Are you a translation company in Egypt wondering how companies grow in the country? Well, Future Trans, a language service provider (LSP), has researched and identified some factors that spur growth in Egypt. Also, the company has identified some of the tips you can apply to grow your affair in the country. So, let’s get started.
Understand the Egyptian Business Culture
You must understand the Egyptian business culture, given that your commerce will interact with different stakeholders. Understanding the Egyptian job culture is part of getting acclimatized to the Egyptian job environment. So, what are some of the business cultural values you need to know?
- Always book a business meeting one week before the due date. Also, confirm your reservation a day or two before the meeting date. Failure to employ this approach can make you miss a commerce appointment.
- Every job meeting starts with socialization. So, your visitors expect some snacks before the session begins. Also, ask your visitors about their personal and family welfare. This strategy is a form of breaking the ice and starting a business meeting from a social perspective.
- Create ample time for the meeting. Often, Egyptian pro meetings go beyond the reserved time. If you try to rush the meeting, the Egyptians will find it rude. So, always practice patience whenever you hold or attend a commerce meeting.
- Business transactions and deals are often slow in Egypt. Also, it can take more than one attempt to secure a sale or a professional deal. So, never give up on a customer who is taking their sweet time to close a commerce deal.
- Egyptians maintain an open-door policy during professional meetings. So, anyone can knock in during a professional meeting. However, they can hold a private meeting whenever they discuss a confidential matter.
- High-level government officials prefer holding a Western-style trade meetings. So, they do not allow any uninvited guests. Also, their commerce meetings are always private.
- Egyptians do not deem a written contract as the final trading terms. Instead, they keep on bargaining throughout the transaction process. So, do not get surprised when an Egyptian introduces bartering in the middle of a cash-only transaction.
- Always address the most senior person whenever you are in a meeting. Egyptians respect ranks whenever in a group of people.
- The Egyptians are seasoned negotiators. So, always support your arguments with facts instead of applying argumentative pressure whenever you want to convince an Egyptian.
- In Egypt, networks take priority over expertise. So, supporting nepotism and network building can help your business grow in Egypt.
Notably, businesses in Egypt also require the general growth strategies applicable to any other company in the world. To begin with, you must research Egyptian market behaviors. Doing so will help you retain your existing customers and attract new ones.
Market research entails identifying what the market needs. In other words, you must identify a deficiency in the market and seek to fill it. In return, you will provide a solution to a social need. Always remember that people are always looking for ways and means to make their lives simple. For this reason, offer products and services that solve people’s problems.
Your business research should extend to the strategies your competitors use in their businesses. This move helps you identify your strengths and weaknesses. Afterward, you can build on your strengths and look for interventions that can minimize the effects of your weaknesses.
Develop Sales Funnels
Sales funnels monitor your customers’ journey with you. When new customers come to your business, they are at the top of the funnel. After making a purchase, they go through the funnel, and their journey with you progresses.
It is not easy to make a customer go through your business funnel. To overcome this challenge, you must use incentives to convert sales leads into actual sales. Such incentives include discounts and free shipping.
Retain Your Customers
Making customers buy from your business is different from making them come for more purchases. Sometimes, a customer can make a purchase, find an inconvenience, and shift to buying from your competitors. If you want to retain your customers, you must create a nice experience for them.
Notably, it can cost you five times more to attract a new customer than to retain your existing customer. For this reason, retaining loyal customers is a cost-effective way of making sales. How can you retain your customers?
- High-quality customer service: Whenever you interact with potential, new, or existing customers, you must be nice to them. Always address their concerns, treat them respectfully, and create the best experience for them. In return, they feel appreciated, and they can come back to make more purchases.
- Develop a customer loyalty program: Always reward a loyal customer. Such a move keeps them coming for more purchases. Also, it is a way of attracting new customers.
- Get customer feedback: Always interact with your customers to gauge their satisfaction. A satisfied customer always comes back for more purchases. For this reason, always interact with your customers on social media and other public channels.
- Act on customer feedback. Importantly, always act on the customer feedback that you receive. It is a way of showing your customers that you value their feedback. Also, it is a way of keeping your customers satisfied and ready to come back for more purchases.
Attend Networking Events
To reiterate, the Egyptians place networking before expertise when it comes to doing business. For this reason, always attend networking events to widen your connections with all kinds of affairs with stakeholders.
Notably, networking increases your brand visibility. It helps you reach out to new customers that have never heard about your products and services. In return, you grow your opportunities!
Attending networking events also helps you meet new professionals. Such line of work stakeholders provide expert advice and services that place your portfolio apart from other service providers.
So, always attend meetings that other owners hold, have a booth at hubs, fairs and conferences, and speak as an industry expert. Doing so will place you in a special position in the eyes of all line of work stakeholders, including customers.
Invest in Social Corporate Responsibility Projects
People always identify with a business entity that caters to their welfare. A company that invests in social corporate responsibility projects places a high value on people. Notably, CSR projects are expensive. However, the cost of running such a project cannot compare with a line of work entity’s returns.
Some of the CSR projects you can invest in include green projects that reduce carbon emissions, volunteering in projects that improve the livelihoods of the communities and producing sustainable products and services.
Form Strategic Partnerships
The formation of a strategic partnership helps you take advantage of economies of scale. In other words, you can produce in large volumes while incurring minimal costs. For example, you can partner with pro entities that offer complementary products and services. In return, their customers can buy your products whenever making a purchase.
The formation of strategic partnerships calls for the management of professional relationships. You must draw terms and conditions to help your partnership run smoothly. Also, you must know your role and execute it professionally. In return, the strategic partnership can achieve mutual benefit.
Franchising entails giving other businesses the right to sell your products and services. The beneficiaries sell under your brand name. They also employ your trading strategies. In return, you end up selling to more customers, and your business can achieve much-needed growth.
Before franchising your business, you must identify whether the Egyptian laws allow it. Some countries prohibit the franchising of some types of businesses. So, always consult the relevant authorities before giving out your vocation rights.
Adopt Product and Services Diversification
Diversification of products and services makes your vocation a one-stop shop. Customers find it convenient to buy more products from one place instead of buying several products from different vendors.
Notably, most businesses start by producing the main product. Afterward, they develop other products that increase their portfolio. If you want to diversify successfully, you must research the products that are missing in the market. Alternatively, you can opt to increase the value of your product by adding its features in line with the market demand.
Penetrate the Market
If your business entity operates from one or a few Egyptian locations, consider expanding it to new locations within Egypt. This move attracts new customers. Also, it is a strategy that prepares you to go global.
However, you have to research the taste and preferences of your target customers. This move will prevent you from opening a non-performing commerce in a new location.
Assess Your Business Success and Specialize
Another way to grow your commerce in Egypt is by assessing your commerce performance. This move enables you to identify what sells and what does not sell. Afterward, you should focus on what sells and stop selling slow-moving goods. In return, you will shift your resources to products and services that do well in the market.
The Bottom Line
One of the secrets of growing your profession in Egypt is understanding the Egyptian profession culture. Afterward, employ the general profession growth strategies that promote business growth. In return, you will increase your sales and achieve much-needed business growth.