Entrepreneurship is about more than new start-ups. It’s about facilitating growth and the continued success of an established company as well. Whether the company is still fairly young or has been trading for decades, it will benefit from expanding its reach to potential customers all over the globe. After all, for the vast majority of us, 95% of our potential customers live in different countries.
Starting to export your goods to other markets offers many benefits. As well as the increased revenue you can gain, it also makes your business less susceptible to national and global economic fluctuations. Technology has made it is easier than ever to reach your potential customers, and the physical aspects are often made easier by trade deals and improved logistics. The growing markets of South East Asia, particularly China, and Brazil and Argentina are a hotbed of consumerism waiting to be tapped.
However, despite it being easier than ever to make happen, there are a few things you must take into consideration to increase your chances of being successful in new markets.
Have a clearly defined strategy
Are you going to sell directly to the consumer, through a distributor, or use a partner with an existing distribution and support network already in place? These are just three avenues you need to explore early on. The best answer for you will depend on your own specific circumstances and products. The answer may also be dependent on the markets you are targeting, which you should also clearly define before getting started.
Don’t presume your current marketing strategy can be Google translated and transferred straight to your new market. There are considerations other than the language. You’re not just exporting to a new market, but to a completely different culture with all of its own nuances and sensitivities, most of which you are probably oblivious to. This process is known as transcreation, where your message is adapted to suit your new target market while maintaining its tone, intent, style, and context.
Using a professional translation company with experience in your target market will ensure your company literature, web presence, and marketing communication are all making the right impression.
Employment and legal considerations
If you plan to employ a local agent, you have to be aware of the country’s legal requirements. You must also be aware of any obligations and regulations related to entering into partnerships with companies based in the new market. Will entering this new market require any protection of your copyright or intellectual property rights?
All of these considerations require advice from a lawyer based in your new market, as well as the help of professional translators to help ensure any legal documentation you need to create is correct. They can also make sure you understand any documentation coming from the new market to you.
There are huge untapped markets with the potential to provide decades of growth and financial stability to any company brave and smart enough to enter them in the right way. For the savvy entrepreneur, the possibilities are endless. Preparation is key. Get all the right people in place to make sure any communication in either direction is clearly understood and properly represented.