Common Mistakes Businesses Make When Expanding into Offshore Markets
Common Business Mistakes While Expanding
Many businesses feel it’s time to expand into the international market after they have known success in their domestic market. However, the businesses should know is that this process is more complicated than it appears due to the cultural differences and the unique characteristics of each market to avoid common business mistakes. Even though your products or services have recognized great success domestically, this success can be jeopardized when expanding to the global market due to many differences between the local and international markets.
Each market has its own wants and needs which commands for every business expanding into new markets to tailor its marketing strategy and communication to address those wants and needs, while respecting the cultural norms recognized in that market. The communication strategy should be localized and businesses shouldn’t make the mistake of thinking of the world as an extension of their domestic market.
The second most business mistake is to avoid that, before venturing into a new market and before localizing your marketing strategy, you should study the target market in order to find out if your brand has a chance of survival there. You should consider political, social, economic, legal, technological, and environmental factors, which would help you predict your chances of success. Once you have taken that step, it would become clearer for you to know how to position your brand and how to communicate effectively.
After defining your target audience and understanding their interests and what motivates them, you will have to create the appropriate marketing messages you want for your brand to convey. This should show the value of your products or services to consumers in that market, especially by addressing the preferences of your target audience while respecting their cultural norms. By putting the customer at the center of your marketing strategy, you will enforce your brand image and build ongoing sustainable growth.
Another business mistake you should avoid when expanding into an offshore market is to not correctly translate your marketing message so it could be well understood in that market. You shouldn’t translate your marketing texts word for word since the meaning conveyed can be broken or changed. You should localize your message and adapt it in order to capture the persuasive and emotive spirit of the original marketing copy while making sure it is communicated with the local cultural context taken into consideration.
Finally, to increase the chances of your success, you should have local market support on the ground, which will help you establish the right business infrastructure necessary for optimal results