In today’s global market, the big question facing many businesses is how to expand internationally. The idea seems extremely simple – reach out to other cultures, and seamlessly increase business.
Unfortunately, the reality is that such an idea is a much more complex goal. To successfully expand business internationally, businesses must tread carefully by investigating which markets will be most receptive to your expansion, and how to approach connections with customers and clients.
These four points are important to remember when taking your business global:
Do your research:
Assuming that a new target market will react the same way to your present market is a rookie mistake. It is imperative to know your new target market if you wish to thrive in it. Investigate what country or culture will be most receptive to your business. Conducting research that will give you data that provides insight about how the culture has reacted to various products similar to yours will provide you with valuable information about how to approach your marketing, advertising, and PR.
Know how to approach your new audience:
Again, here, research becomes extremely vital when expanding. Researching about how a particular country or region conducts business is beneficial to your success; no one wants to have a trial on your hands before your business even gets off the ground.
Some countries have very strict laws about how to approach potential customers. Having an original and creative business plan about how to obtain attention is always a positive, but be wary of how you execute your plans. Another aspect to consider when scouting out new customers is the culture of your market. Being well versed in a culture’s values and morals, traditions, government, education, family structure, etc., increases likelihood that you will make lasting connections and receive their loyalty in exchange.
Know how to effectively translate your messages in another language:
Language is the power behind social media. Without language there would be no communication, without communication there would be no connection. Language is the influential tool that works for businesses to enhance their relationships with customers. With that being said, translation plays an important role when using social media to reach markets across countries. Oftentimes literal translations of brands, mottos, and slogans do not carry over into other cultures very well, that is why many are changed when moving to a different country or region. Hiring a professional translator can help overcome language barriers.
Carefully choose the most effective platform:
Contrary to popular belief, Facebook is not the end all and be all of social media. Different cultures and markets frequent other social media platforms to achieve various goals. Find out what platform will work the best for your business, and plan accordingly.
The key to thriving in international markets is to do effective research and to know your audience. Having adequate knowledge about your potential customers will only enhance your chances of being successful.