Fortune favours the bold in the foreign markets

WITH the UK economy not expected to start recovering until at least 2010, many UK businesses are shifting to a defensive stance in order to minimise risks and ensure their long-term prosperity.

However, one man's recession is another man's opportunity, and UK businesses must recognise the wealth of opportunity that has emerged from the darkness of recession.

The IMF recently published some rather daunting statistics: the UK economy is expected to shrink by 2.8 per cent next year, the Eurozone's by 2 per cent, and the US's by 1.6 per cent. In contrast, growth will continue in emerging and developing countries, albeit at a reduced rate.

Rather than seeing this as bad news, it should be seen as an opportunity. Additionally, as the weak sterling has caused UK export prices to fall by 20 per cent in the Eurozone and 30 per cent in the US, there has never been a better time to do business abroad.

Understandably, for many small or local businesses, marketing your products and services in foreign markets can seem like an impossible task. However, expanding beyond your domestic market is a challenge that should be embraced rather than feared.

With the right knowledge, reaching out to new markets should be straightforward and problem-free. The key to success is planning, so ensure you give attention to these two key areas when building your campaign:

Language: It may sound simple, but languages vary by both country and region. For example, there are seven widely-spoken variants of Chinese.

If you don't have the appropriate skills within your business to understand the intricacies of language, seek professional advice. The smallest mistake or misunderstanding could have severe consequences.

Culture: Often overlooked by companies who are new to international business, understanding the nuances of local culture will have a great impact on the success of your campaign.

Explore the religious, political and social aspects of your target market. Take the time to understand your customer; they will respect you for it.

By focusing on these two areas, your chances of success in international markets are greatly increased.

The internet has made reaching new customers in overseas markets easier than ever before.

According to 'Internet World Stats', English speakers make up only 29.4 per cent of all internet users. Couple this with research that shows people are 10 times more likely to buy from a website that's in their own language, and it is clear to see how putting your site in other languages can open up a world of opportunity, and more importantly, potential customers.

A multilingual website is just one of the ways you can tap into foreign markets. With the right linguistic support, you can get the edge over your competitors by developing a campaign to attract overseas customers and put your products and services on the international stage.

There is a world of opportunity waiting for you, and there's no better time than today to take your business forward.