You aren’t a passionate business owner, if you aren’t a growth-minded person. Growth-hungry people look for opportunities, irrespective of the national borders and languages. Thus, if you are among those, who feel that global growth is daunting, you are certainly (may be unknowingly) restricting the growth of your business. This article outlines a complete guide as to how an entrepreneur can become globally successful.
‘Aahhh… What? I already know how to enter the global market. What will this article teach me?’
If this is what you are thinking — that you already know the major ‘entry strategies’ to the globalized world — you may just want to keep reading, regardless. This article focuses on a new strategy that has helped a number of organizations to grow and increase the popularity of their brand in overseas markets.
But, before discussing that new strategy, let’s just rewind some of the main and traditional entry options (to enter a foreign market) that are and will always be open for you.
Organizations with a repeatable business model generally tend to adopt this strategy as their entry option. If you enjoy a strong brand recognition or if the business model you use is very unique, you have an increased chance of success in that target market.
2. Joint Ventures
A joint venture can be termed as a specific type of partnership in which two organizations agree to work together, thereby sharing the risks and profits equally.
3. Direct Exporting
Selling your stuff directly into the target market is known as direct exporting. But, to make sure that your strategy really works, you must have choose wisely the agents and distributors that represent your company or products.
Apart from these three options, there is also licensing, buying a company, turnkey projects, piggybacking and Greenfield investments. Not all of them, however, can be used in every country. While one type of strategy may work in one market, it will be useless in another.
However, there is one strategy (the so-called ‘new strategy’), which will be useful in all the countries/ target markets, which are non-native to you. This strategy is known as TRANSLATION. You may believe translation to be common and insignificant but, translation is of more value than all the options mentioned above. Without translation, all of these options are futile.
Let’s See What Studies Reveal
Rightly speaking, translation is not a new strategy. It’s just that most of the businesses, either do not know about it, or consider it an additional cost. Translation is an integral factor for going global. To testify this, a number of researchers scrutinized the market at different points of time and their reports found:
- 72 percent of customers say that they would be more likely to purchase a product, if the product info is in their native language.
- Nearly three out five Web users do not use English for browsing purposes. Thus, if you feel that English can help you grow in any foreign market, you are mistaken.
- 20 percent of exporting companies suffer severe business losses, due to a big gap in culture and language.
This clearly shows translation is paramount for business expansion.
What Benefits You May Get
Through accurate translation of your software, websites, marketing materials and other such documents, you will be able to:
- Increase the sales life of your services/ products in the target niches and markets.
- Minimize the dependence on local markets for entire revenues and income.
- Minimize the adverse effect of market fluctuations on your business.
- Compete against international brands and make your own identity.
Not Enough Capital? Here’s What to Do
‘Invest at such and such place and you’ll receive heightened increase in revenues’. Such phrases, sounds good; But, to implement them is not that easy. You need to invest in all of your resources, including money (capital), to get the desired outcomes. Hence, when it is about getting your documents translated, you will need a considerable amount to invest in the same.
But, if you do not have enough capital to invest into translation for multiple markets or countries, you can adopt the easy way out, i.e. choose languages that are highly spoken around the world. Obviously, if the number of speakers (both L1 and L2) for a specific language would be higher, you would be able to target multiple niches/markets/segments at once.
Here are some of the languages, which you can consider initially:
- Mandarin Chinese – 1,090 million speakers
- English – 942 million speakers
- Spanish – 570 million speakers
- Arabic – 385 million speakers
- Hindi – 380 million speakers
Believe it or not; translation is really the most classic and ideal way to not just enter the global market, but also find success. So, just spin the globe; select your target market; get translation; and voila…. The endless opportunities are there for you.