As companies recognize the numerous benefits of international expansion like new customers, lower costs and diversification, they begin making plans to enter into new markets around the globe. But before companies start planning their global strategy, there are a few factors to consider.
Jan-Emile van Rossum, executive director of the Netherlands Foreign Investment Agency for North America (NFIA), recently wrote an article for The Business Journals identifying four factors companies with successful international growth have in common.
1. They choose the correct global markets
Choosing the correct global markets can be tricky. There are many elements that will impact a business’s success or failure, including geographic location, languages, culture, economy, laws and regulations, infrastructure and political stability. A market that may have been a success for one company won’t necessarily be a success for another.
It’s important to study all aspects of a target market and get to know what affects buyer behavior and how your brand, products or services will be perceived.
2. They localize products and marketing campaigns
Adapting your products and marketing messages for local audiences is vital for international success. Your global target audiences likely have different languages, cultures, customs and preferences and you must localize your brand’s message to address these differences. A literal translation of your marketing content may come across as confusing and even offensive. The text, colors, images and meaning of your content all must be adapted for the local audience.
3. They team up with local resources
Working with a professional translation company with translators who are in-country, native speaking and subject matter experts, will ensure your content is effectively localized and culturally correct.
4. They allocate time and money to travel to their global locales
It’s important to spend time in the country you are doing business in. You will learn more about your customers and form valuable relationships with your in-country teams and partners.
To read more, please see: 4 habits of companies with successful international growth.