In an increasingly interconnected world, business internationalization is a must, especially for companies wishing to enter new global markets.
This term refers to the process a company embarks on when it decides to seize growth opportunities abroad.
Internationalization can be implemented at various levels and in various strategies. Those can include:
- searching for new business partners
- producing and/or selling products abroad
- attracting foreign financing
- searching for new suppliers and/or distributors
Before taking this course of action, however, it is necessary to assess the company’s situation and perform an in-depth analysis of the market and the target country.
The first analysis involves a self-assessment, since, to expand into other countries, it is necessary to know the current state of the company, its potential and, above all, the resources that are available or must be found before taking this step.
Depending on the results of the preliminary self-assessment, an analysis of the target market and country is done in order to devise and implement the best strategy to achieve the goals.
The process demands company time, energy and resources, but it is worth the effort.
The purpose of the internationalization process
The internationalization process serves the company’s purposes in many different ways.
First, it allows the company to increase its revenue. As mentioned earlier, internationalization also means selling products in foreign markets, thereby expanding the potentially interested customer base.
This leads to another fundamental aspect, namely the increase in corporate brand awareness. If the company’s product satisfies the new target market, this will bring greater brand visibility and an enhanced corporate reputation.
This in turn can translate into new growth momentum for the company, providing access to new sources of funding with a knock-on effect on increased profits.
Internationalization also reduces cost. The competitive environment, the bureaucratic load, and the distribution, regulatory and taxation systems radically vary from one country to another and have a major impact on the costs that a company must incur. Expanding your business abroad may therefore allow you to benefit from more favourable conditions.
Another strong argument for business internationalization is increased strength and security resulting from diversification. Expanding abroad means the fate of your business no longer depends on a single market. During a domestic recession or stagnation, an internationalized company can still ensure business continuity through its presence in other, more prosperous and promising markets.
The internationalization process therefore provides numerous advantages. However, fully enjoying these benefits, calls for meticulous communication, preferably using the same language as the target market.
The role of translation
Planning an internationalization strategy means first deciding on the language in which to communicate.
Many companies underestimate the role of translation in this process, yet communicating in the speakers’ native language is crucial for the success of the entire strategy.
Translating the communication of a product or service while respecting the culture and values of the target country is first and foremost a sign of respect, which is usually highly appreciated, establishes trust and thus helps strengthen the brand’s reputation.
Secondly, making your company’s content available in the language spoken in the specific market eases the user experience for your target audience. It increases the likelihood that they will purchase your products. Authoritative market research shows that this is most evident in e-commerce, since most potential customers only tend to research and complete their purchase on sites that “speak” their native language.
Finally, having translations excellently and professionally localized to the target market’s language and culture allows you to enhance the value of your product or service and attract potential customers, partners and/or lenders.
For more than 30 years, Way2Global has been assisting companies in the internationalization process with its translation, localization and interpreting services. Thanks to the professionalism of each member of the team that we specially assemble for each project, we safely accompany customers abroad, guaranteeing them every international opportunity available.