Steps to internationalize your company
Good morning! Today, from Venerable Capital, an expert company in beverage exports and distribution, we will talk about how and what are the steps to internationalize your company.
Internationalizing your company will allow you to avoid the risks of depending on the local market and increase your potential. That is why we support the idea of leaving your comfort zone and growing in new markets.
Reasons to internationalize your company
Any company that wants to expand into new markets will have some difficulties, such as increased competition, not understanding new customs or cultures, not having distribution networks… But nevertheless, it has a series of advantages that make it worth it.
Internationalizing your company will allow you to increase your potential. It will strengthen your brand image and you will be able to acquire new skills and knowledge, while expanding your business.
Also, it will free you from dependence on the domestic market and its possible weaknesses. In case the local market is going through some crisis, such as wars or economic recessions, you will be able to support yourself in these new markets.
Steps to internationalize your business
In order for our company to access new markets, it will be necessary to plan the processes necessary to be able to succeed. It is a process that requires a lot of costs and time, so you have to think a lot about each movement that is going to be made.
These are the steps you must follow if you want to succeed in other markets:
Resources needed
Before starting this adventure, you have to know if your company has enough financial capacity so that the project does not fall apart. You need a sufficient economic endowment, which allows you to make shipments and focus a part of the company on exports.
New markets and what to sell
Una vez que cuentes con los recursos necesarios, podrás dar el siguiente paso. A continuación, debes de conocer los nuevos mercados, y para ello debes de realizar un estudio de mercados en los diferentes países y las diferentes barreras que hay. Haces un listado de los mejores candidatos y una vez encuentres el que mas convenga, elegir con que mercados vas a interactuar.
Debes informarte de sus gustos y sus necesidades, para asegurarte de que los productos son bien aceptados. No todos los productos encajan en todos los mercados, por muy buenos que sean.
También deberás informarte sobre sus homologaciones, sus normas de etiquetado y embalado, licencias de importación y demás requisitos necesarios para que nuestros productos o servicios puedan ser vendidos en el mercado.
Once you have the necessary resources, you can take the next step. Next, you must study the new markets, and for this you must do a market study in the different countries and the different barriers that exist. You make a list of the best candidates and once you find the one that suits you best, choose which markets you are going to interact with.
You must inform yourself of their tastes and needs, to ensure that the products are well accepted. Not all products fit in all markets, no matter how good they are.
You should also find out about their approvals, their labeling and packaging standards, import licenses and other necessary requirements so that our products or services can be sold on the market.
Market access channels
Once you know what you want to sell and in which markets you want to interact, you have to identify the best way to enter these new markets.
You must know the advantages and disadvantages of the different distribution lines, know suppliers, whether to hire a commercial agent, the necessary investment, the type of export to be carried out…
Define goals
Once the distribution lines and access options to new markets are known, it will be necessary to define what the objectives of our international plan will be.
You must have the necessary capacity to meet these objectives, so they must be realistic objectives.
Within these objectives we can find; more efficient distribution, entry into new markets, lower production costs…
Marketing
To make ourselves known, it is necessary to have a good marketing plan that takes us off into the mind of the consumer.
For this to work, it will be necessary to position ourselves in the different countries. We must adapt our social networks and web pages to each market.
For this we can translate the publications of our social networks, offer workers who know the language of the country where it operates, carry out different events in these countries and other actions that integrate new clients.
Market operations
With everything planned, it’s time to work. You begin to operate in the new markets, taking advantage of the contacts or managing the distribution lines so that our company begins to work.
Control
Once the operations have been carried out in the market, it´s necessary to establish a control in order to correct those failures caused by lack of information or mistakes.
This step is fundamental at the beginning of the practice, since when you begin to position yourself in a market and offer a poor quality product or service, this will have a bad image for your company.
How could I start?
If your company is dedicated to the sale of tobacco or beverages, at Venerable Capital, an expert company in exports and distribution of beverages, we are specialized in the manufacture, marketing and distribution of a wide variety of these products. Contact us.
We hope you liked this article, if you want to know more about our company or other news, you can enter our Venrable Capital blog.
