Going international is a significant undertaking for new businesses that requires a lot of ground work to ensure that it does not affect the current business operations. Some companies find it challenging to manage the business continuity while meeting the needs of the new markets. As a result, it is critical for CEOs and corporate executives to fully analyze its implications and evaluate whether the benefits outweigh the risks.
Taking a company international is a complicated and dynamic process. Gaining a comprehensive overview of the target markets, existing local market trends, competition, and the requirements to successfully launch and drive growth is an important foundation.
Key Steps to Take Your Company International:
1. Research & Narrow Down Your Market Opportunity
For the first phase of global growth, you must determine which markets are most viable for what your company offers. Market size and entry, cost efficiency, labour and resource supply, geographical limitations and legal regulation must all be taken into account.
2. Focus on International Marketing Strategies
During your analysis, you most likely gathered information on the platforms and marketing tools such as social media, search marketing, and online marketing to see what is most commonly used in that region and industry. From the data collected, continue gathering information on blogs, forums, email marketing and other platforms to discover the most effective marketing approaches.
3. Visit Each Country & Start Establishing Personal Relationships
Many people enjoy the convenience of doing business with companies all around the world online; however, it does not replace the face contact is required to develop personal relationships and trust. Visit each country where you plan to conduct business allows you to obtain a better knowledge of who you’ll be working with, including outsourced staff, vendors and partners, and customers.
4. Accommodate Customer Service Expectations
The customers experience you provide will determine whether this new market accepts or rejects your brand. Exceed expectations by understanding cultural preferences and infusing your service with your new knowledge. This is more than just having representatives available during local hours. People in other regions may have different presences for product and service packages and promotions than those in your current market. Different frequencies in marketing communication may generate different responses from international consumers. Remember to keep regulations in mind when learning the ropes to the new market.
5. Get to Know New Partners & Leverage Experts
Arrive at your new territory with no expectations of dominating the scene. Instead, identify your competitors, examine their business practices and seek out organizations that can asset you in establishing a reputation with the locals. Working with known companies can help you make your presence more welcomed.
