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.
Further Resources from GPI
You may gain further insight into global e-business, global SEO, website translation and country specific cultural facts and related topics by reviewing some previous blogs written by GPI:
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About the Author
Natalie was born and raised in Montana where she graduated from The University of Montana with a degree in Business Administration. Her international experience includes two summer programs, one at The European Business School in Germany and the other at The University of Brescia in Italy. She studied a variety of global business subjects including international business, trade, culture and language. Key projects for her undergrad studies included meeting with executives from large corporations such as Lufthansa, Opel and The European Central Bank as well as working with the design team on the marketing plan for the 2015 World Fair in Milan, Italy. She has a range of global event management experience including organization of the Annual Mansfield Conference on the Middle East and the China Town Hall meeting series. Her hobbies include beading, yoga, cooking, reading, being outdoors and traveling.More Content by Natalie Williams