5 things you should bear in mind if you're planning to expand your business in foreign markets
In an increasingly connected, technological, and global world, the success of a company is no longer measured solely by the degree of innovation or product excellency, but rather by the speed at which the company is able to scale its business to different markets and territories.
Expanding to international markets is now possible (and much faster than it was in the past) and should be one of the priority objectives of leaders who want to grow their businesses.
Here are our top 5 tips to consider when expanding your business internationally:
#1 If you have a global product/solution, don’t hesitate – Go International!
If your solution can be marketed outside of your home country, don’t hesitate. Why should you limit yourself to geographical boundaries and your market at home, when you have the entire world at your disposal and the possibility of scaling and multiplying your business?
#2 Research, study, evaluate and adapt your product/business to the local culture
Each market has its own unique characteristics, so it’s crucial that you research and adapt to these local features for success. Accounting for business etiquette, cultural differences, language, behaviours, legislation, and local competitors are crucial to succeed in a new, foreign market.
So as you're preparing for your internationalisation:
Tailor your strategy, message, and Go-to-Market to each, specific market.
Put together an expansion plan, including your internationalisation strategy, and set realistic goals.
#3 Develop and use the biggest network of local resources possible
Use local resources and mentors that know the culture in the new territory and who will help you get to clients faster.
Thinking about an indirect business model internationally could also be a good idea. Recruiting the right partners is crucial to get the desired multiplier effect of your Go-to-Market, they will add value to your solution and help you reach the relevant clients.
#4 Marketing and communications is key
A strong marketing strategy that is specifically tailored to the new market is crucial. So is the messaging, that will need to be adapted to the local audiences.
If you'd like to read more on this subject and the difference an effective communication of your solution can have on your business, check out our blog post here.
#5 Invest in business expansion
Last but not least, be prepared to invest in internationalisation. Expanding globally without spending a cent is not at all possible.
If your budget is tight and you would like to test the waters first, United Channels Consulting offers you local consultants that will help you test your business model in the agreed territories, validate the product/solution globally and provide you with a full sales strategy, before you commit to a full and expensive expansion of your business.
Learn more about our Expansion Advisory & Market Discovery service here.
Yesterday was already too late and now is always the right time. Get in touch with United Channels Consulting today, to know how we can help you accelerate and expand your business. Thanks to our experience, expertise, and know-how of different territories and markets, we are uniquely placed to be able to help you reach your goals and succeed globally.
Book here a FREE 30-min consultation call.