5 Tips To Turn Your Business International
SME’s and startups face some difficulties when they internationalize in search of new markets. What are my first steps towards internationalization? Where do I begin my research?
Global economy demands that your product goes international. Nowadays most products can fit different realities and meet client needs. By identifying a particular niche that is a match for your business, go after it. There are good opportunities for many business models in foreign markets.
Do Your Research
Know your company and your industry. It’s important to know where is your company today and where it will be tomorrow. Forecast and check trends.
Before expanding your business you should define a target (or several ones) where do you want to sell your product. Identify and investigate target markets. Ensure that your product will sell in that country as several products couldn’t be suitable to other realities. Do analysis in exchanges rate, social media engagement and demanding for your product inside the country.
Develop a Business Plan
There numerous ways for companies to enter in foreign markets that include exporting, importing, join ventures and others. Define how your business model adjusts to your reality.
In your business plan include all sort of variables from potential markets/customers, pricing strategies, additional costs, legal issues and partnerships. Once you’ve established your company in a few countries you can look to go even further.
Your Website is Your First Impression: Make it a Good One
It takes less than two-tenths of a second for an online visit to form a visitor to form a first opinion of your brand. The first point of contact for international customers will be your website. Make sure you update your site and highlight your international services. Translate your content to the languages of the markets where you will perform.
Create a Global Social Media Campaign
For extra exposure engage with your international customers through social media. The best thing about social media is that it can expose you to a global audience and save you money on marketing your business to new audiences. These campaigns are a great way to know your customer and give you valuable insights for your business.
Build Relevant Network
Build partnerships and joint ventures are a great way to increase company exposure. It’s not easy to reach these contacts in the first place. International numbers help professionals to expand their business presence, contributing to business growth, reaching your contacts in a more personal and accessible way. These partnerships will be core for your business expansion.
Internationalization can bring great opportunities and increase risks as well. A well structured plan will help to minimize some of those risks and have a huge impact in the business growth.