Elections seem to bring out the emotions in people, as the recent events in the United States have shown. Supporters of Hilary Clinton, Donald Trump, and the other candidates were so passionate about their choice for president that in the wake of the results there have been protests, petitions, rallies, marches, and of course heated debates. As for the presidential candidates themselves, the elections results are a culmination of years of their campaigning including one crucial element of planning: having an understanding of the public whose vote they are procuring.
How are businesses like presidential candidates?
Businesses, like presidential hopefuls, have to spend time thinking about the market that they are wanting to capture. A lot of the time businesses will just jump into a new market because it looks favorable but, unfortunately, things aren’t always what they seem to be at the outset. The success of your expansion depends on knowing the market you are entering using extensive research. Doing a little digging on the business and social etiquette of your intended market is a good start and will definitely set you in good stead but what else can you do to get to know the market?
Understanding your electorate
Once you have set your sites on the market you want to enter, narrow it down as much as possible in terms of demographics, location and possible interests. Then you can look at the market analysis including growth rates and forecasted demand. Familiarize yourself with the currency fluctuations and business laws that will affect your bottom lines.
Consider conducting a focus group to get an understanding of how your demographic is different in the specific country you would like to expand to. Is a new approach required to reach your potential customers in this location? Looking at the history, culture, and social rules of their society will definitely help but you might also need some personal insight.
Make sure that you are ready to adapt your business: take a look at yourself and think assess whether you would like to extend your current abilities by building on or whether you would consider partnering with another business or businesses. Would outsourcing be a better solution for certain tasks than completing them yourself?
Get the “vote”
Like campaigning to be president, expanding into an international market will need to have a good understanding of their target market and what makes them tick. Their culture and customs, their social rules and their specific needs. How should the marketing strategy that you are currently using on a local level be changed for the best possible results: localization enables you to understand all the specific cultural factors so that you can expand your business successfully.
We help global brands to build their own localization success story. We can help you get the “vote” from new markets/customers by understanding the culture and needs. For more information on how Rubric’s localization services can help your organization make the best possible entrance into new markets, feel free to contact us and speak to us directly about the services we offer.