Absolute Translations has become a commercial partner of choice by delivering high quality service and paying close attention to market trends. When clients know exactly what message they want to communicate and simply need a pinpoint accurate translation service, we’re happy to oblige. When they want to review their options for business growth, we’re happy to share what we know.
We asked a cross-section of retail clients for their views on how to prepare for expansion into new markets. Their answers weren’t surprising, but they were interesting. Here’s a summary of the responses.
DO YOUR HOMEWORK
While all the retailers we spoke with are aware of the impact of e-commerce, they also see physical expansion to new locations as a very positive move. Before making that move, the importance of establishing demand for your product is crystal clear, and you’ll also benefit from researching the competition. Just over one third of people we surveyed would commission an agency to prepare a SWOT analysis on their behalf and the majority of the others would prepare one themselves.
PICK YOUR SPOT
The importance of your choice of site cannot be overstated. Over half of the clients surveyed have an in-house location specialist to choose – and if necessary compete for – the right site. It was fascinating to hear one clothing retailer talk us through the strategic planning that led them to open a new outlet within walking distance of a college that offered a popular course in fashion studies. You won’t be surprised to hear that this new store was a success.
KNOW YOUR AUDIENCE
Who are you targeting? That’s a simple question with many potential follow-ups. What is the gender split of your target market? What are the age demographics? What is their spending power? How focused are they on quality and how focused on price? And how loyal are they to a brand after they’ve tried it for the first time? Many of the clients surveyed have their eyes on the lucrative Chinese market. This rising giant hosts regular retail exhibitions covering all products, and China’s urban middle class, which already outnumbers the entire population of the United States, is eager to sample new items. Previously unfamiliar products are now being tried with enthusiasm. Emotional considerations play an increasingly important role in buying decisions, particularly among more affluent consumers. A majority also hold branded products in high esteem, perceiving them to be more reliable and of better quality. But this doesn’t always lead to brand loyalty. The typical Chinese consumer chooses three to five brands in any given category. They expect us to impress them and compete for their custom, and why shouldn’t they?
More than anything, of course, they expect us to communicate with them in a language they understand. Trade research demonstrates that Chinese consumers, along with your target consumers elsewhere in Asia and throughout Europe and Latin America, will be six times more likely to respond to a message that’s localised into their language. And if you choose the false economy of poor translations that misrepresent your brand, it won’t matter how detailed you make your SWOT analysis or how well you choose your location. People simply won’t buy from you.
Absolute Translations offers you native speaker linguists with experience of living, working, buying and selling in the urban centres you’re targeting. We offer you quality and precision. If you want to talk shop, you should be talking to us.