What are the benefits of business localization? In short, it is the long-term brand reputation and business survival in all of your locations. Concerns are costs, branding, translation and more. This article details how to localize a business anywhere...
How To Formulate Your Localization Business Strategy
Expanding a business into an overseas market helps grow your brand and increase commercial revenue. But when the initiative fails, it can cost a lot and damage your brand reputation.
Don’t let that deter you. With the right localization planning and an effective marketing strategy for the target region, there’s no reason why your launch can’t be successful.
Here are five key steps to localize a business overseas.
Research The Market
Expanding a business into an overseas market is an excellent idea. You can:
- Access new markets
- Open up new revenue streams
- Tap into different talent pools
- Modify your brand image
- Out-perform your competitors
But overall, you build the brand as well as business profits.
While there are hundreds of excellent reasons to grow a business overseas, you can’t be naive. The fact is 20-30% of businesses fail in their attempts to expand into international markets due to language barriers and the market conditions. So research the markets carefully.
Identify The Languages
Expanding into an overseas market means working with different languages and cultures. It’s important to gain understanding. Inaccuracies in translation and culturally accepted communications affect the reputation of your business. Seek knowledge of the language requirements all the way down to the local areas.
Most countries are multilingual. Some have two or three spoken languages, while others have dozens, such as India. The business branding and website should be modified to cater to key demographics. Consider contacting a professional translation company such as het vertaalbureau.
Localization Plan
Without a localization plan, your efforts to expand into an overseas market are doomed to fail. Even though you have an established company and brand in your domestic market, success doesn’t always transpose. Think of localization efforts as starting the business from scratch.
When creating your localization plan, consider your:
- New location
- Target market
- Translation
- Branding
- Marketing channels
Ideally, you want your business to launch effortlessly into the new markets and find responsive customers.
Recruiting
When expanding a business into new markets, it is essential that the company is culturally aligned with the target consumers. If you're wondering why companies need executive recruiting, the answer is:
Executive recruiting can help businesses localize their operations and better understand the needs of consumers in new markets.
By using executive recruiting firms with experience in foreign cultures, companies can find qualified candidates familiar with those countries' customs and values. This will ensure products and services are marketed in a way that resonates with local consumers, resulting in increased sales and success overseas.
Branding
Branding is incredibly important when expanding a business overseas. Many of the world’s top brands, such as Pepsi and Coca-cola, have adapted their
- Branding colors
- Slogans
- Spelling
To help customers in specific areas recognize and pronounce their products.
Regardless of the product, you need to ask yourself some important questions before committing to your overseas brand:
- Does your brand name provoke a reaction?
- Does it have more than one meaning?
- Can it be pronounced?
- Are there negative connotations?
Marketing Channels
As part of your localization planning, you need to think about your delivery methods and your marketing channels. Both are key considerations for getting your product to market and keeping it there. Remember, modern consumers are particular about distribution channels used.
Understanding the possible marketing and distribution options for your overseas business is key to refining the localization process and trimming margins on your project. The more you know about distribution and marketing, the better the decisions you can make about translation and each facet of your operations there.
