Are you contemplating making your first move in the world market hoping to connect with people across the globe with your products or services? Through the use in social media as well as the Internet we have become smaller space. The world is connected and millions of people across the globe are now able to access your services or products. But expanding globally isn’t an easy feat! It takes time, effort and money. Take a look at our 10 suggestions below to ensure you’re in the right direction.
1. Review the situation
Before you make the decision for expansion of your company internationally, consider the following two questions: Do you have enough customers in your market within a specific area to sustain your the growth of your business? Is your product of international appeal? If the answer to both of these questions are yes then follow Tip 2.
2. Do your homework
Find out about the market you would like to join. What are the major players? What are the main competitors? What are the current trends and trends of the country at hand? Conducting an in-depth market study will allow you to determine your ideal customer and establish the best sales strategy to market your company’s image.
3. Make your brand local
Based on a survey carried out by Common Sense Advisory, named “Can’t Read, Won’t Buy: Why Language Matters on Global Websites”, 72.4 percent of respondents believe they are more likely to purchase an item that has information written in their own language. In addition, two-thirds of them believe that the ability to access information in their native preferred language is greater than the price. Imagine this! Research suggests that the ability to localize content for specific markets can increase the expected selling effect significantly and even makes people ready to spend more when they get information in their language. Are you already convinced?
4. Make use of a professional translation service starting from the beginning
If you need someone to interpret your first business meeting or internationalization for your site and marketing collateral be sure to employ professionals to get the desired results. If you’re dealing terms used in business, you’ll quickly realize the fact that ” Google Translate” isn’t likely to meet your requirements. In reality, it could cause a pity on your company and causing the exact negative results that you hoped for. In addition, by translating your content using Google Translate, you are uploading it to the Internet which means goodbye to privacy! However a service provider for language uses certified native translators who are proficient in the type of content you are submitting with experienced project managers as well as leading localization tools that ensure the sameness, confidentiality and decreased cost.
5. Facilitate communication
If you’re looking to make expanding your business internationally it is essential to stay constantly in contact with sales reps, distributors and customers. Communication via email and phone isn’t personal and therefore, you should consider alternatives such as online video conference.
6. Travel and traveling
First off I am aware that this isn’t the most effective piece of advice in the event of the time of a pandemic! I am aware that in terms of communication, Zoom, Microsoft Teams and FaceTime have greatly helped especially in the past year, however they not as effective as talking to your customers or sales reps, and even vendors in person. Covid-19 has put an end travel for a while however, once things return to reasonable level, it is recommended to make frequent visits to the country you want to target to monitor the progress of your operation.
7. Join or purchase an affordable expansion of your business globally
The most efficient method for an affordable global expansion is to buy or team with a smaller company which already has a local presence. This will give you immediate market entry, intimate information about the market you want to enter and a skilled, professional employees.
8. Find the best Sales reps, Managers, and Subject Matter Experts
This is crucial and extremely difficult. As per Eric Markowitz of Inc.com “finding the best people to promote your product is usually the key to success or failure. If you must choose between reps, choose someone who is familiar with the market, and is familiar with the product. Often, you can instruct people about a product or product, yet it’s extremely difficult to train someone on the market.”
9. Regulations and rules for study abroad
Find out about business regulations in every country you plan to conduct business in ensure that the product you offer doesn’t contravene any rules and also verify all copies and trademarks. Your business could be subject to regulations that are not familiar, and you may need to be prepared.
10. Promote your best products or services first
Your company may possess a variety of fantastic products, however in order to enter the market, you must put your time and energy in the product that can make a splash. When choosing a product, you must be aware of its primary distinctive feature that sets it apart from other products available in the particular market.
Are you thinking of expanding your business into foreign markets? Or perhaps you need some information about localization and how it is done? If so, reach out!