Have you decided to take the plunge and expand your business beyond our borders? Congratulations! But before you take the plunge, here are a few tips to keep you on track and help you become more efficient.
Identify your 3 new core markets
To boost your international growth, you need to take things one step at a time. Your resources are not infinite, so to optimize them it’s important to focus on markets with the greatest growth potential. Limit yourself to 3 main markets, at least initially. That way, you’ll have enough markets to compare their respective performances, but not too many to really follow their development. How do you identify these markets? It’s simple: start with the data you have (with Google Analytics, etc.). If you don’t have enough data, you can also look for more general statistics. CCI France International is a good source of information, but you can also consult other government sources. For example, here you’ll find figures for Germany, which may help you to better understand the growth potential in your sector.
Stay focused on as few countries as possible!
Needless to say, the exact number of countries to select will depend on your market, the size of your team, your stage of growth, the size of the markets you wish to target, etc. In short, there’s no perfect answer for everyone. In short, there’s no perfect answer for everyone. But keep in mind that several different languages will complicate matters. And don’t forget the cultural differences from one country to another. For example, if you decide to launch your business in the UK and Ireland, you’ll quickly notice that the rules of the game aren’t exactly the same there. The same is true of Germany, Austria and Switzerland. These countries may share the same language, but their consumers won’t necessarily have the same habits or behaviors. In fact, in Switzerland, you’ll also notice differences between French, Italian and German speakers. So, just because a territory is small doesn’t mean it’s easier to grow there!
Think about your future “strategic bases
Let’s say you’ve decided to expand into South America: which country will you start with? Short-term thinking is essential, but don’t neglect the long-term stakes either. To develop new business relationships, is it easier to be based in Argentina, Chile, Brazil or elsewhere? It’s up to you to decide, depending on your industry, but above all you should avoid setting down roots in an area that won’t allow you to develop easily in the future.
Don’t overlook the importance of local culture
It would be a big mistake to think that you can simply copy your strategy from the French market. If you have no knowledge of the local culture, your marketing strategies and your efforts to build up a local network of contacts are likely to be in vain. If you don’t have specialists in these new countries on your team, start by enriching your address book with the contacts of professionals who can help you win over these new markets. If you use Google Trends, you can also quickly see that not everyone has the same interests. In short, make sure you have a targeted strategy by country, or even by region if you’re targeting a sizeable territory.
