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Translation and Globalization: Make Your Enterprise Succeed

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Translation and Globalization: Make Your Enterprise Succeed

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The ability to adapt and grow is vital for businesses. One of the development paths is international expansion. Despite the coronavirus crisis, companies will not refuse to penetrate new markets: some are currently doing this, others are just making plans. In this text we determine which steps help in building an international business strategy.

Take into account the mentality and nuances of doing business

It’s easier to start expanding internationally from the English-speaking market. The main arguments are a tight mentality, a language and a low entry barrier. This is also proven by experience: a common language doubles the mutual trade turnover between the countries and the geographical proximity – three times.

Exploring cultural differences helps build relationships with customers and creates a welcoming work environment within the dealership. For a successful communication strategy, you need to find out whether or not local entrepreneurs adhere to Western business standards. In the first case it will be easier to negotiate cooperation. If entrepreneurs do not adhere to Western standards, then you should carefully study the specifics of doing business. otherwise there is a risk of not understanding each other.

Build a strong team

Modern companies follow the principle “People are more important than ideas”. Employees have become its most important asset, among other things, because a company’s reputation consists of communication between customers and company representatives, be it a customer service representative, a production staff or a top manager. A strong team is a decisive factor in the success of a company, also on an international level.

Benefit from the translation

How sure can you be that a translation is a good investment for your company? First of all, it is worthwhile to find out which direct and indirect advantages a professional translation can offer your company:

  • New customers. Increasing sales by attracting new leads is the first thing most business owners think about when considering translation for entry into overseas markets, and this is one of the undeniable benefits of translation.
  • Businesses regularly spend money on PR and advertising to create positive brand perception with buyers as every business owner understands the value of a reputation for customer acquisition. A good translation also helps build a positive image for the company by showing potential and existing customers in a foreign market that you are serious about building a presence in that market and that you respect the local culture.
  • Support of business partners and customers. When you work with overseas distributors or marketing agents, translation can make their job easier by giving them the tools and accurate information they need to make a successful sale. Providing translated customer support materials, such as user guides and website FAQs, will help you successfully increase first-time sales and increase customer loyalty because they know they can find a solution and answer their questions about your product in their native language.

Equip your offices with equipment for simultaneous translation as you can now hold conferences or meetings with foreign partners to establish new business relationships.

Get to know the potential customer

Modern technologies make it possible to study the characteristics of customer behavior in detail. For a personalized service, 22% of consumers are willing to share personal data and one in five consumers is willing to pay up to 20% of the cost of goods for the possibility of personalization. Companies use data analysis not only to develop projects abroad, but also for doing business in the country.

Don’t be afraid to look for competitors and partners

Competition balances out the opportunities for market participants and also stimulates economic growth. It improves the quality and range of products. The presence of competitors is therefore a good sign for those who want to enter foreign markets. This means that there is a demand for a product and that a sales market exists. The ideal situation is when there are competitors, but not many of them. Where there are competitors, there are potential partners with whom you can enter into a cooperation.

A modern remotely global solution is to find companies and platforms that allow you to register your business online. For example, if you’re looking to set up your business in Hong Kong, simply contact companies that provide business incorporation services and you’re good to go.

graduation

In the tough competitive environment of the global marketplace, finding and realizing advantages that really set you apart from your competitors is an essential part of any company entering the international arena. It is not enough to enter a foreign market. It is best to learn to work on a global level – otherwise you will not be able to hold your company in the fight against companies that have already gone global.

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