With the accelerating digitalization of organizations and the ease with which companies can pitch internationally, every good business plan today should include an international marketing strategy.
Here are our tips for growing your startup beyond national borders.
Don’t aim for “the world
Are your internationalization plans aimed at every country in Europe? It’s advisable to concentrate your efforts on one or two key countries, to optimize your investment of time and money. Since each market presents a different reality, it’s advisable to develop an internationalization strategy specific to each targeted country or region. For example, you’d be better off expanding into the West Coast region of our southern neighbors, rather than into all 50 states, which are far too vast and distinct to be the subject of a single short-term development strategy. The better you can define your target territory, the better you’ll be able to build an effective strategy and maximize your return on investment.
What are your market’s values, concerns and priorities?
Before entering a new market, the watchword is: observe. Do your research and gather as much information as you can about the new territory to be conquered, but also about the concerns, values and priorities of local and national governments. Consider, for example, the election cycles of the governments in place, and keep an eye out for grants and entrepreneurial support programs available locally.
Did you know? The Québec government has some 30 offices in as many countries around the world. Don’t hesitate to contact them for international advice and contacts.
The importance of cultural differences
Before doing business with another company, a potential customer or a possible partner, remember that you’re dealing with people first. It’s vital to take an interest in the culture of the new territory in which you’ll be operating, in order to understand the values, sensitivities and sources of friction specific to the individuals evolving in this market. When in doubt, don’t hesitate to ask questions so you can fully grasp the subtleties of the culture in question.
Tip: Learn a few words in the local language or dialect. Even with sloppy pronunciation, this little effort promises to charm your interlocutors and may even lead to business success!
The Eiffel Tower theory
This theory, developed by the Dutch company WeGrow, suggests finding THE person, brand or company to partner with to penetrate a given market. By starting at the top of the Eiffel Tower with a single key contact, you can lay the foundations for success in this new market.
The power of your current network
We often hear that you need to build on your existing network to develop your business, and this is just as true locally as it is internationally! Share your goals with your customers and partners, but also find out about their plans to expand into other markets. Perhaps you could accompany them and continue your business relationship in these new territories, and get your international growth off on the right foot.
Discover MT Lab’s Export Program, designed in collaboration with Welcome City Lab
This initiative enables 4 Quebec startups to take part in various training workshops and individual coaching, in addition to taking part in an export mission to France.
Application deadline: March 5, 2022
This initiative enables 6 French startups to take part in various training workshops and individual coaching, in addition to taking part in an export mission to Montreal.
Application deadline: March 12, 2022
Financing available to support your startup’s international expansion
Several government agencies, institutions and departments offer grants and funding to develop new markets abroad. Here’s an overview:
Support and financial assistance up to 50% of eligible costs ($10,000 to $50,000 per project).
More info
Support and financial assistance of up to 50% of eligible expenses (maximum $250,000 over a 12-month period).
More info
See the complete map of startup internationalization programs (via startups Montréal)
BONUS!
Advice from our residence expert Julien Tougeron
- Have a clear strategy: Establish your company’s strengths and weaknesses, and research the ecosystem of the new target market (access points, potential competitors, key players, events, etc.) to establish a winning strategy.
- Adapt your offer to the market: Avoid copying and pasting! A product or service that has worked well in a given territory will not be as successful in the neighboring country. Adapt your strategy to your target territory, local culture, consumer habits and customs, etc.
- Choose the right form of representation: Start smoothly! Aim to simplify your sales channels and start your expansion with a light structure (liaison office, sales agent, etc.). This will enable you to test the market and adjust your efforts, at lower cost.
- Optimize your financial resources: Internationalization represents a major investment. Assess your financial resources and the budget required before embarking on the adventure.
- Identify employees who can contribute to internationalization: Identify staff with a sensitivity and interest in international business, and focus on current and future employees with export knowledge.
