Small and medium-sized companies are increasingly reinforcing their commitment to internationalisation as a means of expansion.
Foreign trade
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Entering foreign markets can bring numerous benefits, such as expanding the client base, improving competitiveness, generating new opportunities, promoting innovation and increasing sales. However, before taking this step, it is essential to analyse the pros and cons of this strategy and establish a realistic business plan, because not all companies are equally prepared to tackle foreign markets.
Below we indicate the ten keys to internationalizing your SME:
Conduct a SWOT analysis : it is important to assess the weaknesses, threats, strengths and opportunities to determine whether your company is prepared to meet the requirements of an internationalisation strategy (demands of the foreign market, financing, investments, expenses, etc.). Your production capacity is another determining factor in encouraging you to market in other international markets (production capacity, financial capacity, human resources, etc.).
Create an export department: you must have foreign trade specialists who base de correos electronicos mexico in charge of managing the company abroad. Attending courses, conferences and workshops on international markets, international business opportunities and international trade operations, going on prospecting trips, participating in international trade promotion activities, carrying out work to identify and contact potential clients and promoting an international digital marketing strategy are some of the actions to successfully internationalize your SME.
Finding the right market: it is essential to carry out a good market analysis that allows you to identify the markets with the greatest potential and most suitable for your products. You must know their consumption and imports and take into account the social, political, cultural and economic factors of the country where you want to export. Likewise, you must assess any type of unforeseen event or barrier that may arise, such as customs barriers, technical barriers, etc.
Conduct a competitor analysis: you need to conduct a market study, taking into account the number of potential customers, your competitors' market share, the most commonly used sales channels, etc.
Differentiate yourself from your competition: it is not enough for your product to be successful in the country where you are marketing it. In addition to that, it has to be attractive in the foreign market where you want to introduce it and adapt to a country where tastes and culture are probably different. For this, it is very important to know your client and your competition and work on a good differentiated value offer.
Invest in innovation : your company must be innovative to make a name for itself abroad. Eye-catching packaging, a fast and efficient payment system, a competitive price and an original product are the key to offering a differential value compared to your competitors. But to do so, it is essential to first know the customer segment you are targeting and their needs.
Choosing a sales channel: Once you know the type of customer segment you are targeting, you need to know what marketing channels exist and which ones are the most appropriate. The online channel can be an important channel for companies in certain sectors. If this is your case, you must develop a digital marketing strategy that allows you to position yourself both through your website and through eCommerce platforms. It is important that your platforms are prepared to sell in your target markets, both in terms of language, content and payments.
Selecting transport and payment conditions: whether you are preparing quotes or making sales, Incoterms will help you do this.
Define your logistics strategy: you must consider production and stock management forecasts, distribution prices, as well as returns or reverse logistics. You must also make sure that your logistics service provider also operates abroad. Otherwise, you will have to look for a new international provider.
Develop an international marketing and communication plan: so that your customers know about your product, you must develop a plan to promote it and disseminate it through different communication and marketing channels, such as social networks, websites, advertising, as well as international events and fairs.
The Spanish Chamber of Commerce offers the Xpande Program to companies that want to start exporting or begin exporting in a new international market . This is an advisory and support program that addresses all the issues raised above and helps companies design and execute their internationalization plan in a specific foreign market.
Additionally, the Spanish Chamber of Commerce makes the Xpande Digital Program available to companies , for Spanish SMEs that wish to promote and enhance digital marketing as a basic tool to improve their positioning in international markets.