How to break into new markets
The Internet has made the world a smaller place. This rings particularly true for businesses. Any business owner looking to expand will know the investment needed in marketing to gain a small increase in the percentage of the market they operate in.
Thankfully, this doesn’t have to be the case. Entering new markets can prove even more lucrative for a comparable or lower investment. It can help you create traction in a market where the potential number of new customers is far greater than your native market.
Repurpose your existing marketing materials
One of the reasons expanding into completely new territories can be cost-effective is because they are unfamiliar with your current advertising materials. As long as there is nothing culturally inappropriate to the market you’re entering, then you can use a translation service to repurpose your current materials at a fraction of the cost of a completely new marketing campaign.
If you wanted to expand into China or South America, it would require very little effort to test the water and see how you are received.
Chase your success
Studying and entering new markets globally allows you to select the most lucrative territories for your offering. If you’re based in the UK, where the economy appears to be slowing down, expanding into a market with stronger consumer spending and continued growth could return much higher conversion rates than your native market.
When you consider the IMF has forecast the Chinese consumer market will grow by 42% between 2017 and 2023, it’s no surprise we are regularly seeing double-digit growth. These percentages represent a far higher number of consumers, as a single percent of China’s population is far greater than the equivalent percent of the UK population.
Brazil has been enjoying a consistent increase in consumer spending for more than 15 years, making it one of the healthiest markets to operate in. When you look at consumer reports from respected institutions, the only real question left is, ‘Why aren’t we already operating there?’
You already have what you need
Whether it’s web pages, catalogues, or instruction manuals, all the content you need to enter the new market is in place. A professional translation service will be able to ensure all of these are accurately translated for the intended market. Addressing your new potential customers in their native language will help you to successfully grow.
Even sector specific text full of technical terms can be translated to read naturally to any native speakers in your target market.
Logistics doesn’t have to be a deal breaker
Depending on the type of company you are, logistics can be dealt with more easily than ever. Companies who operate in a solely digital space are virtually ready to go once they have used a professional translation service, whereas businesses with a physical product can either ship from their native country or set up a distribution source in the new market.
Posting goods from a local address doesn’t have to cost a fortune. Somewhere small can be rented relatively cheaply while you test the water. Some places even offer a service just geared towards distribution services for other companies.
Exporting may seem like a daunting process but it is too good an opportunity to not seriously look at. You decide to ensure your business’s continued success and longevity by considering new international markets.