Having clear goals is essential for your business to be successful, and this is especially true when you decide to enter the foreign market. To determine where you want to go and how, you need to evaluate the resources at your disposal first and then ask yourself a fundamental question to structure your strategy well and increase your chances. What do I want / can I get by bringing my company to the international market?
Examining the expansion opportunities offered by different countries is a key instance of successful global growth. So it is necessary to ask what is the export capacity and adaptability of my products/services on the foreign market? Evaluate if your product or service is appropriate and appealing to geographic areas and target markets and if consumers need it. To do this, you need to examine variables such as potential language barriers, availability of payment methods, current legislation and sector-specific regulations, as well as cultural differences and the socio-political context. It is important to also check the available human resources and identify possible strategic partners at the local level, define a differentiated pricing system for each market, then try to adapt your proposal as much as possible to the reference market. In short, try to cover all the aspects that can affect the feasibility, speed, and success with which you can establish your business.
What are my competitive advantages? The features that set me apart from the competition? Identify and observe your future competitors in the target markets, considering both local and international companies, to understand the gap you can fill with your products/services.
The success of your internationalization plan will be largely due to the strength with which you will apply the following principle: think globally considering a local approach. How can I design a strategy that is both scalable and adaptable to the particularities of each market? Start by evaluating the most basic aspects of your brand like name, logo, slogan, and messages. Are they appropriate for your new audience? Likewise, consider the adaptations of your marketing strategy based on local realities and their cultural peculiarities. Like the language for example, if the base of your business is in Italy and you are looking to expand in China, check that all your communication materials and tools, including your website, incorporate the Chinese variant. Keep in mind that the more cultural differences there are between your internal market and the markets in which you want to expand, the more you will need to exercise your adaptability.
Beyond the scale of your business and the level of expansion you have in mind, the key thing is to be clear about the goal you set yourself and to design an appropriate strategy that covers all the aspects necessary to get your business out of national borders. Internationalization is a long but fascinating journey, the results on arrival will make you understand that it worth it!