Making A Brand Name – How Can You Achieve the Optimal Position in A Foreign Market?
By: Rabia Tanveer
It does not matter if you sell beer, or snacks or software or clothes, every company needs to make an image. Every company has the optimal goal of becoming a brand name in their market. This is especially important for the companies who want to become a brand name in the foreign market. It is essential for them to think about their brand identity and how it will be presented to the international market. This is no small task and will take a lot of time because it will need your attention and there are a lot of elements at play here.
40 years ago, becoming an international brand would have seemed like overachieving and even impossible in some scenarios. But with the help of the internet and some well-chosen services, this does not seem impossible. In fact, it is achievable and a successful venture. The main aim of branding is to know what your market thinks about your company and your products. Branding is very much like a reputation, in order to get great jobs and a better standing with your family and friends, you need to have a good reputation. Branding is very similar to that.
There are some usual things that come to play when you are thinking about expanding your business in the global market. These things include having your own logo, product names, good customer service and having clients who will recognize your logo or product no matter where they are.
However, this is just the beginning. There is a lot more to the process and you need to nail each and every one of them to have a successful branding in the foreign market. There is going to be a lot of homework and you need to do that well. But it will be rewarding when you see a great impact when you are done with the campaign. Here are some things that you need to do to achieve a great position in the foreign market.
Target Market, Target Audience:
Before you step into the foreign market, you need to make sure that you will have a market and an audience there. This should always be the first step and this is the step that will require a lot of homework. Having a good market in your current country does not mean that you can use the same statistics on the new market. Also, it is not possible for your products and services to connect with the new market like it does with your current market.
You need to do some extensive research, it will start with finding if your product has a market in the new country. If there is a market, you need to see if the market has competitors or how many competitors. What will make you stand out? What is different about your product and services? If there are no competitors in the market, find out why not?
Can You Deliver?
The next step would be finding out if you can deliver the same caliber of service that you are doing here. Do you have the resources to get your product to the new market? Can you have them manufactured in that country? You will need to check the law of the country and see what the restrictions are. You need to see what components or parts of your product and services will be illegible for that country.
Product and Business Names:
You might have to re-think your product names and even your company name. If you intend to sell your products and services in a new country. You will need to localize your company and your products so that they appeal to the new market and make sure that it has the right impact. You can keep an English version of the name, but at the same time, you might need to add a second name to your product that will be a translation of it in the target market’s language.
Re-Examine Your Logo:
You need to make sure that your logo (or the names of your products) do not offend the general public and your target market. If your logo has something offensive, you may have to change that just a smidge.
If you want to stay in that market for a long time and stick around, you may have to consider registering a domain and trademarks in that country or region. Or you could have your website localized in another language and use the same domain name. This is actually very simple and it will be one of the few things that you will not have to do much.
There is one more thing that you need and that is a Translation service provider. Many of the things you do will require a translation agency. The bulk of your research will require the help of a translation company because they will know the best way to approach the audience, they will know the target language so that will make the communication process easier. Also, you will need their help with your website, your products and your registration process. A good Translation Service provides Marketing Translation and Business Translation which will both be needed and useful for you.