Do you have any thoughts of branching your business out to new markets? Aiming to sell your products and services internationally?
For some companies, pushing out through the local boundaries is one of the ways to measure growth. As the digital era continuously connect the global community along with the significant increase in purchasing power materializing across the world, companies of all sizes are seizing these opportunities to expand their reach and do business internationally.
The process of bringing any business into the foreign markets is not easy. There are a lot of key factors to consider that may sound too overwhelming at first and may costs quite a fortune. But with the right steps, resources, and technology, you can make all your business aspirations come to life. Here are some quick tips you should keep in mind to become ahead of the competition.
Be a Native
You’ve done your research. You know in your mind which foreign countries you are planning to expand to and your desired target market. Then what’s next? If really you want to establish a strong business presence outside your current market base, knowing how to speak the native language of your desired target market is one of the top priorities.
In a study report titled as “Can’t Read, Won’t Buy”, which was published by Common Sense Advisory Group in 2014, shows that among 3000 global consumers from non-Anglophone countries in South America, Europe, and Asia, 60% of them rarely or never buy from English-only websites. The study concluded that having the product or service information translated to consumers’ local language is a key driving factor for them to make a purchase.
Translating your website is the perfect start, but that’s just the first step. Understanding other key factors like current events, social/cultural sensitivities and other relevant matters will help you greatly in establishing a strong rapport between your desired market and your brand.
Side note: Avoid relying too much on machine translation tools. Free and cheap translation services may be a tempting choice but its results are usually confusing, inaccurate, and often lacks context. Never cut corners and choose a reliable translations provider that has a great background in the field of advertising and marketing.
Capitalize on Transcreation
Your brand message is what attracts and pulls new customers in. Simply translating your core message on word-per-word basis might not resonate effectively when delivered into a foreign language. So in order to penetrate well these new foreign territories, you should consider applying transcreation to your strategy.
Transcreation is the process of creatively adapting your content to another language without stripping down its impact and intended meaning to ensure a more engaging native brand experience.
According to Statista, approximately 1.66 billion people worldwide purchased goods and services online last 2017 and is projected to exponentially increase by over 2.1 billion at the end of 2021. This shows that investing for marketing campaigns across omni-channels, social media platforms and search engines are one of the fastest and the most effective way to reach and engage your target audience whether you are selling a service or a product.
By integrating your strategy into these marketing channels, your message can reach a broad number of audience at any given time. This will also give you the opportunity to gain popularity and recognition in new foreign markets which will be beneficial in the long run.
In summation, planning to expand your reach abroad is a risky and costly investment. But if you truly believe that your product or service is indeed unique in its own right, then it is definitely a shot worth taking.