Business growth is essential.
If a business fails to grow, it fails to succeed.
However, for your business to grow, you must push the boundaries and be prepared to confidently leave your comfort zone.
International expansion is one way to go about this. Offering your products/services overseas can potentially open your business up to a whole new unsaturated market, if your strategy is backed up with thorough research.
To help clear up any confusion you may have about how to offer your services overseas, we highlight how to nail international expansion and expand your business successfully. There are a number of factors to take into account like preparation and research, your resources and global translation services and much more…
What should you consider when expanding internationally?
First things first, when taking the plunge and offering your services in another country you need to prepare, prepare and prepare some more. You can never do too much research. By being as educated as possible about the international market you are entering you can minimise risk and be proactive not reactive to any challenges that may present themselves.
Your market research should be deep, so don’t just scratch the surface. Where is there a gap in the market for your product/service? Where is there likely to be the most demand? How large are your potential international markets? What are the demographics of your new market(s) in terms of wealth? Overall, how much opportunity is there for your business in new international market(s)? These are all important questions to ask yourself – before you make the step towards international trade, you should be able to answer all of these.
Once you have done extensive research into the market(s) you plan to enter into in terms of opportunity, competition and more, you need to ensure you have sufficient resources to carry out your international strategy. Resources can refer to anything in this instance, such as your staff or the tools you will use to monitor your trade.
A huge component of every effective international expansion strategy is language. You simply must prioritise translation and/or interpretation to make sure your communication with foreign clients and marketing methods are as effective as possible. Even huge corporations have been known to make mistakes when targeting their marketing campaigns at different markets, which shows just how easy it is to get wrong!
When it comes to language, your best bet is to work with professionals and make the most of global translation services to make sure that all your paperwork, marketing materials and client communications are translated accurately and effectively. Intrawelt are a translation agency with a huge database of highly-skilled linguists to help businesses in any industry expand internationally without having to worry about potential miscommunications resulting in misinterpretations of a brand.
It is better to put your trust in professionals with experience of the linguistic, social and cultural factors involved in language, rather than attempting to translate documents or conversations for yourself – this can only end in disaster! Plus, outsourcing your translation means you don’t necessarily need to employ entire new members of staff to look after your international communications.
Another essential part of expanding internationally is devising a strategy to stick to. This is where global translation services can come in handy. As you plan your marketing materials, you can check with a professional that you are getting the right message across. If you don’t, you risk damaging your international brand reputation before you’ve even begun!
When strategising, you should set short and long term goals with realistic dates for when you hope to reach them. To make your goals achievable, you will also need to identify the metrics you will use to monitor your progress for each, whether this is the number of sales, the amount of international site traffic etc.
Another good piece of advice for when expanding your business overseas is to make sure you do plenty of networking before and once you have made the move. These days we have social media, which works to our advantage as businesses can connect easily and effectively with potential clients via their social accounts. You can even use global translation services to perfect this part of your marketing strategy – you don’t want to be interacting with international leads using content that isn’t actually translated accurately! If you do, you risk reducing your chances of forming working relationships and/or harming existing relationships with clients or competitors.