2020 And New Chances
For Successful International Expansion
When companies expand globally, they reach out to new business opportunities in foreign markets. Enterprises might seek to increase their customer base, to overcome sales problems in their home countries, to enter promising cooperation opportunities with foreign companies, to make use of preferential investment conditions, etc. While the chances of such international expansion activities are obviously attractive, the process behind them is highly complex and overwhelming.
Challenges in the international expansion
Approaching new, foreign markets is never easy. Different linguistic, cultural and legal conditions need to be taken into account when international expansion plans are drafted. Steps that need to be taken to bridge linguistic aspects include translation of company information, websites, product information, commercials, etc. Further actions need to be taken to deal with cultural differences. They require consideration of consumer behavior, for example in terms of general product/purchasing preferences, timing according to local events/holidays, etc. In most cases it will also be necessary to transcreate marketing collateral, to check product names to make sure they do not carry negative connotations in the given cultural context, etc. Companies need experienced partners to assist them in this difficultprocess and localization service providers will prove incredibly useful.
Localisation service providers – your partner for all global expansion activities
A good language service provider helps businesses tackle linguistic and cultural challenges and is indispensable in the various stages of the international expansion process. Localization companies can, for example, arrange interpretation services at meetings with business partners in the new target markets, providecontract translation services to conclude deals with local distributors, translate instruction manuals into the languages of the new markets, create packaging designs that match aesthetic preferences of prospective customers, advise ononline campaigns which suit local buying behavior and much, much more.
At globally oriented businesses, finding right localization solutions is a top priority on agendas for each and every year. But what are specific challenges and chances in 2020? Let us have a look!
In 2020, big issuesthat will have a massive impact on international expansion include the dramatic shifts in the trade relations between the US and China, as well as Brexit, which mean that many previously made international expansion plans will need to be reviewed. Certainly, a lot of those plans will be abandoned and replaced with a completely new international expansion approach. In many cases, the focus will shift towards new, alternative markets, which naturally leads to a demand for localization in the languages of those markets.
Further emergence of Asia
The importance of Asia and Asian markets continues to grow. Every successful international expansion strategy must consider Asian markets. Chinese localization solutions, for example, are essential to approach the Chinese market, which is home to more consumers than any other nation. But also newcomers in Asia, such as Vietnam and Myanmar, are in the focus of attention, and many businesses understand that they need Vietnamese and Burmese translation services to gain a foothold on the local markets before competitors do so.
Consumers have become increasingly educated and assertive when it comes to their rights. Legislations support them by stipulating stricter requirements that companies must meet to create favorable conditions for consumers. That is why businesses must take customer concerns very seriously and address them proactively, for example by providing detailed product information sheets, legal disclaimers, health data, terms and conditions, FAQ’s, etc. Once companies cross boarders and operate internationally, all this information should be translated so that information is accessible and understandable.
Consumer awareness of environmental protection and climate change
Another area that consumers have become aware of is environmental protection and climate change. They want to know what businesses do to protect resources and address climate change before they make a purchase decision. Companies can no longer hide behind empty green washing slogans. Instead, public relation departments need to communicate their policies and inform consumers about steps they take to combat climate change to convince clients.
2020 is a very special year for elionetwork, as it marks the 20th year of successful operation. Over two decades, we have supported countless companies in their international expansion activities and thanks to our expert knowledge they managed to increase their customer base and revenue. We are ready to support your international business expansion in 2020 and the years to follow. Please contact us now. We are excited to hear about your plans!