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Insights for Entrepreneurs

What can help SMEs in expanding to international markets?

Understand the customers

Another crucial matter business owners must understand fully and thoroughly before entering new markets with their products and services is perhaps the game’s key player – the customer. There is a number of elements which the customer can be understood through – from their geographical and demographical to psychographic and behavioural values. When expanding your business to a new, foreign country, it is essential to understand what drives people and their consumer behaviour. Will they have enough income to purchase your product? Will their religion, political situation or social customs influence their purchasing decisions? Conducting the ‘PEST’ analysis, (Political, Economic, Social and Technical standpoints) will allow you to get your homework done.

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Business translation

Localising your product or service for the particular target market and audience can be extremely beneficial. Of course, everyone prefers to read information in their native language. Even when purchasing a foreign product, the customer expects a professional company to provide information that can be easily understood in their native language. Unquestionably, marketing material such as website or brochures simply must be translated into the target language, allowing the consumer to fully understand what your company and service is all about. A number of business owners in order to save money in the short-term uses the inaccurate and automatic computer translation services. In the long run however, this can be a very dangerous practice which instead of saving money, brings more costs and compromises your company’s professional image. Truthfully, the only solution for translating your website and other business material is the use of a professional translation agency which specialises in translation services and can guarantee accuracy. Such company can guarantee not only a word-for-word translation of your business material, but can also localise your text, making sure that it is culturally and socially appropriate in your target country.

As you can see, expanding a business internationally isn’t an easy task at all. It certainly takes a lot of effort, research, preparation and, let’s be honest, money. It’s important to keep in mind however that it is better to be safe than sorry. Investing to, for example, translate your website professionally, might cost more in the short-term, but in the long term the return on your investment can be great.

Originally posted 2015-09-26 12:43:12. Republished by Blog Post Promoter