Dreaming of taking your company global? Here is what you need to do
The best thing about Indian companies is their relentless perseverance to fulfil their vision. Most product companies dream of testing their products and scaling them towards overseas markets and advanced ecosystems.
After a successful roll-out in India, for technology companies with offerings that cater to a global demand, the natural progression is to go after a significantly improved growth potential of the international arena. When considering an expansion, strategic alliances and partnerships help not only establish one’s business faster but also provide the requisite network for sustenance without having to look too far. Seeking partners with sales success in the target markets is recommended.
If your venture is in its growth stage, its time you take a stock of the following:
Plan, learn, adapt and apply
It is strongly advised to start the campaign to grow and expand internationally by preparing an international business plan with success metrics accompanied by short-term, medium-term, and long-term strategies. Evaluating the needs and setting the goals is essential to assess market readiness and commitment to grow internationally before you get started. Identifying your product’s relevance in a market is primary. One cannot enter a region where there is no challenge faced or need unmet that your offering can address.
Know your market ecosystem
Launching in a new market doesn’t guarantee success. Sales and marketing efforts need to be tailored to each country and localization taken good care of. Research, and narrow down your differentiator. Keep your ears to the ground and refine your offering as you go along and make your offering compelling in the new business ecosystem. Company needs to fuel their efforts extra hard to reach customers across the length and breadth of a new geography.
Having a team in place that understands market dynamics and is equipped to execute your go-to marketing activities is a must. Ensuring the product gains maximum mileage and large exposure is an important objective to aim for.
Keep your vision and be financially strong to increase your readiness
Your brand’s narrative is your biggest selling-point. Focus on your core-competencies and build on that. Go-to marketing channels that best showcase your product/service’s vision will help identify the right-fit partner who will bring market insights in alignment with your goal. Going global and setting up in new markets requires resources and financial capability to carry out sales, marketing and operational activities necessary to create success in new ecosystems.
Aim for the sky
Large companies are always on the look-out for partnerships with entities that address problems most must have overlooked. A small to medium company, functioning at the brass-tack level, helps bring clarity on the sensitivity of demand – what is wanted vis-à-vis needed. With your business ecosystem built and roaring to go, be proactive and reach for the partner best suited for the job. They have the market intel and a sturdy network of prominent customers that you could reach much faster because of your partnership.
Look beyond the obvious
When leveraging the many opportunities in the innovation and business ecosystems abroad, Indian companies must look beyond the obvious. The best opportunity for growth and development is not necessarily the size of the markets. It could also be the various piloting, co-creation, start-up collaboration and R&D opportunities are available.
Go global while staying local
Most successful internationalizing companies have a determined focus on appreciating local customs while encouraging a global company culture. To achieve global success and relevance, a company needs to be able to bring synergies of culture such that everyone’s culture is respected and celebrated, and at the same time, orient them towards a common goal. It is about localizing while driving a common objective.
Tackling and acing regulations
Besides the culture, the bureaucracy in doing business will differ country by country. In this case, partnering with local advisory entities, including law companies, will help ensure compliance with the requisite regulations. In addition to hiring locally, one needs to also implement a plan to transfer certain key personnel from India and accompany it with a smart immigration process strategy to ensure growth and smooth operations.
Utilize the helping hands
Business is no guessing game. After identifying a shortlist of possible destinations, contacting local organizations can help get more information and connections to the region. These organizations include investment promotion agencies, Indian Embassies, Chambers of Commerce and other organizations with bilateral relations. These entities can help make the final decision and help land a company smoothly in a new market, thereby saving time and money in the process.
Lastly, India’s technology strength is advancing at a rapid pace and for entities considering optimisation of the true potential of a product or service, going international is a logical step. This new crop of technology companies is redefining established business models and the scope of a product or services’ value delivery. With the right help, the prospect surely isn’t as daunting.
All said and done, globalisation and digital transformation has paved path for rejuvenation of the business community and given hope for a cohesive and innovation-oriented future.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)