Beyond Borders: The Art of Entering New Markets

The size of your company isn’t crucial for entering the international market. Exploring new GEOs is an integral part of business development. There may be greater demand for your business beyond your local region. If you have a potential opportunity to expand your geographic reach, you should definitely seize it, as it can increase your revenue.

So, why should you enter new GEOs?

Here are a couple more arguments in favor of entering new markets.

In addition to the fact that a new audience means new deals and new profits, it also serves as insurance against various regional factors that can negatively impact your business. This can include tightening tax policies, regional crises, and different natural disasters — if you tend to overthink, you can even come up with many more things that could harm your company. Consequently, by not limiting yourself to one region, you minimize the risks.

Furthermore, in the current landscape where a majority of businesses can operate online (and we assume yours does as well), it would be simply absurd not to take advantage of the opportunity to enter a new market. You don’t even need to establish a physical office.

On the flip side, there is heightened competition. To compete on the international stage, you’ll need to make an effort. For more details on this, keep reading.

Select your path

Needless to say, a strategic approach is crucial before plunging into the turmoil. In this respect, you possess two selections to explore: globalization and localization.

Globalization pertains to the process of rendering your products and content as universal as they can be. While this might seem useful, and could act as a beneficial tactic for corporations with straightforward products or for those on the brink of global outreach. Localization might turn out to better serve your purposes as your international revenue picks up.

Localization brings customization to the forefront by specifically adapting your goods, services, and promotional messaging to cater to unique local markets. Here, rather than resorting to a replicated business framework in each nation, you’ll be required to apply local modifications to your brand and the services you provide.

Nuanced subject

While globalization is relatively straightforward, localization is a more nuanced subject, deserving a more in-depth exploration.

The first step in this process is translating content, though this only addresses the language aspect. If the content is to truly connect with the local audience, it must be adapted beyond mere translation. This necessitates market research to comprehend how the various cultures perceive your brand and utilize your products.

Accomplishing effective localization means: 

• your information will be readily available
• your content throughout all levels of the sales funnel will be culturally significant
• your purchasing process will be user-friendly

Essentially, you’ll be crafting an excellent customer experience. If customers feel at ease performing the actions you’d like them to, it will proportionately impact your international performance.

An example of McDonald’s campaign in Japan

Focus on the details

Understanding and appropriately adjusting to local markets is crucial. Beginning with the translation of your website is commendable but remember that it’s only the introductory step…

Consider all the contents related to both marketing and product, including: 

• blog posts
• login and confirmation prompts
• tutorials
• native and social ads
• customer reviews
• application store pages
• social media accounts, etc.

Imagine the scenario: a customer is able to interact with your platform effortlessly in their mother tongue but chances upon your company’s blog while looking for upcoming updates and, unfortunately, it’s not localized. The unexpected switch to a foreign language shouldn’t be experienced by the customer. Be proactive about these aspects.

During the cross-examination of all content and customer interaction points, several aspects of localization should be taken into account:

• Quality of translation. It should be accurate with correct spelling and grammar while maintaining consistency in terminology and tone.
• Technical details. Delivery information, addresses, operational hours, currency, phone numbers, and product availability need localization.
• SEO. Local websites need to be optimized with locally relevant and popular keywords.
• Imagery. Photos should reflect the diversity, landscapes, architectural nuances, and fashion trends that are relevant to the locality.
• Cultural intricacies. These not only impact the text translation and pictures but must also be considered when shaping the brand voice, marketing strategy, and price range to match local conditions. 

Team of experts

Assemble a group that comprises members proficient in the native language and specific to your industry. It’s important that they understand the dialect and the cultural nuances of the specific GEO where your operations will be based. Here are some steps to help establish such a team efficiently:

• Identify requirements. You’ll need to carefully understand the specific needs of your project. What communication or knowledge gaps are you trying to address? Which languages are involved, and do you need an understanding of specific dialects or cultural contexts?
• Find specialists. Look for team members or external partners who are native speakers of the required languages and have background in the specific industry. Platforms like LinkedIn and job boards, or services like One Hour Translation can be great starting points for your search.
• Vet candidates carefully. Just because someone is a native speaker or has industry experience doesn’t mean they’ll be a good fit. Check their specific experience, ask for references, and maybe have them do a small test project to see if they can really deliver what they’re promising.
• Set clear expectations. Once you’ve found your specialists, make sure they’re fully integrated into your project. This means giving them clear guidelines regarding what you’re expecting from them, and also welcoming their input, and making sure their expertise is actually used.

Remember, the goal isn’t just to “fill a slot” with someone who “ticks the boxes” — you’re looking for someone who can drive real value with their local knowledge. And that might mean compromising in certain areas. For example, they might not be as experienced in your industry as you’d like, but really excelling in others — they might know the local culture and way of doing business like the back of their hand. It’s about finding a balance that suits your specific needs, and that’s what good team-building is all about.

Conclusion

Digital technologies are enabling businesses of all sizes to penetrate the global market and enjoy benefits such as expanded customer pools, decreased local risks, and discovery of untapped growth potential. To succeed internationally, companies must implement a well-rounded strategy that includes in-depth market analysis, cultural understanding, quality localization, and a focus on customer experience in the targeted GEOs. It’s advisable to assemble a team of experts familiar with these regions, including native language speakers and industry insiders. As the world gets more interconnected, businesses ready to extend beyond their local confines are better positioned to capitalize on future opportunities and diversify their existing models.