For business, the ability to adapt and grow is a matter of survival. One of the development paths is international expansion. Despite the coronavirus crisis, companies will not refuse to enter new markets: some are doing this right now, others are only making plans. In this text, we figure out which steps help build an international business strategy.
Consider the mentality and nuances of doing business
It is easier to start international expansion from the English-speaking market. The main arguments are a close mentality, one language, and a low barrier to entry. Experience also testifies to this: a common language doubles the mutual trade turnover between countries and geographic proximity – three times.
Exploring cultural differences helps build relationships with clients and creates a welcoming work environment within the dealership. For a successful communication strategy, you need to find out whether local entrepreneurs adhere to Western business standards or not. In the first case, it will be easier to negotiate cooperation. If entrepreneurs do not adhere to Western standards, you should carefully study the specifics of doing business; otherwise, there is a risk of not understanding each other.
Form a strong team
Modern companies adhere to the principle “people are more important than ideas.” Employees have become the main asset, among other things, because the reputation of a business consists of communication between customers and company representatives, be it a customer service operator, production personnel, or a top manager. It is a strong team that largely determines whether a business will succeed, including at the international level.
Take advantage of translation
How confident can you be that translation will be a good investment for your business? To do this, first of all, it is worth figuring out which direct and indirect benefits for your business a professional translation can provide:
- New clients. Increasing sales by attracting new leads are the first thing most business owners think of when considering translation to enter foreign markets, and this is one of the undeniable benefits of translation.
- Companies regularly spend money on PR and promotion to create a positive brand perception among buyers because any business owner understands the value of a good reputation for attracting customers. Good translation also helps build a positive image of the company by showing potential and existing clients in a foreign market that you are serious about building a presence in that market and that you respect the local culture.
- Business partners and clients support. If you work with foreign distributors or marketing representatives, translation can make their job easier by providing them with the tools and accurate information they need to sell successfully. Providing translated customer support material, such as user guides and website FAQs, will help you successfully drive initial sales and increase loyalty by knowing that they can find a solution and answer their questions about your product in their native language.
Tool up your offices with simultaneous translation equipment, as you can now hold conferences or meetings with foreign partners to build new business relationships.
Get to know the potential client
Modern technologies make it possible to study in detail the features of customer behaviour. For the sake of personalized service, 22% of consumers are ready to share personal data, and every fifth consumer is prepared to overpay up to 20% of the cost of goods for the possibility of customization. Companies use data analytics to develop not only foreign projects but also for business within the country.
Do not be afraid of competitors and look for partners
Competition equalizes the opportunities for market participants and also stimulates economic growth. It improves the quality and range of products. The presence of competitors is, therefore, a good sign for those who are going to develop foreign markets. This means that there is a demand for a product, and a sales market exists. The ideal situation is when there are competitors, but there are not many of them. Where there are competitors, there are potential partners with whom you can establish cooperation.
A modern solution to thriving globally remotely is to make sure of companies and platforms that offer you the possibility to register your business online. For example, if you want to set up your company in Hong Kong, you just contact companies that offer company formation services and you are good to go.
In the tough competitive environment of the global market, finding and realizing advantages that truly distinguish you from your competitors becomes an integral part of any business entering the international arena. It is not enough to enter a foreign market. It would be best if you learned to work on a global scale – otherwise, you will not be able to keep your business in the fight against companies that have already become global.