Localization and Other Key Steps to Successfully Expand Your Business Globally

Becoming a global company might seem like an overwhelming goal that would be difficult to achieve. However, with so many companies crossing borders and entering into new markets, becoming an international business might be the best step you can take to stay ahead of the competition. Although there are many considerations with going global, including, vitally, an end-to-end approach to localized communications, the result will be worth it. With thorough research and planning, you could be selling your product or service in regions worldwide.

Here are some tips to help you get started on developing your globalization strategy:

Get to Know Your Target Market

One of the most critical steps of implementing a global plan is to take enough time to understand the market your business is trying to enter. Along with researching whether your product would be successful in a specific region, it is important to carefully consider your approach to ensure that your business is planning for every aspect, including cultural nuances and sensitivities. By studying a region early on in your globalization process, you can determine how you can best deliver your product and support new customers. In addition, seeking the help of subject matter experts can ensure that your company has a strong go-to-market approach.

Conduct a Detailed Analysis of the Competition

Along with understanding the market, it is necessary to pay close attention to both local and global competitors. When analyzing the competition, consider these questions:

• Is there a need that is not being met that we can fulfill?
• What is our competitive advantage over other businesses in the industry?
• What is the value proposition of our primary competitors?
• What services do competing businesses offer that we do not provide? Are those services necessary, and can we provide them as well?

Localize your Approach

Localization is a significant part of a successful globalization strategy, and it can have a huge impact on how well your company fares in an international market. By contracting with a reliable language partner to help localize all communications, your business can be certain that each aspect of a region is being taken into consideration. Embracing the culture of a region is about more than just translating content for websites and apps; it means focusing on local phrasing, terminology, features, and cultural preferences to achieve a strong regionalized presence. Consider this: An advertising campaign might be well received in one part of the world, yet send a completely different message elsewhere. Because an effective language partner understands the differences among regions and cultures, it can help your business overcome cross-border differences and successfully reach target markets.

Speak the Language of the Region

Along with localization, precise translation is essential to reaching customers in a global market. By offering your online and mobile content in several languages, you are able to reach a much larger audience; however, language accuracy is essential. Considering that 54 percent of customers prefer local language over price when making a purchasing decision, accurate translations are particularly vital.

Much like localization, seeking the assistance of a language partner for high quality translation would be beneficial. Ulatus’ language experts have an average of 10.4 years of translation experience, making our team uniquely qualified to help companies tap into many new markets.

Focus on Building Strong Relationships

One of the most effective steps your business can take is to begin building relationships and trust in a market long before launching your product. To succeed in building solid relationships, start by visiting the region, most likely more than once, to get to know some of the key people involved. Don’t underestimate the value of a face-to-face meeting. Other considerations include:

• Communicate with your new global customers, seeking their input and considering their opinions.
• Only set expectations and deadlines that you can achieve.
• Be transparent and open with the people in the region about your plans for the business.
• Establish an internal alliance team to help cultivate relationships.

Tailor Your Marketing Strategy – Focusing Localization

With so many types of marketing channels available, selecting the best combination for a region can be challenging. While several markets might favor online and mobile avenues, there are also many areas for which print materials or events are the preference. As part of knowing the target market, research the most effective marketing strategies for that region. Conversely, be forward thinking; don’t automatically assume that a region is not open to new marketing techniques just because another strategy worked in the past. The bottom line is to pay attention to what would be most effective in the market.

Although expanding your business into global markets can be daunting, keep in mind that the opportunities for growth are tremendous. Focus not only on an overall strategy, but also on the seemingly small details that can make a big difference. After all, considering that 75 percent of consumers would rather purchase products in their native language, the time to ‘glocalize’ is now.