Global Go-To-Market Strategy

Bureau Works is dedicated to helping businesses launch their products and services around the globe.When planning profitable and scalable market launches, expanding globally is the key to success. Access to international consumers means potential for increased profit and a broader consumer base. But expanding globally does not come without its challenges. A great deal of work is involved that will require a solid global go-to-market strategy.

Global Go-to-Market Strategy

Building a global market strategy will involve critical factors that must be analyzed to succeed. An approach that allows you to curate and scale without making colossal changes is crucial. The more granular approach to who the buyers are and how they communicate, the better the outcome. Here are some tips to get your strategy started.

1. Start Small

There are currently 195 countries in the world. While it may be ambitious to target each one, it isn't feasible. Much like throwing out a net and expecting to catch hundreds of fish is unlikely, so is appealing to a mass market. Start with a small goal of one to three countries where you believe your product will have success. But remember, what is successful in one country may not be in another. Narrowing in on the cultural nuances, price points, tax implications, and market insights can help kick off your global market strategy. Sometimes, success in small areas means potential for more in the future.  

2. Consider Price Points

For example, take a look at your product and its success in the U.S. Is this product going to be as valuable in another country as it is in the United States? If so, then it’s the perfect opportunity to expand. It’s important to consider the price point. Your item may be $5.00 in the U.S., but the price point may be higher or lower in another country. For instance, a developing nation will not have the means to pay $5.00 for a can opener. While the product is universal, it will need to be obtainable in other countries. Before determining a price, ask yourself the following:

• How big is the consumer base in the countries you are targeting?

• What are the consumers willing to pay for the product?

• What are the challenges that could arise?

It’s important not to generalize an audience. There may not be a huge market share in a developing country, but some consumers are willing to pay handsomely for a developed product. That’s where your potential lies.

3. What Are the Tax Implications?

Before putting a product out to a global market, taxes must also be considered. Each country has specific tax regulations to consider. In some countries, the tariffs are high. (A tariff is a tax on imports to limit or reduce the number of goods imported into a specific country.) Tariffs are paid to the customs authority of the country imposing the tariff. Goods from abroad may come at a lower price due to lower capital or labor costs. As those goods become more expensive, consumers choose the costlier domestic product. While a simple can opener may cost $5.00 in the U.S., it has the potential to cost $10.00-$15.00 somewhere else. Expatriate profits can get very complex in different countries. Understanding this complexity contributes to a firm strategy before launching a product.

4. Build a Robust Website with Quality Translations

Quality website translation is arguably the most important aspect of a global market strategy. It takes seconds for a consumer to form an opinion of a website. More importantly, 74% of internet users are not native English speakers. This figure means it could take seconds for a potential consumer to leave your website if they cannot understand the content. As a result, website translation is critical when expanding to a global market. However, website translation is not the only aspect present. Businesses must localize their website to appeal to multiple countries.Localization ensures that any content a consumer uses to learn about your product or service is translated to resonate with the target market. Localizing a website is complex but ultimately rewarding as successful web content localization is scalable and sustainable. When developing a global go-to-market strategy, content localization must also be considered. This creates a sustainable architecture to establish directories and subdirectories in target languages. Websites need consistent updates and optimizations to stay relevant. A strong localization management platform can help you get started to simplify your rollout while helping to build the infrastructure necessary for growth.

5. Find the Right Partner

Brand conception will play a prominent role in expanding market efforts to new countries. How your brand is perceived should be considered in the strategy. It’s best to take a centralized approach to keep the brand more standardized to roll out similarly across different countries. This step will save the potential for mistakes in translation later on. Hiring an in-country manager to focus on brand perception is one way to tackle this. Working with a strong translation service partner is another. Marketing translation services are about more than translating pieces of content into new languages. The adaptations must be true to your brand to engage with a new audience truly. The ideal translation partner can help your company build an iterative process that grows with your company. From website translation to ensuring your global go-to-market strategy is built around quality testing and analysis, a strong translation partnership will build an iterative approach to ensure your initiatives are on point. At Bureau Works, we understand the importance of developing a global marketing strategy that works. We’ve enhanced our platform tools and localization strategies to help you optimize consumer expansion, ROI, expenses, and time to market: all while providing transparency in our partnership. It’s important to understand what’s happening throughout every step of the process, and your involvement is crucial to your market success.