1. Define your goals. For example, is your main objective to increase revenue, brand awareness, customer base or improve your product?
2. Determine which markets you want to prioritize. During this stage, you’ll identify the markets that represent the largest opportunities, but you’ll also assess the required resources for expansion and whether it’s the right timing to launch your product.
3. Build a strategy. At this stage, you’ll need to decide which departments of your company (local or headquarters) will be responsible for the expansion, what your marketing and entry strategy will be, and which key features to include in these strategies.
For more information about key considerations for expanding into global markets, check out our co-created resources through our partnership with MaRS in the International Growth Collection.
Government agencies can be great sources of support. Almost all industrialized countries have governmental agencies at the federal and provincial level to attract new companies to their region. Some useful agencies include:
• The Chamber of Commerce of the country where you’re exporting your goods and services.
There are private consultant firms that exist solely to help your company expand into a new markets. They offer a range of services—from simple introductions to prospective partners or clients to full execution of the expansion plan. They can be a useful resource when entering a new market, but they charge for their services.
Outsourcing your sales function can be another strategic and advantageous method of growing in a new market. Outsourcing sales can:
• Shorten the sales cycle
• Provide existing relationships with potential prospects
• Reduce startup payroll costs (although sales commissions will be higher)
Market intelligence can help speed the path to entry. Investing in market intelligence can help you understand factors, like market size, competition, market preferences and more. It’s important to ensure that you do your own due diligence before entering into a new market.
For more information about market accelerants, in conjunction with our partners at MaRS, we’ve co-created great resources that can help you speed up your market entry and boost your chance of success. You can access them through our International Growth Collection.
The following resources and guides will help you better understand how to do business in Germany:
• EDC's Country Info – Germany page helps you get a better understanding of market environment, activity and key industries. You can also find out if EDC has any restrictions on doing business in the market.
Doing business in Germany
• The World Bank's Ease of Doing Business – Germany provides indicators on time and costs involved for business processes, including importing goods, starting a business, paying taxes, crossing borders and more.
Risk and competitiveness
• EDC's Country Risk Quarterly is a go-to interactive guide that offers timely economic and political information on 50 countries worldwide. It aims to help you gauge the commercial and political risks, so you can make informed decisions.
1. Do your due diligence of the market and develop an export plan. Research factors, like competitors, suppliers, industry trends, consumer habits, etc., to get a better understanding of the market and business culture.