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Are you considering taking your first steps in the global market, in an attempt to reach international audiences with your products or services? With the use of social media and the Internet, the world has become a much smaller place. Our society is universally connected and many people around the world can now access your products or services. But a global business expansion is no easy task! It requires time, effort and money. Read our 10 tips below and make sure you’re on the right track.
1. Analyze the situation
Before deciding to expand your business globally ask yourself the following 2 questions: Is there enough of your target market in a given area to support business? Does your product have global appeal? If the answer to both questions is yes, then you can continue to Tip No2.
2. Do your homework
Research the marketplace you want to enter. Who are the key players? What is the competition like? What are the trends and preferences of the country in question? Performing an in-depth market research will help you determine your target audience and define your sales approach to better promote your brand.
3. Localize your brand
According to a survey conducted by Common Sense Advisory, named “Can’t Read, Won’t Buy: Why Language Matters on Global Websites”, 72.4% of consumers say they would be more likely to buy a product with information in their own language and 2% of consumers say that the ability to obtain information in their own language is more important than price. Imagine that! Data shows that localizing content for specific markets multiplies the desired selling effect substantially and people are even willing to pay more if they receive information in their own language. Are you convinced already?
4. Use a professional translation agency from the early start
Whether you need an interpreter for your first corporate meeting or a complete localization of your website and marketing collateral, make sure to use professionals to achieve the desired effect. When you are dealing with business terminology, you’ll easily find out that “Google Translate” most probably won’t cover your needs. In fact, it can end up embarrassing your business and having the exact adverse effects from the ones you were hoping for. Also, by translating your content with Google Translate, you are uploading it to the Internet, so bye bye confidentiality! On the other hand, a language services provider will use native, certified translators whose expertise matches your type of content, experienced project managers and industry-leading localization tools ensuring consistency, confidentiality and reduced costs.
5. Make communications easy
If you’re aiming at a global business expansion, you’ll need to be in constant communication with distributors, sales reps and clients. Phone and e-mail communication can be impersonal, so start using alternatives like online-video conferencing.
6. Travel, travel, travel
First of all, I understand that this might not be the best piece of advice during a pandemic! I do acknowledge that as far as communication goes, Zoom, Microsoft Teams and FaceTime have helped a lot, especially this past year, but they are still not the same as speaking to your clients, sales reps and vendors face-to-face. Covid-19 has put a halt to travelling for the time being, but as soon as the situation returns to a relative normality, try to plan frequent visits to your target country to keep track of your operations’ progress.
7. Buy or partner up for an affordable global business expansion
The easiest way for an affordable global business expansion is to acquire or partner up with a smaller business that already has local presence. This gives you instant market entry, inside knowledge of the target market and experienced quality staff.
8. Find the right Sales reps, Managers and Subject Matter Experts
This is both very important and very difficult. According to Eric Markowitz of Inc.com “finding the right people to help sell your product is often the difference between success and failure. If you have to choose between reps, pick a person who knows the market to someone who knows your product. Very often you can teach a person about a product or a brand, but it’s very hard to teach someone about a market.”
9. Study rules and regulations overseas
Research business regulations in each country you want to do business in, make sure your product or service does not violate any regulations and check all rules for trademarks and copyrights. Your company might be subject to unfamiliar regulations so you might want to prepare yourself.
10. Market your top products or services first
Your company might have a long list of amazing products, but in order to break into a new market you have to invest your time and effort on the one product that will sell itself. When choosing this product, you should take into account its main differentiator that separates it from all the other products in the specific market.
Thinking about expanding your business to foreign markets or just need more info about how localization works? Then get in touch!