The topic relating to business internationalization is extremely vast and varied. In fact, it is not just a question of selling abroad, but of establish a lasting presence in foreign markets. Already in recent weeks, asking us which countries it serves to export despite the current global tensions, we talked about theimportance of a strategic path based on specific choices and no longer on occasional sales opportunities.
Especially in the current economic scenario, dominated by profound changes and uncertainties, the concept of assumes prevalence Export Readiness of an enterprise, i.e. the predisposition, or the readiness, to face the challenges of international markets. Only through one Export Readiness tested and studied in detail you can think of winning the competition abroad. In other words, the company that wants to internationalize and seize new profit opportunities abroad must have the technological knowledge, production capacity and financial strength to embark on the ideal path. Here then theExport Readiness of a company is made up of many small elements called internationalization success factors, which put together constitute a real competitive advantage.
In this diversity however, for an internationalization strategy and a presence abroad to be lasting and effective, there are a series of elements or guidelines called internationalization success factors. In this sense, the company must be structurally ready, prepared to face internationalisation.
It means that he must have the linguistic skills, the technological knowledge and the production capacity necessary to undertake the necessary path. Not to mention the communicative aspect: if the catalogues, price lists, technical data sheets and the website are neither edited nor translated at least into English, At that time the chances of success abroad are very slim, and the much desired international trade expansion will be very difficult indeed to achieve.
To work with international markets it is necessary to have technical skills and an adequate corporate structureto. This means having an organization divided into roles and functions, capable of producing sufficient quantities to face a new demand, and above all that rests on very solid financial foundations. This is because, as mentioned at the beginning, internationalization must not be seen as a simple opportunity that must always be seized, therefore the result of an approach from the classic saying "let's try to see how it goes, if luck favors us, fine...". The internationalization strategy must instead be the fruit of thought "I believe, I prepare, and if I'm wrong, I correct the mistakes until I get it right".
So here it is important to know too specific topics such as international payments, international contracts, transport and customs systems. And if these aspects are not known within the company, it is better to dedicate time to specific training courses, in order to prepare adequately. If the company is ready from a structural point of view but not from that of internationalization management, it could run into some unpleasant problems.
Another of the success factors of internationalization is represented by the company's ability to adapt the product to the needs of foreign markets, or to export a product whose contents offer distinctive elements of innovation. If from a production point of view the company does not offer something different to what already exists, it will be difficult to find new customers interested in buying, unless those products have, for example, a significantly lower price than the competition.
Innovation can also concern business processes, such as the distribution ones: when we talk about foreign markets we cannot fail to mention channels and forms of distribution and this aspect too represents one of the fundamental steps through which internationalization is built. Knowing how many steps a product has to go through to reach a potential customer is essential, both to understand who are the subjects who make up the distribution chain (which differs from country to country), and to realize how much the final price that the consumer will have to increase will increase. pay to purchase the product.
The third of the success factors of internationalization, often underestimated, is the ability to choose and build relationships with the right partners. In fact, their selection must not be limited to a mere choice of the most advantageous economic offer, but rather must take into account many factors. Furthermore, you must think of a structured path of choice in order to have the best possible partnership for your company. To do this, the selection process must respond to a very specific logic studied at the table, which is often divided into four different phases: selection of the partner, qualification of the partner according to defined criteria, evaluation of its performance, requalification and confirmation of the partnership.
If you want to find out these phases in detail, we recommend reading the Octagona article dedicated to the selection of the right business partners, entitled "Does your company rely on the right international partners?“.
Another indisputable factor of success is represented by brand development and brand awareness. The brand is that combination of name, logo (graphic symbol) and payoff (slogan) that brings together all the company's values and mission, which the company has been able to build and merge into a sort of business card.
For this you can understand well how it is essential to create a strong corporate identity through the development of the brand itself, for sell at a higher price and increase the perception of value that the customer has of our product or service. If this process works, the company will also be able to strengthen trust of the consumer to give him security and peace of mind during his purchasing experience.
It is the last of the success factors of internationalisation, but by no means the least important. Know and use planning tools, management systems, CRM, social networks e any other means to increase and improve company productivity and interaction with distant markets is an essential element for the correct and profitable management of communication.
According to Octagon, two tools in particular must be essential in business organization and internationalization strategy. The first is the CRM, and in the article “Why does your business need a CRM?” we have analyzed all the advantages that this tool can bring to companies, such as the automation of communications, the acquisition of leads and potential contacts, and more generally the time saving resulting from its use. The second one is LinkedIn: this social network allows you to create strategic alliances. Facing international markets together with other companies or other professionals means sharing risks and results, with a view to synergy that allows company growth through the acquisition of new skills, knowledge and network networks.
In this article we have understood how there is no single formula for the success of an internationalization strategy. Despite this, there are a number of success factors of internationalisation, which can help create a competitive advantage. In other words, if a company possesses the five characteristics listed, it will have greater export readiness than other competitors, and this advantage can be exploited in its favor to make itself known abroad.
And it is precisely these elements that assume even greater importance in the current macroeconomic context, dominated by profound uncertainty due to the high cost of raw materials and inflation that shows no signs of slowing down, as reported by the last Export report of SACE. By focusing on these cornerstones, the company can pursue a long-term strategy that can withstand any type of crisis, external or internal. After all, it is only in this way that turnover and profits can be increased continuously: with a structure present and dynamic on international markets.
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