Getting started with exports without losing opportunities due to lack of experience

In the current environment, Ukrainian companies are forced to look for new development opportunities, and international trade offers good prospects for them. Still, entering foreign markets is frightening for many because of the complexity and risk involved. It is true that this process is highly specific and requires careful preparation. Despite this, exporting goods and services can be a powerful driver for small and medium-sized businesses, giving them access to new customers and increasing their competitiveness. In this article, we’ll share tips to help you overcome the fear of global markets and contribute to a successful expansion.

Read also: Opening a business in Romania and avoiding cultural pitfalls

Fear of exports: what Ukrainian entrepreneurs are afraid of

It is perfectly normal to be scared of the unknown, especially when it comes to expanding your business abroad. Let’s take a look at the five main arguments people usually give to justify their hesitation to export.

1. “I know nothing about this market”
2. “They speak a different language there”
3. “I am not familiar with local laws”
4. “The market is highly competitive, my product will get lost there”
5. “I don’t understand the expectations of local consumers”

All these concerns are reasonable. Yet market and audience research, and product adaptation to new requirements will help overcome challenges and confidently conquer the international market, just as thousands of other Ukrainian and foreign companies have managed to do. In small European countries such as the Czech Republic, Lithuania, and Slovenia, for example, the share of exports in the economy is 70-80%.

While the number is still much lower in Ukraine, at around 40%, both the government and large international companies are encouraging businesses to move towards foreign markets. Among those helping to do so are the 2021 NAZOVNI platform and the Entrepreneurship and Export Development Office (based on the Export Promotion Office of Ukraine), the Nova Poshta Business School, and Google programs on international markets and export opportunities.

Our CEO Julia Ventskovska was a speaker at one of such programs. She talked about localization, of course (what makes it different from translation, its role in reaching new audiences), gave useful tips on the cultural adaptation of products for various markets, and shared real-life case studies of our clients.

By integrating Ukrainian businesses into international ones, both will benefit from a fresh look at the familiar things, new products, innovative solutions, and marketing approaches.

Minimize risks — trust the professionals

Choosing a market, studying legislation and tax policy, analyzing competitors and audiences, and translating your website — these are just a few of the things you need to do when expanding abroad. These functions are often placed in the hands of the CEO, marketing, or other internal department of the company, but this is the wrong way to go.

For most people, the process of translating a website is similar to translating a regular text: you can do it quickly and easily with Google Translate, by hiring a student, or with your own knowledge. It’s a huge mistake. What your website needs is not translation, but localization. And it should be done by professional localization specialists.

Website localization is more than just translation, it’s also about adapting it for a new audience, including text, images, fonts, interface, date formats, currency, and everything else that a user encounters when visiting a website.

Read also: Eight Signs of a Website That will be No Fuss to Localize

When entering new markets, the entire customer service process, from payment methods to marketing communication, has to be redefined. After all, different audiences have different needs, expectations, and buying habits that a first-timer in the market doesn’t know about. That is why a localization company is a valuable partner. Experienced professionals will tell you which payment system is used in Germany, how people in the US react to discounts, and how to design your website to draw the attention of the Chinese.

How digital solutions and AI can help you expand

Technology plays a pivotal role in business development in the modern world. Digital tools and artificial intelligence (AI) significantly facilitate export processes, providing companies with new opportunities for international expansion in the following areas:

• Market analysis

Market research platforms such as Google Trends, SEMrush, and others help companies analyze potential markets, study competitors, and understand customer needs. And AI algorithms can process large amounts of data to predict market trends and identify new opportunities.

• Localization

CAT tools, like SmartCat and MemoQ, can help you translate websites, programs, marketing materials, and other documentation quickly and accurately, but only if additionally proofread by an experienced editor.

• Logistics management

Supply chain management platforms can help optimize logistics and reduce costs, for instance, by allowing remote warehouse management, demand forecasting, and optimizing delivery routes.

• Client support

Chats, CRM systems, and platforms for customer queries enable fast and efficient communication. And AI-powered virtual assistants can handle customer queries in real time, thus increasing the level of satisfaction of the website users.

As you can see, it’s not that complicated to establish the process of export if one has some assistance. Contact MK:translations, and our experts will guide you along the way: from choosing a language and localizing your product to preparing and launching a promotional campaign.

Read also: How global brands use transcreation in marketing campaigns: McDonald’s case