Thanks to the internet, global businesses are becoming more and more common. With e-commerce allowing people from all over the world to buy products and even some services from websites that are based half way across the globe, there has never been a more opportunistic time than right now to take advantage of the global market and globalisation.
Whether you run a small business or have already made quite the name for yourself in your native country, there are a number of ways in which you can make your company become an international success.
Researching Target Markets
Never assume that the rest of the world does business in the same way as you do in your native country. Professionals claim that more than 25% of U.K. businesses which venture abroad are unsuccessful, often due to failing to research their target markets properly and assuming that business is carried out in the same way despite its location.
Putting in the necessary research to get to know your target markets as well as potential customers abroad can make all the difference when it comes to being successful. This could include discovering whether or not your product or service is in demand in the country or culture which you are planning to expand into, and whether or not you will need to sell products and services in a different language to your own. Localising your strategy is a key element in an international expansion and can often be the difference between success a failure of your business in a foreign country.
Use their language
Getting to know your target market is extremely important, but getting to know your target customers can be even more significant. A number of factors can influence consumer behaviour – from political or religious views to geographical and social features. Another very important factor to pay close attention to is the possible language barrier.
In a number of countries, majority of people simply do not speak English and so translating your legal and marketing documents is essential. This will allow people to fully understand your product or service and the message you want to send to your clients as a business. Generally speaking, working with a professional translation agency which is able to cover your target language and provides translation services is the best solution. Such agencies specialise in business translations and ensure accuracy as well as localisation of your content.
Although the translation process can be quite overwhelming at first, especially if you have never done it before, in the long run a translation agency will make sure that your documents or marketing material are fully localised for your target audience and that everything is taken care of.
When setting up shop overseas or opening an e-commerce shop online targeting a foreign market, it’s important to take note of the currency used. Often, UK businesses lose out to competitors due to the fact that they are not using a currency which is preferred by their target audience.
Before branching out overseas, it’s also vital that you evaluate whether or not you will need the services of an international bank, which is often necessary if you plan to sell products or services overseas in a local currency. It’s also a good idea to factor in on fluctuating foreign exchange rates and lock in exchange rates for future transactions via hedging. When paying vendors, it’s a good idea to pay in local currencies so that no money is lost through transaction fees or by overpaying for a purchase.
Once you have found an overseas market that will support your company, it’s time to start building good relationships and building an overseas customer base through marketing.
It’s important to craft your marketing messages with careful consideration – something that may have seemed witty or interesting back home could easily be misunderstood in many overseas market, which is why it’s hugely important to have a good understanding of the culture and norms of the target market which you plan to sell to.
It’s also essential to deliver your message via the right channels – what may be used often back home may not be as popular in the country that you are now selling in, so it’s crucial that you get to know your target audience well and learn about the different marketing channels that they prefer.
Never assume that because a certain marketing channel works well for you back home, it will be the same elsewhere.
Branching out into overseas countries has never been easier for businesses, but it’s important to follow good strategies for success.