In the rapid growth stage the business will typically have started its internationalisation, frequently by “passive/indirect exporting”, whereby multinational businesses in the local market and visitors will buy the product for consumption back in their parent country/country of origin.
And then moving on to the ‘agent/partner’ stage where sales volumes kick-on. Thereafter, the journey can evolve as follows: Process of Internationalisation.
KEY SUCCESS FACTORS
- Hire staff who are familiar with your target market
- Senior managers must be willing to travel frequently to meet potential customers
- Develop/attain an internationally recognised quality assurance system and service quality standard
- Train staff in the culture and customs of your target market
- Start with a market that is predisposed towards your product/early adopter
- Consider entering the market with a local partner
- Talk to foreign customers in your local market about their country-of-origin market
- Talk to foreign alumni of your alma mater in your local market about their country-of-origin market
- Talk to other national companies operating in the foreign target market.