These are very exciting times for businesses with their sights set on globalisation. But going global does still come with challenges. Here, we’ll look at some of the practical steps you’ll need to take to make a success of your global business.
Going global used to be the reserve of large corporations. They were the only businesses that had the means to expand in this way and reach emerging markets abroad. Today, it’s a very different story and, with the help of translation services providers, even the smallest businesses are setting their sights on international trade.
Consider your target markets
You might be confident that you want to ‘go global’ this year, but which markets are you going to target? You might want to consider which markets are showing signs of strong economic growth.
For example, China is still growing rapidly. Far faster than its Western counterparts. J.P. Morgan’s Global Market Outlook for 2019 predicts 6.2 per cent economic growth for China this year. This presents an undeniable opportunity for businesses.
Europe might be an unknown quantity thanks to the uncertainty surrounding Brexit. It may be advisable to join the throngs of businesses taking the ‘wait and see’ approach on that one. However, Europe will always want to do business with the UK in some capacity and the continuing Sterling value slump makes our products and services more attractive to European consumers.
Emerging markets are another area where great opportunities can present themselves, but where caution is also required. J.P. Morgan predicts a slower start to the year, with these markets picking up as 2019 progresses. Russia, Brazil, Chile, and Indonesia were highlighted as particular markets to watch.
Use tools to help you localise
It’s all very well hoping to start selling products internationally, or reaching out internationally with your marketing campaigns, but you need the right localization and translation tools at your disposal.
You can reach international markets with your digital marketing without needing a physical presence in that country, which can keep costs down. However, in order to achieve positive results from your international campaigns, you’ll need to utilise the right tools. Starting with data is a good idea.
Our article on the datasets that can help you go global is a useful guide. The right data can help you tailor your digital marketing efforts, and indeed your personal communication, with people around the world to gain the most traction and maximise effectiveness.
Remember to keep it personal
Our international digital marketing trends outlook for 2018 highlighted the importance of interactive and personalised content. It’s true that businesses are no longer constrained by their geographical location and can reach pretty much any potential market. However, unless you know how to really ‘reach’ these consumers, often in their own language, you may be missing the mark.
Just a decade or so ago, international business communication and marketing was often just carried out in English. However, technology has changed this and consumers in overseas markets are growing more and more used to (and expectant of) reading content in their own language. This is a trend that’s likely to continue as personalised and interactive digital marketing reaches more and more people around the world.
And it’s not just about translation, it’s about understanding that market’s culture. The last thing you need is to launch an expensive social media campaign in a new market overseas, only to find out later that it was completely misunderstood, for example. And take it from us as a company of professional translation service providers, this does happen. We’ve stepped in to help customers fix problems that have arisen with previous poor translations, more often than you might think.
The business experts at Forbes put it well, in their ‘How to prepare to go global’ article: ‘If you promote a product or service that isn’t received well by certain cultures or religions, or if you’re marketing in a way that is recognized as inappropriate by the locals, they will be apprehensive to do business with you, or they may not do business with you at all.’
The solution? Make sure you have a great team of language translation services providers and localisation experts on hand to guide you through the process of going global. This isn’t a move that you should take lightly and some investment at this stage will help you to grasp the opportunities presented to you and make a great impression from the outset.
