In an increasing global and competitive market, it is important to know and define in a structured way your international expansion strategy to reduce risk and improve the efficiency of your actions.
When entrepreneurs decide to invest on the internationalization of their products/services, they tend to have a hard time figuring out what steps to follow. Defining an internationalization strategy requires motivation, multidisciplinary teams, planning, flexibility and adaptability.
Start by defining your goals
Understand your motivations for internationalization and set goals that will allow to guide your internationalization process.
Look at your organization and make an internal diagnosis
It is relevant to understand if your organization is ready to internationalize. Do you have all the necessary human, financial and technological resources? This step will allow you to understand your degree of preparation and identify needs for action.
Select a target market
Knowing “where to go” is crucial in an internationalization process. Often, the selection of a priority market is made on a case-by-case analysis and may be synonymous of an approach with low potential. It is relevant to develop a study to select priority markets that will take into account multiple factors, such as market dimension, legal, economic, political, demographic and environmental framework, among others.
Analyze your competitors
A competitor analysis will allow you to know how saturated the market is, identify synergies with competing local companies, learn about the local offer and identify best practices from other organizations.
Compile information and develop a strategy
At this stage you will have identified opportunities, obstacles, risks, and investment/action needs. The only thing left is to compile all the information and define your international strategy.
Trust in specialists to define and implement your strategy
Internationalization is a long-term process that requires investment and risk. Turning to specialized consultants in international businesses helps obtain local knowledge, minimize risks, and speed up the process of attracting international clients.
With 17 years of accumulated experience, Market Access is a consulting firm specializing in the development of internationalization projects. With a network of local consultants in 60 countries, the company has already supported the internationalization of more than 600 organizations.