How to set goals to expand internationally?
In the age of globalization, the decision to expand your business into international markets is really a no-brainer.
Once you have created a target list of potential new markets, done the research to assess the economic stability, legal requirements, infrastructure available as well as costs, you are ready to set up shop.
But how do you measure success once you have started entering new markets. From Inlea we want to share 4 goals to consider when expanding your business internationally.
How to set goals to expand internationally?
- Build a solid foundation
Before you can start expanding overseas, it’s necessary for you to have a solid foundation at home. Do you have enough resources? Is your All-Star team ready to juggle both your new overseas venture and your existing local customer base?
Is your business financially and structurally strong? You need a staff who is ambitious and entrepreneurial. These attributes place you on a solid foundation to be able to support global growth.
- Develop an international strategy and business plan
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.
The plan will help improve the odds of success in various local markets. The plan will also integrate with your corporate strategy and objectives.
- Define your short, medium, and long-term strategy.
- Defining attainable and specific goals and objectives. Have metrics that will measure your progress, as well as the cost/benefits.
- Complete the business model and structure. For example, do you want to build a separate company, a branch, or a sales office?
- Create a top-down annual budget.
- Develop a tactical project plan that contains commit dates.
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Establish a go-to-market strategy
The effective selling and marketing of your products or services requires a comprehensive, cohesive strategy that addresses sales strategy, sales delivery, branding/value proposition, marketing strategy, marketing programs, and pricing, which together create clear market differentiators that propel market acceptance and revenue growth.
- Determine your optimum sales model: direct, indirect, OEM, distributor, hybrid?
- Determine your sales methodology: solution, feature, consultative, price?
- Determine if a new brand will be created or whether you will use the parent brand.
- Develop a comprehensive marketing plan and KPIs.
- Evaluate your pricing model—consumers in less developed countries are very price conscious and your product may not fit the local economic environment.
- Establish close relationships with local businesses
Gain a strong competitive advantage by creating a supporting ecosystem of complimentary products and services, which can come via third-party relationships. These relationships can support the scaling of the organization while minimizing the financial risk.
- Negotiate alliance/partner/distributorship programs.
- Develop an ecosystem strategy and business model.
- Build an internal alliance team to manage and foster relationships.
Expanding your business overseas is not for the fainthearted, but for most businesses it will be inevitable as global markets offer greater opportunities for growth. By paying attention to details and outsourcing administrative functions, the difficult job of “going global” can produce great results.
