About Us|Contact Us|Register|Login

[google-translator]

How to Enter Global Markets: 7 Tips for Businesses

The decision to enter global markets is usually one that makes or breaks a business.

For some corporations, international expansion provides them a one-way ticket to paradise. For others, it can cause financial collapse and total disaster. At the end of the day, it comes down to careful planning, strategizing, execution, and (of course) a little luck.

Thankfully, there are seven proven tips you can follow that will enable you to successfully enter global markets and build upon your market position. Let’s get started.

1. Localize your content

One of the most important steps when entering global markets is to localize your content. But what does this, exactly?

Think about your existing marketing content. There’s a lot of it, right? Website content, product packaging, messages in your online store – you get the idea. Now, you can’t just magically throw all this content into Google Translate and serve it up to your new international customers. They won’t buy it – not even a little bit. Poor translation is immediately noticeable to native people, and it will make your business look cheap and unprofessional.

This is where content localization comes into play. For example, you might be an American business looking to market your products in China. Through localizing your content, you don’t just translate the words into Chinese. Instead, you localize everything, meaning all your content is spelled, phrased, and perfectly designed so that it resonates with local people. Even your use of emojis is important when localizing your content – as certain emojis hold more emotional value in certain cultures!

To successfully localize your content, you’re going to need localization software provided by experts. This will enable you to successfully market your products and services to other countries – which is pretty amazing.

2. Create a workforce plan

Effective global expansion is largely dependent on your team, whether you employ 5 or 1000 people.

You will need to carefully build a plan to accommodate your expansion. Will employees be able to work remotely? Will you need to new-hires from your chosen expansion countries? All of this must be carefully thought through.

3. Focus on supply chain efficiency

Naturally, your supply chain is going to change. Supplying products to new countries means you will need to decide on exportation methods, as well as which supplier (or suppliers) you’re going to use.

4. Analyze your target markets

The prospect of entering new (and unknown) markets can be scary, to say the least. But through detailed analysis, you can gain a clear understanding of market share, competitors, and what you will need to do to establish your brand.

How to Enter Global Markets

5. Tick all the legal boxes

Different countries come with different legal procedures, from tax schemes to employment practices. You will need to tick every box to ensure that you don’t land yourself in hot water (for example, underpaying employees or not paying enough taxes).

6. Use the power of social media

Social media is a universal language that every country speaks. This is great – not to mention convenient – as it gives you a great shot at establishing your business online, such as through Twitter or Facebook ad campaigns that are tailored for natives. 

7. Finally, network with local businesses

Local businesses in your new markets will come with useful resources and knowledge that you can use to your advantage, ultimately providing you a foothold in the industry.