We live in an increasingly global digital market. Therefore, internationalizing and digitizing a company are two ways to increase our competitiveness and create a strategy for the foreign market.
Internationalization can bring many benefits to a company: portfolio diversification and avoiding dependence on one market.
It also increases business volume and takes advantage of economies of scale. These benefits require adapting to changing consumer preferences.
Identify your product
We don’t have to export our entire product line to international markets to grow and internationalize a business. Overly ambitious goals in internationalization strategies can be risky and ineffective. It can also hinder our ability to manage our business.
It is important to identify the products and services that have the greatest chance of success in international markets.
Find the most lucrative markets
We must first identify the most lucrative markets for our product before we embark on the journey of internationalizing our company.
We will use secondary sources and statistics to conduct a thorough and comprehensive investigation. This data will be cross-referenced with data from other digital tests.
It will all depend on the business model. However, these are the main digital environments that can provide this valuable information:
- Google, major search engines. We can determine if a product is in high demand by analyzing the volume of keywords used in search engines. SEM testing campaigns can be used to determine the demand for our product and service in real time.
- Social Networks. We can conduct a micro-segment campaign to find out the interest and demand of different target audiences in each market.
Examine the competition
The market with the greatest demand is not always the most lucrative. Internationalizing a business requires that we not only evaluate the product’s potential but also examine the market for similar products or alternatives that might be available to satisfy that demand.
These are key elements to understand ways for Internationalizing a business. In their efforts to increase visibility, companies often take numerous digital actions.
Invest in your digital presence
It is important to invest in our digital presence and nurture potential customers with relevant content at every point of contact with us, with the ultimate goal of generating online orders.
Your main marketing tool in any market is your corporate website. Every action you take must aim to attract customers to your website or eCommerce.
Branding is essential. We should also create specialized content about the sector, our product, or our service. The blog and social media networks are available to distribute the content.
Use micro-segmented digital campaign strategies
Digital marketing allows us to microsegment. This means that we can divide our target audience into smaller groups to reach potential customers anywhere in the world.
Micro-segmentation allows small and medium-sized businesses to invest minimally to expand internationally.
Depending on which channel we use (social media or Google environment), there are many segmentation criteria.
We also target customers based on their behavior on our website and the interest they have in our products.
Learn the behavior of your international clients
It is crucial to use analytical tools to track international users of our website and other digital environments where your company is present.
These are some indicators web analytics can provide:
- Number, origin, and geographic location of new users’ visits.
- Recurring visitors.
- Information that caught their attention or places where customers stop.
- Spend time on our website.
- You can find bounce rates and exits on the internet.
These metrics and performance indicators allow us to determine if promotions and platforms are effective and meet the objectives. Also, do you know how much do credit unions spend per year on social media?
Data can be used to create value
We cannot ignore the data generated by all our marketing activities and interactions with consumers in different digital environments.
This data can be used to optimize your commercial communication and make strategic business decisions over the long, medium, and short term. This will add value to our business strategy, expand our market share overseas, and all of this increase our profitability.
Digital Specialists can help you to globalize your business with marketing and SEO strategies.