporation process, low yearly fees, flexible share structures, no minimum share capital requirement, ZERO or low tax (1% if elected), absence of tax treaties, English Common Law System, and more.

Antigua & Barbuda

The Caribbean is known for its lucrative tax havens, and Antigua is no exception. Antigua, the largest of the Leeward Islands and its neighboring island Barbuda are often favored among businesses looking to legally reduce tax liabilities. 

Antigua is a vibrant tourist destination, celebrated for its immaculate beaches and tropical weather. What many individuals may not realize, however, is that Antigua has developed a strong reputation for being a favorable tax haven. Local services include international business incorporation, the formation of trusts, offshore banking and more. Regulated by the Antigua Financial Services (AFSR), the island boasts a very favorable tax regime with a fifty-year local tax exemption on capital gains tax, estate tax, inheritance tax, and local income tax for revenue earned outside of Antigua.

Grenada

Over 2 million years ago the little island of Grenada was actually an underwater volcano. Today, the nation, comprised of around 340+ square kilometers and inhabited by an estimated 110,000 people, is known as the “island of spice”, with exports ranging from nutmeg and mace to ginger, cloves, and cinnamon.

Although tourism is the leading industry for Grenada, the nation is also known for being a favored tax haven among savvy business owner. Grenada is favored for its corporate privacy and Citizenship by Investment Program, providing numerous tax benefits. Furthermore, the country offers no withholding tax, no transfer tax, no tax on capital gains, no inheritance or estate tax, and a 20 years’ tax exemption for offshore companies among other benefits.

Other Prospective MENA Tax Havens

Other prospective tax havens worth mentioning include Malta (although it isn’t straightforward) , Dominica, Cyprus, Portugal, and Greece.

Personal Tax Benefit of Making the Move 

The appeal of making the move to a tax haven isn’t only due to corporate benefits. Individuals invest in a tax haven in order to reduce personal tax liability on interest, personal income, inheritance, capital gains and more. Those wealthy enough stand to save millions of dollars by leveraging these legal loopholes and incentives.

Corporate Tax Considerations

Although the primary focus of most corporations is to save on taxes by reducing tax liability, there are a number of other considerations that must be taken into account. For example, what is the process like? Does your corporation qualify? What types of fees are involved? Is residency required? What will the ongoing costs of maintaining your corporation’s status in the haven look like and what will this cost you? Are there any regulatory, political or socioeconomic dangers or risks in the region? 

These are just a few points to consider before taking the plunge.

How Will Making the Move Affect US Citizenship?

Generally speaking, US citizens and permanent residents are taxed by the IRS regardless of where they are physically residing. While the Foreign Earned Income Exclusion does offer a bit of relief, anyone earning over $105,900 in active income per year won’t be able to avoid taxation. 

Moving to another country will not impact US Citizenship. However, those seeking to pay zero or close to zero taxes may find it useful to obtain second citizenship in any tax haven of their choice while also renouncing their US citizenship.

Bear in mind that the USA is the only country that enforces taxation based solely on the citizenship of the individual in question.

Closing Thoughts on Moving to a Tax Haven

There are many misconceptions regarding what it means to move to a tax haven, however, with the help of professional services that deal with these transitions you can largely avoid all of the potential pitfalls while reaping the many rewards.

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Rasha Seikaly, an IMC member, is Bluemina’s Head of Marketing. Bluemina provides families, individuals, and investors with the best and most expedited Citizenship and Residency by investment programs

business

How Small Steps Can Drive Big Results For Your Business

In business, it’s the major leaps that people notice and remember.

Apple introduced the iPhone and the methods in which we communicate and gather information were changed forever. LEGO took some audacious steps over the last couple of decades and expanded its toy franchise into video games, TV and movies.

Big steps. Big results.

But not every move you make with your business or in your personal life needs to be of earth-shattering significance, says Shawn Burcham (www.shawnburcham.com), founder and CEO of PFSbrands and author of Keeping Score with GRITT: Straight Talk Strategies for Success.

Sometimes, it’s the small steps that eventually lead to big rewards.

“One example with my own company is that there was a time when I didn’t believe in meetings,” Burcham says. “I thought they were a waste of time, probably because most of the meetings I had been in had indeed been a waste.”

But as his business grew, Burcham realized meetings are a necessity for communicating within a large organization. So, PFSbrands took the “small step” of instituting regularly scheduled meetings, which he says have been critical to accomplishing personal, departmental, and company-wide goals.

Burcham offers a few more examples of small steps that can pay big dividends for you and your business:

Make a habit of setting goals. “It may seem like a basic thing, but setting goals is crucial to success both personally and professionally,” Burcham says. “Everyone in your company should be setting goals, and regularly reviewing those goals and checking their progress.” Sounds easy enough, but this is one small step that many people don’t take. “That’s why just the act of setting goals already gives you a competitive advantage,” he says.

Write down those goals. Setting goals is a good first step, but don’t just memorize them, Burcham says. Write them down because studies have shown that people who do that are more likely to achieve what they are after than people without written goals.

Build an accountability system. One of the best ways to make sure you follow through on your goals is to create a network of people who will hold you accountable, Burcham says. If no one knows you set a goal, it’s easy to let it slide. But if there are people who know about your goal, and better yet are depending on you to accomplish it, then you are more likely to follow through. In a business, it’s good for everyone to know everyone else’s goals and every department’s goals. That way, Burcham says, you can all hold each other accountable.

Stop trying to do everything. Burcham suggests asking yourself what duties you can pass on to others because those activities are not a productive use of time and energy for you or for the company. “I’ve often made the mistake of hanging onto responsibilities far longer than necessary; everything from accounting, to email management, to sales management,” he says.  As a company grows, Burcham says, that small step of finding things you can stop doing will be crucial to success.

“While each of these individually may be a small step, they are all important for personal growth and your business’ success,” Burcham says. “If you don’t set goals, write them down, and work to improve, you’ll likely be the exact same person 12 months from now. There’s nothing necessarily wrong with that. Being who you are is okay, but the question is: Are you content with being the same? Or do you want to be better?”

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Shawn Burcham (www.shawnburcham.com), author of Keeping Score with GRITT: Straight Talk Strategies for Success, is the founder & CEO of PFSbrands, which he and his wife, Julie, started out of their home in 1998. The company has over 1,500 branded foodservice locations across 40 states and is best known for their Champs Chicken franchise brand which was started in 1999. Prior to starting PFSbrands, Burcham spent five years with a Fortune 100 company, Mid-America Dairymen (now Dairy Farmers of America). He also worked for three years as a Regional Sales Manager for a midwest Chester’s Fried chicken distributor.