What is the best resource for product adaptation strategies for a US company looking to break into the European market? Specifically northern European but anywhere in the EU would be fine for our purposes
More than merely translation material into a target language, marketing localization consists of adapting your approach to the local culture. This includes website translation, currency conversion, and relationship building with local banks or distributors. Even product adaptation—making changes to the products you sell—can be part of a broader localization strategy.
Machine learning models are increasingly used to adapt material to local cultures. Translation, especially, lends itself to machine learning solutions.
Brand affiliation measures people’s identification with a certain brand. More than recognizing a brand or liking their products, affiliation refers to a personal connection, where customers feel like the brand represents them.
Brand awareness is the degree to which a customer is able to recall and recognize your brand. Brand awareness is critical for promotion and marketing, especially for a young company. High brand awareness can result in a company becoming very popular or "trending."
Brand repositioning refers to the process of changing the associations that people have with a brand.
More than a superficial change like a logo redesign, a repositioning strategy represents a radical change in a company’s marketing and identity. Rarely do companies reposition themselves without great need.
In order to enter into a new market, businesses must have an effective product adaptation strategy. This strategy is essentially the knowledge of what part of a product or service must be changed in order to appeal to local customers.
Adaptation differs from localization in that the former changes only surface-level factors.
Product performance forecasting predicts future sales volumes—at what price, during which time, and in which market. It enables businesses to make informed decisions in both the short term and the long term. Nowadays, companies rely on machine learning software for product performance forecasting as these programs continuously improve, providing businesses with faster and more reliable estimates all the time.