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 to produce actionable suggestions for entering the market.
Our client was on a mission to become the fastest translation company in the world. To this end, they had developed a proprietary technology which assisted their translators to quickly and efficiently complete translation tasks. 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 enter and grab a slice of this massive market.
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 fifty 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 business positioning, 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