Do you know which country to prioritize for your expansion? Do you know the addressable market for your solution and target verticals? Do you know who the dominant competitors are and how to differentiate from them? Do you know where the gaps are in your current approach and how they might impact your near-term success?
We enable you to expand internationally with less risk by focusing on three key areas:
It is more difficult to succeed internationally than it is domestically because of the additional challenges of market knowledge, language, business culture, lack of contacts etc. International expansion should only take place when key milestones have been achieved domestically, including having recognizable references, a track record of winning against international competitors and more. Any short comings may result in lost time and additional expense.
Deciding where to expand internationally is more than just looking at the size of the market. The United States or the UK tend to be target markets for many because of their size but they are also the most competitive. Markets that have a single dominant competitor tend to be more difficult to succeed in than ones with several smaller competitors having sizeable market shares. Cultural considerations about how business is done in countries also play a role and often determine the kind of local presence you may need to establish.
There are several ways of penetrating a new market including selling directly to customers, establishing a partner channel, and through distributors. It turns out that the type, complexity and price of your solution significantly impacts the preferred way for going to market. Additionally, in some countries, it may be beneficial to focus on one area or industry at a time instead of going after the entire geography or embracing a horizontal industry approach.
Our International Expansion workshops can help you to develop the right strategies for your specific solution so that you can reach new markets and win more clients without costly and time-consuming missteps.