3 WAYS TO BUILD CONSUMER TRUST WHEN ENTERING A NEW MARKET
Establishing consumer trust is a core need of any consumer-reliant business. Without trust, there can be no B2C relationship which would ultimately result in minimal sales and growth. This same principle is applicable when it comes to entering a new market overseas. Building a business in an international market is an exciting process, albeit a challenging one.
Here are three ways to build the consumer trust you need to make your business’s new market emergence successful.
Do Your Research
It should come as no surprise that learning how a new culture builds trust should be your number one priority. Research has divided trust into two categories - cognitive and affective. Cognitive trust stems from reliability and competence, while affective trust comes from empathy and closeness. A survey revealed that in business negotiations, Americans “draw a sharp line between cognitive and affective trust” as American culture has a tradition of separating emotion from the practical. This is why it’s imperative to understand how foreign countries connect the two to build stronger relationships.
You will need to establish an affective bond right away and show genuine interest in the culture.
Talk the Talk
We wrote before about how language barriers not only impact translations, but laws and terminology vary from market to market. It should go without saying that in order to effectively communicate with people, you should always meet them where they’re at. Do what you can to learn their language, their slang, and hire a lawyer and translator from the country you’re moving to.
It also wouldn’t hurt to find a trusted local person or focus group who understands the culture and can provide insight on your impact in the market.
Redesign packaging for the market you are entering. Allow your website to be viewable in the native language of the country you’re in. Often times, you may find that you will need to use different colors, images, and even labeling in each language. If you want to reach your target market, you must be willing to meet them where they’re at. Even if it means adjusting your brand’s visuals and messaging.
Be Transparent & Adaptable
No matter the language, there should be no barrier when it comes to transparency. Your organization’s core principles and values are important factors that attract customers, win their trust, and ultimately - lead to customer loyalty. Customer satisfaction, supreme quality of products, budget-friendly, and customer service par excellence act as the magnetic force for the business that targets the global market. This is why many organizations publish quarterly or annual reports for their customer base to review.
Additionally, Edelman’s research shows 64% of the global public believe that organizations must speak out about public policy, regulatory and social issues, as they see business leaders as more trusted than government leaders and media experts. When in a foreign market, consider taking the time to meet with local government officials and speak publicly about vital concerns within that region.
As always, it’s important to stay adaptable. A brand that cares for its customers is one that offers flexibility. Don’t make the mistake of expecting that what is working for you in your home country can work in a foreign market. Listen to your customers and make changes based off of their responses.
Looking for more ways to connect to a global market? We help businesses expand internationally and within new audiences in the United States. Our team provides priceless insight and strategic leadership that drives immediate value and sustainable growth. Reach out to us via email (email@example.com) or through our contact form.