5 Things to Consider When Expanding Your Business into International Markets

Global expansion can be a sizable advantage for many businesses.

By entering foreign territories, businesses can unlock the potential of a diverse customer base, increase access to global resources and create new revenue streams, all while expanding market share.  

However, in order to truly optimise international expansion and drive business growth, it is important to be well-prepared and ensure internal stakeholders have the right tools in place to execute successfully.

In this article, we’ll discuss 5 things to consider when looking to enter new, international markets, while ensuring the successful expansion of your business overseas:

Market research

Market research is an invaluable tool when a business is looking to enter international markets. Here, it is important to thoroughly investigate any new potential markets, and differences between particular regions, in order to decide where would most likely embrace your product and/or service.

This involves gathering and analysing data on the economic, political and cultural environment of the countries and areas that the business is considering, as well as researching the potential demand for your product and/or service in local markets.

By carrying out this research beforehand, you are able to gain a better understanding of the opportunities and challenges that your product and/or service may face and be able to make informed decisions about your expansion.

Interpretation tools

When expanding a business globally, you need to consider how this may affect operations, especially when integrating into new locations that speak a different language. To drive growth successfully, it is essential to be able to communicate clearly with partners, suppliers and customers alike.

Advanced, real-time interpretation tools, like emotii, help to strengthen new stakeholder relationships by enabling precise and professional communication in over 126 languages.

Furthermore, each country has its own set of unique customs, business practices and, of course, cultural nuances. It’s important to use interpretation tools to understand and respect these differences to drive authentic communication and increase the likelihood of success in new territories.

Existing products and services

Entering a foreign market raises lots of uncertainty, but adapting an existing product is a reliable growth strategy that will help to conduct global business.

If your existing product or service is already well established in current markets, then adapting it to the new market needs and regulations is a more secure and predictable way of international expansion.

However, it is important to note that research into the local cultural differences, norms and preferences of each market will enable you to understand how a product and/or service launch will be well-received, all while helping to drive early adoption.

A growing team

To support and elevate growth on an international scale, it’s important to have resource on the ground who understand and can engage with local customers and the wider team members alike.

With international expansion comes the opportunity to access top global talent that brings unique expertise, including language skills. Interpretation tools, like emotii, can play another key role here – enabling easy and frictionless communication internally between team members in different areas of the globe, while ensuring those who have joined the business have the support required to drive early growth and success.

Interestingly, the latest Diversity and Inclusion Global Market Report has revealed diverse teams are 35% more productive and likely to outperform their respective competitors, highlighting the correlation between an international team and business success.

Establish partnerships

One of the best ways to drive international expansion is to collaborate with local businesses that already have required knowledge and stability within target overseas markets.

In sharing resources, knowledge and responsibilities with an overseas partner, not only will businesses be able to navigate the challenges and uncertainties that come with entering new markets, but they will also have the support required to ensure early market penetration, customer engagement and resulting success.

Final thoughts

International expansion presents an exciting opportunity for businesses – enabling brands to acquire new customers, increase market share and compete on a global scale.

However, understanding new markets, sourcing the right talent and being able to overcome language barriers and different cultural nuances is key to success – which is where valuable and accurate interpretation tools, like emotii, come into play.

Ready to enter new international markets? With emotii, everyone can speak the same language. Download it today to discover how AI-driven and real-time interpretation can elevate your business interactions to the next level.

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