3 Tips for Going Global with Your Business
US companies are more likely than ever to consider trading in foreign markets. In fact, 77% of them are currently assessing global opportunities because of the American economy. Entrepreneurs understand the need to stay ahead of the competition by maximising their reach abroad, but over half of them feel that they’re missing out in key global markets. Let’s look at how entrepreneurs can brave the international waters by going global.
International expansion can be a real challenge for any business, which explains why four out of ten American retailers only trade domestically, despite having the potential and resources to succeed overseas, research has found. However, identifying these challenges, and having a robust strategy in place to combat them, gives any US company a great chance of successfully growing into global markets.
The most significant challenge, according to entrepreneurs looking to expand, is establishing trust in foreign markets. Creating a brand that customers recognise, trust and actively seek out when looking to purchase, is of vital importance. To establish this trust, a second priority for companies is gaining visibility in the marketplace, which ties in with the third challenge: competing with established competitors. Carving out a gap in an already saturated market is a huge challenge, but one that emerging businesses must overcome if they are to succeed.Tips
With these objectives in mind, the following tips give US brand decision-makers the best possible chance to prosper overseas.
1 - Research the Market
Businesses must have an in-depth understanding of the markets they’re expanding into. Strategies that have delivered great results domestically are not directly transferrable to other markets. Researching market interests and quirks is critical, as well as the purchasing behavior of a business’ target audience. For example, in Russia, almost three quarters of eCommerce payments are cash-on-delivery, whereas China mainly uses third party payment companies for transactions.
2 - Create Content
Providing relevant and unique content for the user is absolutely essential. Every piece of content should be tailored towards the target audience, offering shareable, useful and entertaining information that they will genuinely want to engage with. Search engines are becoming ever more geared towards user experience, so to increase visibility, brands must provide an online experience that is both enjoyable and convenient.
3 - Adopt the Language
Seek technical and linguistic help when setting up sites in various languages. Sites should be set up to be user and search engine friendly, with content translated and repurposed for each language. It’s important that companies employ native linguists who understand the idiosyncrasies of their languages and can provide bespoke translations, rather than just large-scale, standard translations of content.
Overall, research indicates that US businesses are excited by the prospect of going global and have the resources to do so effectively, but are still hesitant to make the leap. Addressing the challenges and following the advice above provides brands with the best possible chance to succeed in the international market.