Keep customer understanding at the heart of everything customer understanding is the most important thing to avoid pitfalls. Internationalization requires deep customer understanding, without which no company is able to compete and develop services that would truly meet customer needs. For startups, it can mean testing several different options, starting with going to market and the business model.
Lead growth and create the right attitude in the organization
Growth has to be chosen and it has to be genuinely managed. Implementing a truly goal-oriented growth strategy is about making choices. Managing growth requires a bold vision, a strong will to grow and a forward-leaning, inspiring culture. Many companies seek growth directly from international markets. Growth also requires patience. For a deep tech company, it can take a long time, up to five years, before the company gets paying customers. Software companies, on the other hand, can quickly catch up with the market and revenue growth.
Ensure adequate funding
Business offers innovation financing for companies and advice on internationalization. With financing, it is possible to test one’s own customer needs and the size of the market and, based on that, to assess whether it is worth embarking on a larger product development effort. Opening new markets always requires big investments in international business development as well as sales and marketing. The costs related to internationalization should be seen above all as an investment, not as an expense item. Eu funding should also not be forgotten under any circumstances, because currently the eu invests a lot in financing, for example, growth-oriented technology companies.
Renew the team with international talent
In startup companies, a multinational team is often commonplace. On the other hand, smes should pay special attention to the matter and hire foreign experts in good time. In this case, you will have a truly team of people who know the local people and the market. Of course, it’s good to also include experts who have built a rapidly growing business in the past and understand what it means for the company’s processes and operating models.
Keep an eye on the future and be alert to changes
Finally, it is important to keep an eye on the horizon. The world is changing all the time: the future operating environment and customer needs are changing. In the global market, you have to be able to justify your own existence and justification all the time. Anticipating changes is extremely important. Turning points are often challenging, but at the same time an opportunity to renew and create growth.