Wavefront regularly teams up with best-in-class consultants and partners to support mobile and IoT innovation. Bryan Price of Continental Markets Group consults on export strategies, conducts market studies and trains companies looking to go global. With over fifteen years of experience in sales and product marketing, Bryan offers a few tips on companies looking to go global.
Many Canadian small-medium businesses focus on entering foreign markets to grow beyond the limits of their domestic country. As appealing as the prospect may be, firms are advised to be cautious and look internally at their business before finalizing a commercialization strategy for new markets. As part of this process, it’s wise to start assessing internal resources and capabilities.
If you’re considering commercialization abroad, here are three elements to review with your team:
How much training and support does your product require? A more complex product will require more support and training to be successful abroad.
For example, a hardware solution relying on radio frequencies may require government licenses, a type approval or Certificate of Conformity, as well as a strong partner to find co-location sites and launch partners. A complex product will also draw on more resources at home, both operationally and financially. One option to navigate this challenge is to leverage your current partners with global operations.
Winning firms in new markets prioritize global expansion to support their commercialization strategies from the top down. Research presented in the Harvard Business Review found that 79% of winning export firms exhibit a shared vision that starts with the board. In contrast, only 40% of losing firms said they had a shared leadership attitude toward global expansion.
Delayed revenue streams are common when starting out in a new international market. Navigating foreign business practices, different business models and negotiating with new partners can raise unexpected challenges. Small firms without deep financial resources are more likely to feel pressure to abandon a commercialization strategy due to ambiguous, short-term setbacks. If you are a smaller firm, ensure you have a well-thought financial plan in place to carry you through unexpected challenges.
Assessing your company before looking to new markets is a practical and important step in developing a successful commercialization strategy.
Looking to build a successful export strategy?
Check out Wavefront’s global market entry trips which are designed to take your business into international markets.