Four Key Strategies for Success in International Expansion – TechCrunch

If you are an entrepreneur If you want to grow your business internationally, expanding it to multiple countries can exponentially impact your revenue business and brand and grow efficiently. However, expanding your business across national borders is a difficult and obstacle-filled path.

In my previous role as leading a food diagnostics company for over 20 years, I have led that growth to do more than 100 businesses from one country. We have become a global player and influential person in food safety diagnostics, and within a few years, 65% of our business was outside the United States. It also achieved a 38% global market share.

We succeeded because we secured data through market research and used that data for our global strategy.

There are several important strategies for achieving this kind of international growth.

Study your market

The first step is to review the relevant market research. You may need to hire a research company to accurately measure the geographic market for your industry or product. Be sure to delve into the complexity of vertical markets and take advantage of research that separates different geographic markets.I would recommend a research company like Frost & Sullivan, Nielsen, Statista When Gartner..

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Research firms can elaborate on the exact market size of a particular geographic area, competitors, market dynamics, expected growth rates, and expected revenues. Usually 10 years or more. This data is important when planning international expansion.

Market research reports are easily accessible online as summary or paid complete reports. If a custom report is required, research firms typically take 90-120 days or more to deliver a comprehensive report.

If you are active in a niche, this information is worth its weight in gold, and I recommend hiring an expert to secure the information you need. Customized market research reports cost typically $ 20,000 to $ 50,000, depending on the industry and market research organization.

As an example, the company I ran worked with market researchers to determine prioritized international markets and current and future product demand for current and future product pipelines. We have also readjusted our product pipeline based on the demands of major international markets.

Prioritize international expansion based on ROI

To achieve international growth, you need to plan based on ROI estimates.

Narrow down the market for the first phase of global growth by determining which is the most viable and the largest for what you offer. Evaluate how easy or difficult it is to enter a particular market, and whether its size justifies the effort it takes to establish a solid footstep. Four Key Strategies for Success in International Expansion – TechCrunch

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