Every So Often, the home turf can get a little too small for a successful business or an organisation, and so in order to continuously grow, it must expand onto new, international markets. If executed correctly, internationalisation can be an extremely rewarding venture, allowing the company to increase their sales and revenue. It is nonetheless, a difficult and oftentimes a lengthy process, which requires an in-depth planning and setting a clear strategy prior to the expansion itself.
In this article, we will take a closer look at some of the factors a company must remember and pay close attention to when ‘going global’.
Choose the right market
Unfortunately, many businesses still fail their global expansion at the very beginning by simply choosing the wrong foreign market to expand into. Taking the time to fully understand a number of aspects about different markets and making a decision based on the information found is essential.
By analysing the general landscape of a market you’ll be able to make an informed decision on whether your brand is a good fit for the market and what the growth potential really is. When analysing the market, look at things such as competition, saturation, general economy as well as political stability and market growth potential.
A good place to start is the ‘SWOT’ analysis, which allows you to better understand your strength and weaknesses and the opportunities as well as threats within the chosen market that can affect your company’s internationalisation process directly.
Translate your materials
Another factor which is extremely important during internationalisation is the use of language. Although the world is becoming more and more globalised, individual markets now understand their distinctiveness and so consumers within those foreign markets prefer to be approached directly in their native language.
As a result, professional agencies offering translation services have gained in popularity quite tremendously over the recent years. Speaking to a representative of one of the leading translation agencies based in United Kingdom – TS24 London, we’ve learnt that companies and organisations translate a wide range of materials – from simple legal documents to financial reports as well as complex, marketing materials or websites. By translating their content, companies are able to communicate their message to the potential customer directly in their native language, ensuring that a positive brand image is created from the very start.
When translating business materials, it is extremely important however to remember that a simple ‘word-for-word’ translation often may not be enough, and so it’s essential to work with an agency which takes into consideration not only the linguistic aspects, but also understand your target market’s culture and customs.
In the UK alone, there are several professional translation agencies which specialise in business translation services – Translation Services 24, Language Reach Transcreation, LingoExperts or London Translations – just to name a few.
Understand consumers
Ensuring that you fully understand your potential customers – their behaviours and the different stimuli which drives their purchasing decisions is yet another key aspect of taking your company abroad and if done right, can positively influence your entire venture.
By exploring who the consumers are within your chosen market, you’ll be able to create better marketing campaigns specifically targeting your chosen audience. Economic, socio-demographic or religious factors are only a few which shape the consumer and influence their behaviour in a very direct way. If your organisation manages to understand these aspects in a great depth, it will be able to create a tailored proposition.
It can also be very useful to cross-analyse the different consumer markets – from your home as well as the chosen country. The differences in behaviours and stimuli you notice may give you truly great insight into the best possible way to approach the new market and which specific factors contribute most to the purchasing decisions.
A Sensible timeline
Taking your company or organisation abroad in order to reach new markets & consumers is a time-consuming process. Rushing through it can be your biggest enemy. It is essential to carefully plan and create a comprehensive strategy before actually going ahead with the move itself.
A poorly prepared plan and a badly executed strategy can prove to be very expensive for your company in the long run; not only in terms of the budget, but also brand image and reputation. As your potential customers won’t most likely be familiar with your products, services and organisations in general, these aspects can be crucial when approaching a new, foreign market and have a direct impact on your sales and revenue.
Be patient
Corporate internationalisation is an extremely complex, time-consuming and often expensive process. If executed correctly however, it can bring fantastic opportunities, growth prospects as well as ROI for your business. If you chose the right market – one which isn’t too saturated with products similar to yours, took the time to understand your potential customers – what drives their behaviours and purchasing decisions, worked directly with an agency to accurately translate your documents, website and other materials – the chances are that your venture will be a success.
