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5 Tips to Take Your Business Global

If you are toying with the idea of taking your business global, there are certain factors you should consider before doing so. While it can be very lucrative for your company to expand over global markets, it can also be detrimental to profits if you are not in the position to do so. So how do you make the call for your business? The following five points can help you decide if your business is ready to take the global plunge.

  1. Create an international marketing strategy. Know your audience in the target countries so that you are able to market to them effectively. It is possible you may need to localize your products and advertising to ensure you successfully reach your target demographic. What works for your domestic market is not guaranteed to have the same effect internationally.
  2. Check into tax laws for the countries where you’d have employees, if applicable. If you are planning on having a physical presence overseas, be it actual stores/warehouses or just simply individual sales associates, you will want to find out the tax laws and any other applicable legal information before hiring those individuals or starting construction on new facilities
  3. Know how you will be getting paid. Be sure to have an understanding of the country’s currency, and any payment methods you may need to be aware of. It is important to know if you will be able to accept payments via PayPal, for example, or if you will need to rely on something else, such as a letter of credit. You should decide on your preferred payment methods ahead of time to avoid any surprises later on.
  4. Use technology to your benefit. You can use social media, email, and cloud-based servers to ease the transition into the global market. However, it is important to research the use of these tools extensively within your new market before you launch globally to make the launch even more successful.
  5. Take a look at your current budget/success. Where would globalization fit in for your company? Are you successful in the domestic market currently? Knowing your company’s performance locally or domestically can help you figure out the best strategy for taking your business to a global level.

If your business has successfully gone global, what tips would you share for others looking to do the same?

When translating marketing materials makes sense for your company

If your company uses marketing materials to reach potential customers, you may have already considered translating these materials into other languages, and wondered what the benefits could be for your company if you do so. Deciding whether or not translating these materials would benefit your company is a big decision, and we understand it may not be something you take lightly. There are a few things to keep in mind when making this decision:

-        Who is your target market? If your business is located in an area with a larger population of Limited English Proficient (LEP) speakers, it may make sense to target this demographic as potential customers. Translating marketing materials into a customer’s native language can help the customer feel appreciated and also help him or her fully understand your business. A customer who does not understand your advertisements is less likely to feel engaged with your brand. According to the 2010 Census, 12.4% of Americans speak Spanish as their main language, 3.7% speak other Indo-European languages, and 3% speak Asian and Pacific languages. Take a look at the US Census for further detail as to language use in your specific area. This is a great tool to help determine the need for translated materials and what languages make the most sense for your company.

-        How does it fit into your budget? Although translating your marketing materials may seem like an unnecessary cost up front, especially if you have a large number of materials to translate, it could easily mean a full return on your investment (and then some) in a short amount of time. If your translations help to attract new clients, it will earn your company new business. If these customers feel appreciated and fully understand how your business works, they will be more likely to become repeat customers, which is wonderful news for your bottom line. Moreover, you may not need to translate all of your materials at once. Prioritize those that will be most effective for this target market. Other materials can always be translated at a later date.

A professional translator will understand how best to deliver your specific brand and message to the desired demographic and provide that translation for these new customers. If the potential client base is there, whether in the U.S. or overseas, we certainly recommend making the initial investment to translate your marketing materials. The long-term payoff for your company is well worth the initial cost to start the translation process. For a free quote, contact us today.