Are you running a business and thinking of taking an international leap? Opening the doors to new markets is, without a doubt, a crucial step towards growth. Before you take the leap, you should know that international trade implies immersing your SME in a process whose results are not immediate. The path to success is rather complex and will depend on a range of factors. Faced with these obstacles, we're offering you some tips that will lay the foundation for what we hope will be your resounding success.
Five keys to the internationalization of your company
To start, without the necessary funding, it will be impossible to bring your company to the international stage. There are a few other requirements beyond investment that you must include in your business strategy. At Linguaserve, we want to highlight five key aspects that you cannot overlook.
1. AN EXHAUSTIVE STUDY OF THE TARGET MARKET
In which country or countries do you want to introduce your services or products? When making this determination, keep in mind things like proximity or cultural affinities. When you know the answer, study the market in depth. What is their legal system like? What is your competition and how does it operate? Will you need new suppliers? You should ask yourself questions like these before setting up your business and also once you are up and running.
Continuous analysis is key to improving in any setting. Surrounding yourself with locals who know the market or bona fide specialists in the region will be essential for your success.
2. CREATE AN EXPORT DEPARTMENT
You will need a team to handle the company in the destination country. Surround yourself with specialists in foreign trade and professionals with the skills necessary to capture business opportunities in these new markets. These people will make contact with potential customers, attend conferences related to the sector, and know the ins and outs of your new market. Only true specialists will bring you success.
3. THE NEED FOR WEBSITE TRANSLATION AND LOCALIZATION
The digital transformation also plays an important role in this process. Your company should not only have a website, but its content should be translated and adapted to the major language or languages in the markets where you're operating.
In this regard, you need to know that while free translation tools are the fastest and most affordable, they are not the right solution for you. Beyond the simple semantic errors they can make, keep in mind that these applications do not understand the cultural characteristics of the place in question, including its expressions and idioms, measurement system, implications of the images you are using, onomatopoeia, etc. In order to position your website in the destination country, you need to work with website translation and localization experts who can ensure that your new website — your window to the world — is fine tuned.
4. CREATING AN INTERNATIONAL MARKETING PLAN.
Your properly translated website will be one of the key components of your marketing plan. Having your website optimized in terms of both content and SEO will improve your positioning for potential customers. This is also the case with social networks, international fairs, and advertising. Remember that promoting yourself is of utmost importance, especially when you’re getting your business off the ground.
5. STRIVING FOR INNOVATION
Being original, both in terms of your products and how you offer them, makes all the difference. Even more so in the ever-changing world in which we live. Innovation is a fundamental approach to achieving success beyond your own borders, so much so that it may be worth making an extra effort in this field in your new markets. Remember that each new market has its own particularities.
You will only survive the bumps in the road if make a concerted effort to the culture of innovation. Don’t lose sight of technology megatrends, like big data, as these could also help you to improve process management, data analysis, and decision-making. Not to mention AI and virtual reality. Remember that added value is key to your business.
If you follow these tips when taking your business international, you’ll not only open your business to new markets, but you’ll find a promising future for your exported services or products.