If your organization continues to grow and is competitive and innovativeyou may be at the ideal time to internationalize your SME and transcend borders.
More and more SMEs are focused on internationalization strategies to expand their activities. This has as much to do with the need to explore new markets to continue growing to develop their potential and increase their competitiveness.
This process can bring multiple benefits and opportunities; It allows improving competitiveness, expanding the customer portfolio, driving innovation and increasing sales.
Still, before you focus on the internationalization of your SMEyou need to analyze the pros and cons of this strategy and establish a realistic business plan, in order to prepare your organization to compete in foreign markets.
Internationalize your SME
Internationalization is an increasingly common process and that, thanks to new technologies, it is more accessible and viable for SMEs. It is not only about exporting products and services, but also about the possibility of establishing yourself in other countries.
It is possible that you are thinking of turning to the foreign market, either because the local environment is beginning to outgrow you, or because you see the opportunity in other latitudes.
when deciding internationalize your SME you need to thoroughly study the opportunities offered in other markets to strategically manage the resources available in your organization.
5 keys to success to internationalize your SME:
- Implement a SWOT analysis: Observe the weaknesses and strengths of your SME and its resources It will allow you to know if your company is prepared to meet the demands that this process requires. Your productive capacity is another fundamental factor when thinking about operating in international markets.
- Find the right market: It allows you to identify the most suitable and potential niches for your products or services. It implies knowing the consumption habits in the possible country to which you aspire to export and its demand for imports. In addition to its social, political and economic factors, it is convenient to assess any type of unforeseen event and the customs and technical barriers that you may face.
- Analyze the competition to differentiate yourself: it implies carry out a market study to know the volume and quality of potential customers, the market share of your competitors and the most used sales channels, among other aspects. This, moreover, It will allow you to define if your offer is attractive to the potential market and if it adapts to the tastes and customs of the new destination.
- Bet on innovation: An innovative company will be able to find a place abroad more easily. Start by defining if you have a product or service that offers valuea fast and efficient payment system, a competitive price and attractive packaging to create a differential against your competitors.
- I chose a sales channel: Determine which marketing channels are the most suitable for your SME. If your channel is predominantly online, you need to develop a digital marketing strategy that allows you to position yourself both through your website and through eCommerce platforms. On the other hand, it is essential to establish an international Marketing and Communication plan so that your potential clients know your product.
Some operational issues
In addition, when internationalizing your SME, it is important that you take into account:
- The conditions of transport and payment. Both to prepare quotes and to make sales.
- Your logistics strategies. Production forecasts and stock management, distribution prices, returns (or reverse logistics).
- The creation of an export department. For this, we recommend having the help of a strategic management professional.
Carrying out prospecting trips, participating in international trade promotion activities and establishing an international digital marketing strategy are some of the actions to achieve internationalize your SME successfully.
mg. Emiliano Oscar Coggiola.
CEO & Founder.
www.growtion.com
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