Everyday we see thousands if not millions of entrepreneurs worldwide wanting to expand their businesses to other markets. But why do some succeed and others don’t?
Let me start by presenting the best motto for internationalizing your start-up “go for it with everything or don’t go at all!” If you want your start-up to survive in the international market, you should have a product or service that is oriented and focused for international markets (otherwise you are likely to look at least 90% of your potential costumers, roughly saying) and your strategy should be nothing else than aggressive, purposeful and directed.
With this article we intend to give you some very brief insights and advices on how to internationalize your start-up based on the research conducted by a European partnership funded by the European Commission called as simply as SUI – Startup Internationalization. So let’s get started:
If you want to internationalize your start-up so get international!
This means that the focus should shift to the International Costumer and you should not concentrate only on your domestic consumers. You have to know who they are, their preferences, understand their needs, where and how they buy and speak their language! This is fundamental to really engage with your potential costumers.
I’m an international product/service going local.
As we know, it is quite difficult to convince locals to buy foreign products or services instead of local ones. That is why a good marketing strategy is fundamental to penetrate foreign markets. You will have to loose your love to money on this one, trust me! Invest in PR management, in marketing and advertisement campaigns on local and national media, organize events, promote “free samples” or “giveaways” in strategic moments and places, anything that brings consumers to you and to your product or service. It is important to create connection, to relate the consumer with the products or services and to make them see why and how you are offering them added value! Remember, “go wild or go home”!
Being international is all about TEAMS! If you are ready to conquer the world and to deal with its challenges, please follow these advices:
Find the right partners
This means someone that understands quite well the market you are entering into, someone you can trust and, most importantly, someone who shares your ambitions and vision and knows well your product or service and how potential costumers will relate with it.
Give me a T, give me an E, give me an A, give me an M! Get a TEAM!
Hand in hand with the right partners, comes the TEAM. Make sure you hire people who feel confortable working oversees, who are highly motivated and are fresh. The internationalization process is not an easy step and you will need a core team, filled with positivism and eagerness on your side with the necessary cultural, language and local business contacts.
I hope that by now you are already craving to know more about the internationalization process and how your company, your start-up can do it! So my final advice to you is…
Visit the Interactive SUI Platform, where you will find all the answers to your questions on this matter! Plus, you will also find an extensive array of resources, several case studies and real examples of companies that have conquered other markets!
Who knows if in the future your company will also be showcased in our platform?