Where is your next international market? For many years, the first choice for Canadian companies was the United States. You had proximity, language, a similar economy, and a free trade agreement. Things have gotten a bit more challenging in our relationship with the US over the last couple of years. You might want to look at other options for your next international market. Here are a few tips.
Check Ideal Customer Profile
I would recommend setting a narrower ICP for your new market. In your home market, you will have had time to expand your ICP through organic opportunities and going after adjacent ICPs. You are also not known in your new market, so the focus can allow you to be more successful. This will allow you to get a beachhead in your new market.
Sales, marketing, support, and product
When considering a new market, think about the sales and marketing challenges you could face. The first is around language. If your new market speaks something other than English, what does that mean for your product? Are you able to sell and market in that language? Does the product need to be available in the local language? After you sell, how do you provide customer support? There are solutions for all of these things, but they need to be considered. The other item that does not often come up is time zone differences. You will need to be able to sell and support in that time zone. This is not trivial when looking at a 12-hour time difference or even a 6-hour difference.
Competitors
When you move into a new market, you will have new competitors. We did a project for a company from Finland looking to come to the Canadian market. We found they had 14 direct competitors they did not have back home. You can prepare by doing research and trying to determine your niche. This should also affect your ICP focus. You should be prepared to explain how you are different and better for your target customers. More details on your competitors will come up as part of your outbound sales effort.
Find a partner
You may sell directly in Canada, but a partner in the new geography may be a better choice. They can help by providing trust, market access, and local support for both sales and service. You may be able to go faster with partners.
Trade Commissioners
If you are a Canadian company, you should be able to take advantage of the Canadian Trade Commissioners. The Trade Commissioner Service helps Canadian businesses export worldwide. They have offices in 160+ cities worldwide with a network of more than 1,000 Trade Commissioners. Trade Commissioners can help:
Plan your global expansion
Assess your potential for success in specific markets
Connect with potential customers and partners
Resolve business problems in foreign countries
Provide grants for international growth
This is free for Canadian companies, so take advantage of this service.
VA Partners can help provide a strategy for a new market or assist with fractional outbound sales. If you want to talk about your next international market, please connect with me.
