9 Key Success Factors for Internationalisation of Your Business

internationalisation

Are you looking to internationalise your business? Have you started making exports but need to scale? Here are 9 key success factors for internationalisation of your business:


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In the rapid growth stage your business will typically have started its internationalisation, frequently by “passive/indirect exporting”, whereby multinational businesses in the local market and visitors will buy the product for consumption back in their parent country/country of origin.

If you're ready to move onto the next stage of internationalisation then you're moving into the ‘agent/partner’ stage where sales volumes kick in.

Key Success Factors for Internationalisation

1. Hire staff who are familiar with your target market.

You need people who know the culture, know the stumbling blocks, have the relationships.

2. Senior managers must be willing to travel 

Senior management should be willing to travel frequently to meet potential customers. You cannot sit in an office on the other side of the world and expect to build relationships from afar. 

3. Put in place international quality standards

Develop/attain an internationally recognised quality assurance system and service quality standard. This helps enormously to win trust. 

4. Train staff in the culture and customs of your target market. 

Everyone who is involved with that target market needs to know the customs and culture. 

5. Start with a market that is predisposed towards your product/early adopter.

Identify markets that have a propensity towards your product or are early adopters for your sector. 

6. Consider entering the market with a local partner.

Talk to Enterprise Ireland about identifying potential partners and contacts for introductions. 

7. Talk to foreign customers in your local market about their country-of-origin market

Understand your new buyer decision making process and their point of view. 

8. Use networks abroad

For example, talk to foreign alumni of your alma mater in your local market about their country-of-origin market. 

9. Talk to other national companies operating in the foreign target market.

Can you learn from their journey? Maybe even partner or get intros? 

Over to you now. What's your experience of internationalisation of your business? Tell us in the comments below. 

 

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Thursday, 14 November 2019
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