Top 10 Tips For Going Global
International growth can offer an exciting way to grow your business and recognize new opportunities. However, globalization for your business isn't quite as simple as building a franchise in another state. In many ways, the world is more universally connected than ever before. Yet, globalization requires considerable research and specific requirements for a successful launch. These 10 tips can help you prepare for the challenges you may face with global expansion and help you get on the right track to serve customers through international expansion.
1. Do Your Homework
Your knowledge of the domestic market and purchasing behavior of your target audience won't give you the information you need to transfer to global markets. Research the market in the area which you're planning to expand to. Learn about common purchase processes, payment options, shopping habits, delivery expectations, and local competition.
If possible, it's a great idea to travel frequently to the country you plan to expand to. Learn about the nuances between different geographical areas and local vendors. Everything from packaging to prices and negotiation can be a challenge if you don't make preparations to understand the culture, export conditions, and local trends. Determine how your product will fit in with the culture of various locales and consider the needs and demands of local customers. Meet local vendors and industry experts to learn tips about selling your products successfully.
2. Create Content
Every part of your product content should be tailored to your target audience. Before launching your product in a company unfamiliar with your brand, consider how well your product title and branding messages translate to the native language. Ensure your campaigns for international marketing are geared toward the culture of the country where you're selling. Consider whether your product is already widely used in the area or if you'll need to include additional instructional materials for a seamless user experience.
3. Analyze Your Market
Before expanding your business to another country, it's important to consider whether your efforts will be rewarded with a reasonable return. Even if your product sells great locally, it may not have global appeal. Do shoppers from other countries visit your current website? Do you have a specific reason to market to your intended country? Is there enough of your target market in a specific area to support business?
When determining the saleability of your product in a new area, it's important to consider how the extra costs you'll incur will affect your prices. Exporting your products, proper packaging, local assistance, and preparations for your global launch are just a few costs you'll face. Other challenges can limit your capabilities and limit your success. For instance, severe business regulations or local resistance to purchasing international products could inhibit your efforts to effectively make sales.
4. Establish a Method of Export
Along with poor user experience and lack of a country's preferred payment method, delayed shipping can create a poor experience that turns international users against your brand. Packaging plays a vital role in enabling international connections. Specific documents are also required for international export, and some countries require additional certification.
5. Enter Awards Programs
Awards programs exist for all types of industries and can be a way to bring more recognition to your business and the products you sell. This could be a huge boost when selling in an area where customers are less likely to be familiar with your product. Eighty-one percent of consumers only purchase from brands they recognize, and the same number complete an online search before making a significant purchase.
An awards program can increase your marketing reach and provide you with third-party recognition. If you've received accolades from a trusted awards program, consumers who recognize the award are more likely to trust in your product. Depending on the awards program you choose, an award can even help clearly define the goals of your company and the products you sell. For example, Think Global Awards provides awards in 16 unique categories including technology, marketing, life sciences, travel, accessibility, and more.
6. Invest in Professional Translation
In non-English speaking countries, the language barrier will be one of the biggest hurdles you'll face. Sixty-five percent of consumers prefer their buying experience to take place in their own language. Seek technical and linguistic advice to go beyond robotic translation and find the nuances of the local dialect. Translate your website, product information, tutorials, etc. to ensure effective communication is never overlooked.
7. Research Cultural Differences
An essential part of appealing to an international audience is to show respect for cultural differences. For instance, the elements of a country's culture can include specific dress codes, business communication preferences, etiquette, nonverbal communication (like gestures), and customs.
Failure to learn about such cultural differences can lead to advertising mistakes, poor sales, failed negotiations, or even the reason why your business would be likely to fail in a specific region. For example, when Home Depot failed to adequately research Chinese culture, the brand failed to take off because DIY projects are associated with poverty in China. Similarly, advertising with the wrong color could drastically change your message if you attempt to convey purity with white in a country where the color symbolizes death.
8. Study International Business Regulations
Business regulations are likely to be different in each country where you want to conduct business. Research the regulations in each country to make sure your product doesn't violate import regulations. Investigate all rules for trademarks and copyrights and learn about tax laws.
9. Utilize Product Localization
Many companies make an effort to translate product information and branding for global expansion. However, language isn't necessarily the only barrier standing between your customers and your products. Localization, or l10n, is the process of adapting your product and/or content to appeal to the demands of a specific locale.
For example, Coca-Cola changes its drink formula depending on its audience and market research from different global regions. Similarly, McDonald's brings local flavor to different regions, like a flatbread sandwich in restaurants in the Middle East and macaroons on the French menu. Netflix manages to capture a vast global audience by allowing users worldwide to view subtitles in a language of their choice or choose a dubbed version of the show or movie. As a result, the top shows in India include Narcos, Stranger Things, 13 Reasons Why, and Riverdale.
Localization may include changing style and tone, design, cultural references, colors, UI/UX, and more. It's important to conduct significant market research and seek out tools that can support your localization strategy.
10. Consider a Partnership
International expansion can be an expensive venture full of unexpected hurdles. One way to cut costs and limit some of the legwork is to acquire or partner with a small-to-medium local business that already has a local presence. Consider the benefits of taking on a 50/50 partnership and the potential drawbacks. For example, you can enjoy instant market entry and inside knowledge of the target market.
Taking your business to a global level can be challenging. However, when handled properly, it is likely to be a rewarding venture that can help you grow and change your business. Entering the international market can expand your opportunities and reduce your dependency on a single economy. Your globalization strategy will be a major determining force in your level of success. Join us at Think Global Forum for more information regarding localization and the needs associated with going global.