Expanding internationally creates significant opportunities for ambitious, growth-minded companies, as international markets allow businesses to increase the sales lives of their products while minimizing dependence on the local economy. It also widens the pool of prospective clients, improving a business’s potential to evolve and thrive.
Of course, going global with your business is no small feat. Finding success in the international marketplace requires thorough research, smart strategizing, and creative implementation. Below, we’ve shared five tips for getting started.
1. Determine if going global is right for you.
Introducing your business to a foreign market is risky, and not all businesses are suited to an international audience. Research your target markets to determine whether your product or service has the potential to sell. Is there a need or desire for your product? Are your new markets familiar with your concept, or will you have to put in the work to educate your potential clients? Consider traveling to each target country to research its marketplace, culture, and people.
2. Find compatible business models.
Expanding to markets that are most compatible with your current model will simplify your business interactions. Consider factors such as proximity, currency, language, and trade barriers. If you plan on exporting products, doing so is simpler in markets with conditions similar to those in your own country.
3. Develop a global business plan.
Each foreign market has its own unique economic, governmental, and cultural environments, and your domestic business plan won’t translate directly. For each market you expand to, you must develop a localized strategy that advances your business while remaining true to your mission and brand. Create short-term and long-term goals and objectives as well as a calculated project strategy with deadlines. Other issues to consider include import and export pricing, legal and regulatory requirements, and additional costs such as shipping, travel, and marketing.
4. Seek allies.
Going global is not a task to undertake on your own. Seek local business partners familiar with your industry and the target marketplace. Build trusting relationships with businesses and entrepreneurs in those markets to support your company’s expansion and look out for your best interests. You can gain a competitive advantage with the help of a trustworthy support system that provides valuable insight into culture, language, and market trends.
5. Find the right translation service.
For many businesses, language barriers pose the biggest challenge when expanding to foreign markets. If you plan on expanding to one of the top 15 up and coming markets, there’s a 60 percent chance that your clients will speak minimal or no English, according to data from Meadowlands USA. As well, considering 70 percent of consumers told Common Sense Advisory that they’re more likely to purchase products and services using information in their own languages, finding the right translation service is more important than ever.
When taking your business international, a reliable translation service will prevent you from losing out on a significant percentage of prospective customers in your target markets. Remember to translate not only your website but also product manuals, brochures, emails, advertisements, and other literature and marketing materials into the languages of the companies or customers with whom you want to do business.
To explore this crucial step in going global with your business, get in touch with us today. Our professional translation services will prepare your website and marketing material for an international audience.