Conquering the International Market
But be careful, your project must absolutely be the result of a structured approach which, if carried out thoughtfully and wisely, should bring coherence and sustainability to your goal.
Abroad, you are the foreigner!
Learning about your new work environment before embarking on your project is essential. Indeed, cultural specificities, customs, lifestyles, and usages are all factors which, if not mastered, can jeopardize your project. This is why you must find out about the specificities of each country where you wish to establish and develop yourself.
Of course, cultural differences can be very enriching, but make sure to respect local customs and be mindful of your behavior so as not to offend your interlocutor.
Remaining humble and remembering that you are a novice who has everything to learn from this new market is still the best approach.
Rethinking your operating methods!
Commercial approach, prospecting organization, Human Resources management, operational management; it is obvious that you will not approach your conquest of these new markets in the same way you manage your local development. You will need to set up new approaches and processes, adapt your management style to make your expansion aspirations a success.
You will also need to involve the entire company in the export process and ensure that your personnel are able to evolve in an international environment. Do not hesitate, if necessary, to train them in the use of export-related tools so that they master their specificities and techniques.
Finally, the women and men who make up your entity must absolutely support your project because, through their work and expertise, they will be the essential support.
Budgeting your project!
By internationalizing your company, you expose it to an additional cost in terms of its operating budget. You will therefore be faced with a set of regulations that you are unaware of.
It is therefore essential to budget your project, taking into account hidden costs (sometimes very expensive customs barriers), identifying all costs related to your travel, and calculating and integrating exchange rate costs.
Find out about the rates applied in the case of exports. Also be prudent and foresight when setting up Production Units or subsidiaries, as the necessary investments can be particularly heavy, especially if it involves training local personnel.
By doing so, you minimize financial risks, you protect yourself against potential unpleasant surprises and can confidently establish your development.
Finding and choosing your local partner!
Your business partner, because they know the way the country you are targeting works and are familiar with its customs and practices, will facilitate your integration. They will be able to assist and support you in sometimes Kafkaesque administrative procedures; they will be your asset and guarantee with your local contacts and your intermediary during negotiations.
But take precautions by ensuring the reliability and seriousness of your new partner. Otherwise, you run the risk of being disappointed or even scammed.
Identifying the target market!
Or how to know if your product or service meets local expectations and the reality on the ground. It is indeed essential to ask yourself certain questions. What are the habits of local consumers? Are there any competitors? What about the political and social climate? What is the growth rate? What type of implantation to choose?
Do not hesitate to base your research on detailed macro-economic and demographic studies and analyses that will help you verify and take into account the economic, social, political, legal, or technological parameters that exist in your target market.
In conclusion, going international is not something that can be improvised! It is therefore essential to take into account all these steps and procedures to succeed in your project and thus avoid bad experiences.
Identifying the target market and budgeting your project, while respecting local differences and taking into account the realities on the ground, will be the keys to the success and control of your project.
Philippe Montant
General Manager of ReKrute
