"It is not the strongest or the most intelligent who will survive, but those who can best manage change." – Leon C. Megginson
Dr. Megginson is a marketing and management lecturer at Louisiana State University in Baton Rouge, USA. He said these words almost 60 years ago, and they're as true now as ever.
When a company expands into other markets, it must confront new audiences and unique problems in each market. Exhaustive market research is required, but the degree of competition in a certain industry may vary widely depending on the location. Because many industries are global, it's important to adapt while still understanding your target region.
It is helpful to think of international expansion as a game in which each new market comes with its own set of challenges. At each stage, success is decided by how effectively you adapt to and understand the location you're entering.
Poor planning may have you hitting a wall sooner than you had anticipated.
With over 50 years of industry experience, we can provide some key ideas for companies looking to expand on how to lower costs when entering new areas.
"If you fail to plan, you are planning to fail." – Benjamin Franklin
The importance of preparation cannot be overstated, and it might range from comprehensive market research to setting long-term goals.
There's a lot to consider, but we'll focus on elements that can help you enter the market successfully and affordably.
1. Familiarise yourself with the rules and regulations
Each market has its own unique regulatory barriers. This can make it difficult to expand internationally at times. Therefore, it's critical to understand the local rules before going into a new country.
Your best option here is to have a compliance and legal team look into the difficulties you may encounter to make sure everything is in order.
2. Conduct a comprehensive content audit
Once you've determined your market goals, take a holistic look at all of the content necessary for your target market. This is an important exercise to ensure you haven't overlooked anything.
Create a plan for how you'll get your users from the point of contact to using your product. Make a note of every call, email, and text message. Include any other communication mechanisms they may need throughout the process. This might cover a wide range of activities, including digital advertising, annual statements, and so on.
You can also use this data to determine how much material has to be localised and the best method for doing so, including the most cost-effective plan for your company.
For example, automated machine translation (MT) combined with post-editing is a cost-effective technique to reach a bigger audience than machine translation alone would allow. Especially if your content consists of high-volume, rapidly changing or highly targeted material.
However, for more complicated writing, working with a third-party partner that employs an established network of industry-expert linguists and has been certified is essential to providing high-quality translations that comply with regulatory requirements.
