The markets of today are nothing if not global. With advances in technology and transport, borders and oceans are nothing more than new speed bumps on the way to expanding your business. Whatever your product or service, you can find a way to offer it to customers worldwide. And with our tips, you can get the globalization process started right away.
Make your site and products available in different languages
The first way to attract new customers from other areas of the world is by making your organization accessible to them. This means translating your company website, product labels and emails into the relevant languages. Now, fear not, as you won’t have to do that all yourself – there are great global language services out there who will accurately and efficiently translate your content.
You need to think about translating your business at every level, from your main site right down to your marketing materials, such as brand packs and custom notepads you use for direct marketing purposes. Covering all bases like this will give you the smoothest transition, and will also show your new market that you are committed to catering to their needs too.
Choose your new markets carefully
Whether you’re an e-commerce business or a brick and mortar organization, you’re going to need to choose your new markets wisely. Expanding your organization overseas or across countries will cost your firm and carries significant risk, so you need to make sure it’s the right fit for your business. If your resources are more limited, then expanding to a neighboring country may be a better option than moving across continents.
From shipping costs to legal and governmental issues, these are all things to consider when venturing into new markets. These factors to consider will vary country by country, and for different organizations of course. But in general, you’ll need to consider the following macro issues:
- Economic factors
- Political structures
- Governmental issues
- Social attitudes
- Technological advancements
Research your new markets and make relevant changes
Once you’ve settled on your new market, it’s time to get to know it. This is absolutely vital if your organization is going to have any chance of success in this new market. You need to get to know how your new market functions, and also what your new target market wants and needs.
Aside from language changes, there are a whole range of cultural factors to consider too. This is going to shape your new marketing strategy, and perhaps even change your product or service itself. From social attitudes to values and buying habits, your target market’s behavior will inevitably vary.
Hire a team out there
If you are planning to open stores or establish offices in your new market, then you must also think about personnel. It’s important to have a mixture of local and international team members to create a good balance. This is because your local employees will have an unrivaled understanding of the intricacies of your new market, while expatriate members of staff will be able to translate company values and culture into the new team.
With these great tips, you’ll have your new office or website up and running in your new market of choice in no time!