Smart Product Internationalization

Internationalizing a product or service is always expanding its presence what leads to increasing the volumes, turnover, new possibilities to extend the product range, improving production and communication means. All this means that the way to achieving your goals has been weighed and precalculated well enough to be able to face the risks and difficulties arising on the way, that is to say - they've been considered as "tasks", not a "headache".
To do so, the target market should be studied first from different perspectives: location, economic, political, social situation and legal regulations, taxation, exchange rates, translation and localization etc. All of them - before you launch any internationalization program, provided that localization will be it's integral part.

So what are the main steps to point out in order to achieve internationalization successfully?

• Evaluate the risks

Do they seem to be affordable and you'll be able to face them, or falling into a too risky situation might compromise the whole adventure?
Example: No way starting a new localization campaign in a country being at war and unstable political environment (of course if you're not an arms exporter:), even if it's about supplying a desert country with water at an exorbitant price.
or
Will you try to supply a product at a barely competitive price to a market with high fluctuation exchange rates?

• Evaluate you product / service

Try to analyze several aspects of your product: functionality, design, price, its pros and cons (if any). Make sure it can be applicable in the target market. Some products just may be unsuitable for some markets because of their purposes and functionalities.
Example: Supplying snow-removal equipment to Africa or air-conditioners to Alaska might be a very incautious endeavour in your internationalization campaign:).

• Study legal framework

Some products and services (fortunately not so much) are prohibited or restricted in some countries, so try to be aware of.
Example: Not a good idea internationalizing your alcohol brand or the new range of pork chops in Muslim countries, isn't it?
or
Online gambling is illegal / restricted in the USA, so promoting / localizing such business activity would be a loss of time and maybe money.

• Work out your business strategy

The most difficult though, a well designed business plan is a must in any internationalization process. Each target market has its own requirements and needs a different approach, including market demand, prices, competition etc. You should evaluate you resources available and the desired performance. A modern and effective management system should be foreseen and implied to assure expedite follow-ups of transactions / deliveries and quality of services and communication.
Example: The Moroccan Dari company, food manufacturer, has managed its business strategy so well that they succeeded to supply their pasta to... Italy!
I wonder if there's any textiles manufacturer in the world (not just a brand name) who managed to localize their goods in China...:)).

• Be aware of political and economic situation

Such global factors as political, economic and social situation in the country of your interest can encourage or harm your business internationalization. Some of them are more fluctuate (exchange rates) than others (presidential term :), but can influence the buying behaviour, prices, market demand, taxes, duties (import)... If the political environment is unstable, it's better to wait and refrain from acting, as incertitude leads to thoughtless steps. Don't forget that politics are closely connected to economics.
Example: I can't find a more vivid example than the recent economic crisis.

• Breaking language barrier

This doesn't seem to be too complicate as lots of translating agencies offer their services worldwide. The main thing here is to stick to native speakers, i.e. local companies specialised in financial and economic terms (or maybe technical, if you're and equipment supplier). Again, it's up to you choose what kind of translation your goods or service will require on the prospect market to be duly localized.

As you can see, business internationalization is a complex process that may bring lots of benefits as well as some risks. A thorough analysis of the target locale and your business objectives will highlight the factors that affect the whole internationalization / localization process and will lay the foundations for a successful business.