Thinking about expanding internationally? You should develop an international and localized marketing strategy. A foundational component of this will be international market research. Below are 5 international business and localization considerations that can have an impact on your international business objectives.
- Localize currency
While localizing currency may seem like an obvious task, it can be overlooked, which will impact profit margins and revenue. Customers also want to see prices in their currency.
- Set prices
Pricing is critical. Are you going to simply apply an exchange rate to prices from your domestic market? You should research the target market to align your pricing strategy and align this with your operating margins. You may be able to increase your rates in international markets, but you may also have to reduce rates to be competitive. This is why market research is important.
You also need to decide whether you’re going to set international prices with an annual price list or an Open Exchange Rate API. An annual price list can be risky to your margins and therefore your bottom line. An Exchange Rate API will reflect the change in exchange rates ensuring that your margin and price is fixed to your business plan.
- Translate and localize content
Please don’t rely on Google Translate for this. You will need to describe, present, comment, discuss, sell and respond in the native language. Being fluent means that you take into consideration local jargon and cultural reference points. Poor marketing copy adds a barrier to purchase.
Editing content for new markets is not merely a matter of translation. Localized content will also be required if you’re exporting to countries that speak the same language as the domestic market.
- Localize payment, delivery and returns policies
Make sure you select payment options that are suited to your target international market. You will need a specific payment and delivery policy for each international market. Research your markets and understand more about your consumer expectations and their cultural behaviours. You also need to research operating and consumer protection laws, which can differ from market to market.
- Service and support
How are you going to deal with after-sales support for a new market, and potentially new language? Do you have anyone in the team capable of reading and returning emails or social media messages in the target language? What about phone calls?
For a successful launch of an international venture, you need to have a plan in place to engage with your local, international markets and customers.