A recent study by Google revealed that 71% of buyers who have an emotional connection to a company will end up buying products and services from that company. And while this stat refers to B2B buyers, it rings true for all industries and can be applied to all purchase relationships. Which begs the question – if you aren’t speaking your customers’ native language, how can you even begin to build this connection?
In this post, we take a closer look at the why you should be investing in new international markets to show your global audiences that you are truly invested, and how to start identifying global market opportunities.
Showing Your International Audiences You Care
With studies like the one done by Google and just general business intuition, companies know that consumers are most likely to align with and purchase from the businesses that best understand them and their needs. Building this trust in the native market takes work, and building it abroad to capture international audiences takes even more. To do this successfully, the first vital and foundational step to building this trust abroad is speaking the local language. In turn, you will be showing your international audiences that you are truly invested in their respective communities and locales, deepening those relationships that will lead to increased sales in new markets.
Understanding the Power of Global Expansion
In the recent years, the rate of global expansion is reaching new heights across all markets. To accommodate for this, global companies are working hard to capture the great new global opportunities from abroad. For example, leading travel companies like Booking.com are launching new campaigns to gain a substantial share of increasing tourism markets abroad business strategy and localization. This is part of a greater wave of meaningful localization by global brands recognizing this method as the key to get a deeper reach into local international markets, and companies that aren’t following suit may soon be left behind in the new global era.
Identifying Global Market Opportunities
To truly unlock the power of localization, two important decisions must be made strategically: which markets to localize into and what content you should be localizing. Of course these decisions go hand-in-and and in order to best select which content to localize first, start by identifying which markets you should localize into to capture the most global opportunity. Once you’ve selected the markets into which you will be investing localization efforts, then you can make the full jump into localization and be well on your way to driving international sales with localization.
Going Global with Localization
As the world becomes more global and interconnected, expect to see trends like the ones above continue to increase at exponential rates. In fact, over 70% of Fortune 500 companies have already started investing in localization to capture these growing opportunities from new markets. To position yourself for international success and effectively scale your business with localization, follow the lead of top global companies who have already unlocked the power of localization to more effectively engage and add value for their customers across all markets.
Now, more than ever, is the time to start localizing your content and expanding your reach. Get serious about localization and start early to build this vital trust with your international markets that will lead to international customer engagement and sales.