12 Tips For Expanding Your Business Into International Markets
In this article, we want to give you some tips for expanding your business into international markets. Internationalisation represents a vital growth opportunity for Spanish freelancers. More and more people decide to implement strategies to gain visibility in foreign countries and multiply business possibilities.
With the Internet, virtually any business can access customers from any corner of the world. However, it is crucial to bear in mind that doing so involves a significant investment of resources, both in terms of time, effort and money.
Suppose you are considering the possibility of expanding your presence internationally. In that case, you should think about some essential considerations before taking the step. Here are twelve tips that will help you.
Before starting an internationalisation process, analyse your situation in the national market
Consider expanding your business beyond your borders. It can be an opportunity to multiply your business opportunities. However, you should know that it is not convenient to prioritise foreign markets, at least not if this means neglecting the national market.
Before planning an international strategy, you should consider whether you have achieved your goals in Spain. There may be actions that you have not carried out yet to improve your positioning and reach potential Spanish clients.
Analyse your current situation and before focusing your energy on a foreign market (of which you probably have less knowledge than of the Spanish), make sure that you have achieved your goals at the national level.
Do intense research in the target market
Connecting with potential customers in a foreign market requires some knowledge. Acquiring them will be essential to expand your company to international markets. What do you know about them? Document yourself about their consumption habits, their preferences and their needs.
That will help you to break into the market more easily. In addition, it will be essential that you analyse your competition in the destination country to determine the viability of your project. Will you get feedback that compensates for the investment made?
Don’t base your recruitment strategies on the purchase and sale of databases
On the Internet, you can find companies specialising in the sale of databases. They include emails, addresses or phone numbers. Many are even classified by professional sectors and can seem an interesting resource to develop email marketing or cold door campaigns.
Many freelancers think that having these types of tools can open up new business opportunities. However, you should know that these types of resources are often problematic.
They generally contain outdated data collections and are therefore of no practical use. Often, customers or companies that appear in these lists have been the subject of spam campaigns, so their use can lead to unsuccessful results.
When doing an email marketing campaign with this type of compilation, you will find that most of the addresses have disappeared. Probably as a consequence of the massification of emails to which they have been subjected.
It may also be that, in the best-case scenario, their accounts are still active. Still, they do not read your email. If they do, they acquire a negative view of your company and the probability of starting a relationship disappear.
Instead of resorting to these types of directories, try to create your database adapted to your needs. In this way, you will ensure that it is up to date and that it is made up of companies whose characteristics make them ideal for your recruitment strategy.
Give priority to networking to access valuable contacts
Focusing your efforts on networking will help you increase your business possibilities. For example, you can access international fairs (tradeshows) in your sector. These events are specifically organised to facilitate professional relationships aimed at generating alliances.
In this context, you can establish direct contact with companies and professionals interested in your activity. To design an excellent strategic base, we recommend that you create your calendar with all the events held and related to your sector. You will be surprised at the number of opportunities that can appear!
Consider diversifying your product and service offerings
Diversification of products and services can be beneficial to position your brand and attract the attention of a larger number of customers. Integrating a new offer can help you meet the specific needs of your foreign clients.
Multiplying the purchase options will provide you with new opportunities to facilitate innovation and consolidate your production processes.
Power your distribution and sales tools
If your business focuses on the sale of products, you will need to review and amplify your distribution channels. What channels are currently available?
Suppose your business works physically and you have planned to open a new branch in a foreign country. In that case, you should analyse the possibilities of establishing alliances with online platforms specialised in promoting and distributing products.
Your differential value as the backbone of your strategies
What is your differential value? Customer acquisition entails increasing your company’s visibility, and one way to achieve this is by enhancing your most unique resources.
With an exhaustive analysis of the competition, it will be easier to locate your differentiating elements to enhance them. If your new customers easily detect what makes you different from the rest, there will be more chances that they will become potential consumers of your brand.
Invest heavily in marketing and advertising
The level of visibility your brand gets, especially during its first foray into a foreign market, will be decisive. The main objective will be that your brand is known by the maximum number of potential customers. To do this, you must create all kinds of promotional formulas.
Take advantage of the potential of advertising on social networks (Linkedin will be particularly useful), prioritising the video format and establishing alliances in blogs and specialised web pages.
All these actions will help you improve the reach of your campaigns considerably. The more people who know about you, the more chances of expanding your business to international markets.
Establish collaborative relationships with companies in your sector
Partnerships should be a priority. Gaining the support and trust of a company that operates within your sector in the country of origin can be the perfect opportunity to establish your brand.
Look for businesses or professionals that offer complementary services to yours so that your relationship will be mutually beneficial. That will not only help you reach new potential customers, but it will also work as a backup against possible contingencies that may occur.
Integrate your brand into a new context
Work on your adaptability and make your original brand a new proposal integrated into the particularities of your destination country.
Your distribution system abroad may be different from the one you use within Spain. Your products or services may even present certain variations according to the specific needs of your foreign clients.
In addition, communication and customer service can also undergo certain changes or any phase of the sales process. Avoid rigidity and make your brand integrate as much as possible in a different market.
It guarantees the availability of resources and the supply of stock
Increasing the points of sale abroad directly impacts the level of resources that your company will need. As you have to supply different branches, you will need to keep a close eye on the availability of goods and ensure their accessibility.
To achieve constant expansion and facilitate customer loyalty, it will be vital that you take care of this aspect. Consider the possibility of looking for complementary sources of financing using resources such as loans. However, it would be best if you always did so after having prepared a feasibility analysis.
Optimise customer services
It is not only essential that your products or services are of quality. The quality of customer service will also play a role. Learning to develop effective communication protocols and paying attention to user needs will be crucial for a positive experience.
Building trust should be a key objective to establish a brand within foreign markets.
Tags: bases of a growth plan, business growth strategies, company growth, customer satisfaction, expansion strategy, freelancer growth, grow in number of clients, grow in sales, international distribution, international growth strategy, International sales, make more clients, market development strategy, Partnerships, strategy to grow in new markets