5 ways to reduce costs when moving into new markets

Expanding into new markets is never easy. Learn more about how your company can reduce costs and avoid some of the major pitfalls common in market expansion.

"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.

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3. Create a robust organic search method

A cost-effective method to gain traction in new markets is to develop a comprehensive plan for international SEO. This is the process of optimising your website to help it rank higher in search engine results. Of course, you want new prospects to visit your website, but you also want them to convert from a lead to a customer.

While Google may have a worldwide market share of 92%, it is not the primary search engine in several countries. For instance, Baidu is China's most popular engine, Yandex is Russia's most used engine, while Naver is the most widely used engine in South Korea.

Do some research to find out what your prospects are searching for. Then, for each stage of your end-user journey, focus on high volume and low competition keywords.

When developing your website, understanding the digital landscape in your target market will be highly beneficial. In addition, you may bolster organic tactics with paid media to enhance impact and brand recognition.

4. Conduct rigorous testing

After you've finished developing an optimised website, put in place a comprehensive testing procedure to identify and repair any flaws.

Customers will quickly exit your website if they encounter any difficulties, and they are unlikely to return. A first impression can indeed make or break your credibility. It's not difficult to see why. So make sure yours is a good one, since rebuilding your reputation may be time-consuming in the long run.

Also, remember to test on all major browsers and devices to ensure a smooth consumer journey for everyone.

5. Make content creation easier with automation

It's critical to plan how you'll handle future content upgrades ahead of time once you've launched in your new market. When it comes to preparing content for your business, you want to make sure you cover all of the bases. Remember that this may be a time-consuming and costly operation if not done correctly.

Consider the following questions:

  • Do I have the resources needed to complete this task?
  • Do I need to automate the procedure for greater efficiency?

Using a cloud-based localisation management tool and working with a professional agency can save you time and effort. In addition, removing the burden of IT or employee involvement makes the process much more cost-effective and efficient.

If you're considering entering a new market and want to talk to one of our experts about how to go about it.

Contact us right away for a free consultation on how we might assist