Want to Expand Globally in 2015? Don't Make These Mistakes
The ultimate success (or failure) of a company's global expansion rests on various factors, from economics to regulation to competition, but the ones that typically trip companies up the most are those related to cultural and language differences. Even large U.S. companies, like Best Buy and Groupon, have fumbled overseas due to a lack of understanding of their new markets.Despite the challenges, the potential reward for expanding globally is significant. The International Trade Administration at the U.S. Department of Commerce estimates that more than 70 percent of global purchasing power is outside the U.S.
Avoid these 4 mistakes as you expand globally to help ensure your success:
1. Don't underestimate differences, even in the same language.
Even when you're expanding to another country that speaks the same language (such as the U.S. to the U.K. or vice versa), it pays to localize your messaging and marketing. Names for common products and services are often different. In the U.K., for example, free shipping is known as "free delivery." And if you send an email to a U.K. customer telling them to buy some pants for their mom for Mother's Day, don't be surprised at your lack of sales ("moms" are mums and "pants" are undergarments in the U.K.).
Going the other way across the pond, it's important to Americanize words as well. The U.K. fashion retailer Karen Millen increased conversion rates in the U.S. by 25%, for example, simply by Americanizing their spelling and removing Anglophone terms such as "autumn."
With this many differences, even in the same language, imagine how many missteps you can make in a foreign language. Nuances are important, and it's critical to work with professionals who understand the culture and language of your new market.
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