Nowadays, companies are more interested in the internationalization of their services. In general, internationalizing a company means introducing it into one or several foreign markets by developing the products or services, making them more appropriate for those markets’ requirements. Companies that are international stand out above all for being innovative.
As a matter of fact, employers are now searching for workers with different profiles. In the past, companies used to hire employees with knowledge in the field of the industry is about. But now, they need people with other kinds of skills. Finding a job can be challenging research these days.
In many job interviews, they ask if you can speak other languages (especially English). Sometimes, they are even interested in people who have done an international internship or course in Erasmus+ programs. Also, Marketing has been gaining importance because it is a way to get new clients. This is why companies even hire people with knowledge of market research and customer services.
Market knowledge
In the first place, it is essential to know the market in which the company is going to establish itself. With this intention, the wisest thing to do is draw up a statistical table showing the factors to be taken into account and the probability of success in each country. This way, a more detailed list of the best places to start is outlined. Nevertheless, a good product can fail abroad if it cannot adapt to the new country’s cultural, political, or legal conditions. This is why it is necessary to work with people who live in that territory.
Once the market in which the company is going to operate has been chosen, it is necessary to carry out the physical implementation in other countries, either with subsidiaries or franchises. With this in mind, the presence in the destination country helps to acquire extra knowledge about the needs of the market and to know better the preferences of the clients.
Internationalization requires:
- Promotion activities so the target countries can know about the company.
- Market research activities, opportunities haunting, and boosting exportations.
- Research the techniques and procedures of International Organizations and monitor their policies and strategies in development aid.
- Monitoring cooperation and aid funds in international organizations.
- Attracting foreign investments.
- Tracking the economy and trading policies of the target countries.
- Having forethought before stepping into the global marketplace.
- Determine the internationalization strategy by the structure of the company.
Why is internationalization important
- Making the company look more prestigious than its competitors. It also becomes more competitive by expanding its activity.
- It is easier to attract the interest of a more significant number of clients and investors. By interacting in a bigger market, the company can reach new opportunities and contacts, making it grow in all senses and expanding the client portfolio.
- It can lead to more exports and foreign investments.
- Expanding the playing field and increasing your visibility, potential customer base, and sales revenue. That leads to more profitability.
- It helps in reducing production costs by relocating part or all services abroad.
- Sales increase.
Final thoughts
To summarize, companies should not be afraid of internationalization. They should embrace it and be open to any possible changes that it can cause. Changes are useful for companies. They let them grow and get new and different clients, maybe even some they do not expect. For example, Katrium made some big chances and covers now an international network of customers and freelancers. It is a good time to take advantage of the new connections’ opportunities, as long as you keep in mind the other factors influencing the enterprise’s success or failure.