We live in a global marketplace. The idea of starting up a tech business in Silicon Valley and then waiting years so that you can expand it overseas, while once cutting edge, is now becoming antiquated. Things move fast, make no mistake, and modern technological advances have made it possible for you to sell your products and also your services internationally from the comfort of your own home.
Conventional currency now holds less weight. For this reason, tech companies are now working hard to try and target an international market, in all the rich forms that takes. Jump aboard the bandwagon, we’re going global; here’s how to expand your tech start-up’s reach internationally in 5 IDEAL steps.
CONDUCT RESEARCH
Expanding overseas successfully and sustainably requires a full and comprehensive assessment of the marketplace and of your place within it. This means evaluating factors such as your business strengths, weaknesses and even your product modifications.
Changes will be essential in order to accommodate international users, as tastes and habits diverge hugely according to geographical variations; don’t assume the whole world plays to the same tune. Instead, practice website internationalisation, a key component in reaching a global audience.
CHOOSE YOUR FIRST MARKET
Take the lead from successful entrepreneurs like Tej Kohli, who has invested millions in tech start-ups and AI. He didn’t do that by guessing what his next move should be. Instead, he and many others meticulously calculate data and focus on individual markets such as AI and healthcare technology before entering. When compared to targeting technology as a whole, this enables far greater precision.
Follow this example; focus your product, target a niche and then find a market that has a need to be filled. Some of the big tech hubs of the world include France, Japan, the UK and the US. If you work in the tech industry then the market that you target should have a high broadband signal, a stable political environment and a somewhat accessible payment infrastructure as the very base level requirements.
ESTABLISH A GREATER ONLINE PRESENCE
International reach is most succinctly achieved in the virtual rather than physical space. If you want to start raking in good quality exposure to your target market and start making sales 24 hours a day, an online presence is absolutely essential.
A professional, globally inclusive website and company ‘tone of voice’ should become a number one priority when trying to drive business growth; it instils trust in the consumer and advertises that you are a truly international brand, with all the increased sales that brings. An open armed social media campaign, delivered in several languages and targeting the niche cultural capital of various growing markets will stand you in good stead when trying to define yourselves as ‘global’.
PRIORITISE YOUR CUSTOMER SERVICE
Having excellent customer service is one of the key factors that fuels your business success when looking to expand international reach. While we may not all speak the same language, great customer service knows no borders or barriers; it translates well regardless of the company’s country of origin.
So, while we’d hate to condense each person’s inherent value into their worth to your company, we’re talking business here, so contradict ourselves we shall. Every employee should, when called upon, provide sterling customer service which leaves a long lasting, positive impression on the end user. This takes so many forms and the style and manner of delivery differs from business to business and niche to niche. The one consistent to be maintained is to be efficient, polite and accommodating. Make this your benchmark.
SPECIFICS
International errors happen as the result of unfortunate oversights. Indeed, each country has their own peculiarities when it comes to investment, marketing and even legal requirements. Take Netflix for example, in the year 2016, they decided to branch out into more than 130 new countries. They faced an array of roadblocks including lack of content for local audiences, undeveloped payment processes and more. The company also failed to adjust the pricing for all of their services to match the regional economy. Several hard lessons were learnt along the way.
So, think about what your supply chain is going to look like? Are you targeting a region within a country, or multiple countries? How much capital do you need for legal, translation and marketing? It all matters.
There’s so much to bear in mind with tech-based international expansion, but the core rules of business success remain the same. We hope you remember us when you’re floating your company on the stock market. Good luck!