Niche B2B companies need to open new markets to grow 👀
For them, international expansion is a crucial step for growth, as the local market offers a limited number of potential clients. Europe is packed with sales opportunities but entering new countries is difficult.
Overcome These 5 Challenges, and the World's Your Oyster 🦪
1. Language Barriers 🗣️
Foreign language is friction in sales and friction costs you money. While English is widely understood in Europe, and many of us speak it almost fluently, communicating in a foreign language can still result in misunderstandings and weakened communication. To address this challenge:
- Utilize translation tools like Grammarly.
- Invest in language training or hire bilingual staff.
- Find a freelance salesperson to do the sales for you.
2. Unfamiliar Markets 🌏
New markets are like uncharted territories; you need a guide to navigate them. Understanding your audience, competition, and local dynamics is essential. 🗺️🔍
- Do a market research. Data helps you to stick to the plan.
- Test the market quickly. Make decisions based on the results.
- Get more traction and trust by using local expertise in sales and marketing.
3. Cultural Differences 🌎
"Cultural fit" isn't just a buzzword; it's vital for international success. The lack of cultural awareness can cost you big. Do you remember these examplesfrom business school?
- Use Erin Meyer's Culture Mapping Tool to create cultural awareness.
- Make a brief internal cultural playbook using Chat GPT.
4. Legal and Regulatory Issues 📜
Navigating foreign laws and regulations is like solving a complex puzzle. All the lawyers intimidate buyers to keep spending on legal work but don’t get stuck.
- Use Lawbite or other services to quickly form contracts to new markets.
- You need to tender at least 3 providers so that you understand what the normal way to operate is.
5. Operational Hurdles and Surprises
Things never go as planned. Once hit by a first obstacle, don’t panic! The only way to blast through obstacles is to have clear OKRs - Objectives, key activities, and metrics for results.
- Create crystal clear OKRs to lead the team.
- To create the OKRs for sales, read our previous newsletter here...
Remember, these challenges are not roadblocks; they're opportunities for growth. By addressing them proactively, you can pave the way for international success. 🌟
Sellai's CEO Teemu Tervo visited Max Nyman's Hot SaaS podcast. 🌶🔥 In this episode Teemu shares invaluable insights, proven strategies, and real-world experiences in conquering new markets. Listen to the episode below: