22 February 2022
Most experienced businessmen who had built their own companies did this thanks to a certain set of actions. Every story of success seems to have something special, but if you look statistically, you can see the similarities. Based on this, you can derive certain patterns.
The difference is that some people focus on goals and make maximum efforts to achieve them, finding ready-made solutions, others get bogged down in endless processes – in fact, learning from their experience. And which way is longer and more expensive – it cannot be predicted as such.
Expanding globally. Reinventing the wheel
As in each area of human activity, successful people can be divided into self-taught ones and in those, who were taught.
Often businessmen try to invent something new where there is no need for it – everything has already been invented, tried and tested in different market niches. They waste time and money instead of adapting already standardized problems, applying available data-driven solutions and being focused on the product or service.
The conclusion is obvious: before you invent something or try an individual approach, you need to familiarize yourself with existing solutions to the problem. And believe us, in 95% of cases you will find a ready-made acceptable solution to your “very individual” problem or “peculiar” case.
The world is changing rapidly, business tools are emerging and disappearing every year. What worked 5 years ago will most likely not work now, but during this period we are facing the approaches that were not even thought about before. Still this is all about implementation and tools!
The strategic level practically does not change, but, of course, crucially depends on the available tools. If your company positions itself as Data-Driven one, and Smart Data is not an empty sound to you, then Kompass International Database is the very strategic tool that is always relevant and innovative and never becomes obsolete.
All companies go through the same stages when entering international markets. The problem is that we live in a dynamic world, and when most of the strategies are developed, coordinated and launched, they happen to become outdated.
1. Where to go
- Finding opportunities in new markets
Of all the countries of the world, it is necessary to determine the most promising for you. Search principles are dependent on the key parameters for your company. For each business, they are their own and very individual. Understanding what goals we pursue when entering foreign markets is very important (prestige, profit, payback period, ‘I want to work in this country’, etc.) Depending on priorities, the choice of markets can be very different and sometimes mutually exclusive.
Use tailored Market Ranking report by ranking the countries you need to prioritize and focus all your resources.
- Target Product Definition
From the full list of products of the company it is necessary to choose the most interesting for the international market – to form a striking product variety. The impact range is usually different for each individual country.
From practice: the product range at the start is usually 3-8 products to launch a new product line or to rework the one, already existing on the market.
With a 100% business approach, analyze a specific country – which product is in greatest demand, which product is not presented enough in the market, for which product the market is growing.
Do you wonder if there is a single market platform for different countries? Of course – it is an EasyBusiness service from Kompass, with the help of which you can evaluate the import and export potential for any country represented in this international system. Use global B2B prospecting solutions, such as EasyBusiness to target the new markets globally.
- Market research and product testing
After selecting a specific list of the most promising countries or regions, a substantive in-depth study of these markets should be carried out. At this step, it is important to test the main scenarios, understand how this market functions, and what rules are being applied.
2. How to enter the market
- Fixing goals and optimal model of winning the international markets
The way from idea to implementation lies through the fixing real goals and a further implementation plan. Success directly depends on the model of entering the target market. Which option to give preference to, in general, becomes clear yet in the process of research, analysis of competitors and, most importantly, the model of your business in the home market.
- Determining the cost and return on investment
Now you can predict all actions in terms of money and time. Of course, it is vital not to forget about taking into account possible mistakes, fails and risks, depending on currency, politics, market dynamics, etc.
Pragmatic owner makes decisions only through ROI.
3. Data-Driven Marketing Strategy
- Marketing presentation
The importance of online presentation of your business is out of the question. If your company is not online – you do not exist for international buyers!
A modern multilingual digital online presentation is a must for any company, planning to expand internationally. Don’t you know where to start and how to properly prepare your company profile for international presentation? Use global international visibility by subscribing to Booster.
Going live with your online presentation on the international portal kompass.com will demonstrate a truly modern data-driven approach, focused on the use of B2B information presented in 28 languages and available to a global audience worldwide. The unique international Kompass classification would showcase the products and services of your company in a SEO-friendly format, applying both the visual and textual elements in presenting the company activities.
- Consulting Support
The importance of consulting support during the launch of your export project cannot be overestimated.
Data-driven planning process involves a fast response to any challenge, arising here and there as soon as your business starts expanding to the overseas markets.
Kompass works with all sorts of businesses: from small companies to large multinational corporations, and have a range of business solutions to suit everyone.
4. Implementation of the strategy
- Partner Network
Business expanse is always much easier, cheaper and with fewer problems on the way if you work with a local partner. The local business has being operating in the market for a long time, understands the trends and specifics of work much better. This is one of the ways of prompt development.
- List potential customers
In general, any business needs a customer database. This is initially a LongList of all potential buyers of your product. As you work through LongList you will refine it to a ShortList – a “hot” list of companies which are ready to consider the possibility of cooperation. Here you will be supported with a EasyBusiness tool, designed to generate a tailor-made database to your specific tasks as quickly and appropriately as possible.
5. Company adaptation
- Adapting business processes to local conditions
This is a stage of synchronization of the company new export approaches and previous local business processes.
- Formation of an international team
At this stage, it is already clear what the export team should be: which experts are needed, what skills are key for you, what functional strengthening is needed. Borrow any successful staff practice in one country and test how it would work in another. Successful experience is scalable!
In today’s rapidly changing world, there is no time for long planning and development! Working through small logical stages, using data-driven approach and adapting the company’s export strategy at each step, you will gain the necessary flexibility, the ability to dynamically change and moving forward.