A number of UK based companies are now trying to take the full advantage of today’s fast paced world as well as technology developments and globalisation by expanding their trading abroad into foreign markets. This, however, is much easier said than done.
Unfortunately, the common mistake made by business owners is assuming that material and approach which was successful in their home country will also automatically be successful elsewhere. Sadly, in many cases, this assumption is the cause for failure.
Here are 4 marketing tips which business owners should adapt to their plan when preparing for penetrating new, foreign markets:
Although the importance of translation services conducted by a professional translation agency is usually undervalued by many business owners, accurate and expert translations can be hugely beneficial to your business. From marketing and legal material to your company’s website – precise language interpretation can not only convince your potential customers to purchase your goods, but can also create a professional and trustworthy image of your business. The translation process can sometimes be extremely complicated, especially when working with marketing material and therefore many business owners, especially SMEs, may be put off by the initial price. Although in the short term this can be costly, in the long run translation services can make the difference between success and failure when expanding business internationally.
Get to know your market
Although fully understanding your target market can take a lot of time and money, it is essential for your company’s success in a foreign country. Getting to know your competitors, prices, demand, supply chains etc. are just a few of the very important factors which you as a business owner you must understand. By doing this you allow yourself to choose a market where the competition is low and demand for your services is high, which will greatly increase the chances of succeeding.
Localisation, similarly to translation services, plays a vital part in preparing your marketing material for approaching foreign markets. This process itself deals with ensuring that your documents/projects are ready and fully localised for your target audience. A great example of when localisation makes a difference would be entering an Asian market. In China, symbolism plays a very important role in the culture and day to day life. Localisation ensures that your message, text, colours as well as symbols and branding are converted in a way which keeps the original meaning without offending anyone or losing its true sense. In many parts of the world, religious, political or social factors play a great role and so working with translation agency which specialises in proving such services is usually the best option.
Get to know your consumer
Getting to know the game’s main player, the consumer, is perhaps the single most important factor while expanding business to foreign markets. While analysing your potential clients, many factors must be taken into account. Anything from Demographical and Geographical to Social and Behavioural factors can have a direct impact on whether your products/services will satisfy your customers. A great way to start consumer analysis is PEST, which focuses on the above factors, allowing you to focus in more detail and to fully understand your potential customers.
International expansion is definitely not an easy task. Nevertheless, if planned and executed correctly, it can have a great impact on your business. Factors from professional translations to analysing and understanding your market and customers are extremely important in order to succeed. If you have successfully conducted an international business expansion, share with us and let us know what else helped you in succeeding.