5 tips guide for growth-minded startups and businesses to succeed your internationalization.
For growth-minded startups and businesses, conquering the global market is the goal. Their primary vision is sharing their idea and expanding it across the world. Our increasingly digital world has made it possible and removed borders. This has made companies focus on adopting a more unified global marketing strategy.
Here are some tips for success for a born global approach:
- Develop a global game plan.
Formulating a strategy for going global requires planning and deep analysis. Your game plan needs to ensure your value is identified in countries outside of your headquarters. Define your short, medium, and long-term strategy. Define ambitions and specific goals and objectives.
- Align all involved stakeholder.
Everyone in your company needs to know that you are going global and the ambitions are high! Alignment is not about sending an e-mail or tell casually about your plan. It’s about getting stakeholders to participate in the project, so they feel invested in and committed to the strategy. Going global becomes a part of the DNA.
- Conduct market analysis to determine the highest potential ROI countries.
Whether you conduct your own research or rely on consulting agencies, conducting market analysis can help you to determine what the top countries are for products or services like yours. Market segmentation can provide insights about how many potential customers you have in a given country and, more importantly, how to reach them. Other research should focus on your price competitiveness, potential distribution channels, and duties, taxes or regulations that may constrain entry into a market. One more thing: your home market should be considered at the same level as the other markets
- Adopt Lean Start-up for your global development: test your strategy.
Test your strategy on one market with low barriers to entry. Whilst your strategy is well thought and prepared, it can be wise to test it on lower risk markets. Making big mistakes on your highest priority markets can cost you a very high price. Geographic proximity, along with cultural and language similarities, help make some countries a good playground to test your skills and prepare. Regardless of which market you plan to enter first, set realistic goals and test all your assumptions.
- Develop a Go-to-market strategy for each market.
Build a business plan considering the top global markets but have a go-to-market strategy for each country separately. International strategy does not mean forgetting we are all just humans. Globally, it’s vital to remember each market is distinct. The market has their own cultural, economic, market, and governmental environments. You need to create a localized strategy and business plan.
If your global game plan is well prepared, with any luck your value will be shared globally.
Readers: Did I miss any tips? E-mail us your comments if you’ve got some great tips to share.