In this project we designed a successful market entry strategy for a language services provider that was planning on entering the US market. We explored the competitive landscape and conducted analysis of the barriers to market entry and formulated valuable recommendations for entering the market.
Our client’s mission was to become the fastest translation company in the world. To this end, they had developed a proprietary technology which enabled their translators to complete translation tasks more quickly and efficiently. Though the company’s managers were confident that their technology and model would help them gain a foothold in the United States, they were uncertain about how to procure a significant market share in this multi-billion dollar industry.
Our team commenced the project by researching and providing an overview of the US economy and translation industry. We identified the languages with the greatest frequency of use by businesses in the US and highlighted the most pressing challenges of entering the market there. By conducting extensive research and analysis into the language services industry in the US, First Step Consulting produced a comprehensive brief that allowed our client to clearly understand how best to approach US-based translators and prospective clients.
In addition to this, we identified and examined just under 50 potential competitors to our client, over half of which were then classified as direct competitors. Building on this, we conducted investigative research to discover their positioning strategies, detailing how much they charge for a typical translation project and the average delivery times of their projects.
Through our comprehensive competitive analysis, we were able to pinpoint exactly how our client could position themselves in order to get a firm foothold in the US market and avoid harmful competition in their early years. Complementing this, we devised a go-to-market strategy in close cooperation with our client to detail everything from the businesses they should target to the budget required for hiring a team of talented local translators.
“First Step Consulting consultants looked into the language services industry in the United States as we were getting ready to expand our business. They create a roadmap to help our team enter the US market. We often refer back to the report they provided, it is really insightful with practical suggestions."
— Cofounder, Translation Company