International expansion can provide your startup or company with tremendous growth opportunities. It allows you to grow faster by casting a wider net, and helps diversify your revenue stream.
While global expansion can be an exciting time, it is a significant undertaking and requires some careful planning and making some hard decisions.
1. MAKE IT YOUR COMPANY STRATEGY
The decision to expand into a foreign market should be part of your overall business strategy, not just a sideline. Ensure your company has reached a level of success and credibility in your local market before attempting to expand.
2. SET YOUR GOALS
Undertake a thorough market study and analysis to determine the potential demand for your services, and be conscious of the competition and your competitive advantages and disadvantages.
If you require financing to launch this new venture you will need to prepare a Business Plan; even if no financing is needed, a Marketing Plan should be prepared, since this expansion should be treated as if it were a new division of the company.
3. NETWORK AND ATTEND CONFERENCES
In our world of virtual communication, in-person interaction is still highly valued in cultures like Europe and East Asia. Use trade shows, conferences and networking events to make connections with local customers or partners.
4. ASSESS YOUR BRAND
When doing business globally, you cannot always rely on your company name to do the heavy lifting for you. No matter where you do business in the world, always ask yourself “What’s my brand’s story?” and "How do I best tell it in this particular country?"
5. GO “GLOCAL”
Marketing communications need to be consistent with the region. Your domestic marketing strategy may not translate to the international stage. Tailor your products, and especially their presentation, to the target market. Adapt your services to the local culture. Translate and localize all pertinent internal and external communications and information.
At Audience Global we offer highly specialized language services and expertise to help you manage language challenges so that you can expand your business globally and increase your sales revenues.
We specialize in providing reliable, cost-effective translation, localization, content management and multilingual publishing services to customers across the globe.
For more information visit our website.
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