INTERNATIONALIZATION

Internationalization offers many new opportunities, and a company’s major growth potential is often found outside Finland’s borders.  The process requires careful preparation – it is a good idea to stop and think about what internationalization would mean for your company and what it requires. It takes both time and financial resources to start an internationalization process.

With an internationalization test you can recognize your company’s strengths and areas in need of development. Test your internationalization potential!

You can take the Enterprise Finland internationalization test here.

Once you have found out the basics and your company’s internationalization potential, it is time to start the actual planning and scheduling process – the creation of an internationalization plan. We will offer sparring and consulting services to support you on the international growth path.

Internationalization will also require financial investments from your company, and additional funding is often needed to complement the company’s own funds.  Some types of state support are also available. We will be happy to help you apply for financial support and plan your finances. Book an appointment to create your own internationalization plan.

CHOOSING THE TARGET COUNTRY AND CARYRING OUT MARKET SURVEYS:

It is a good idea to consider a wide variety of aspects when choosing your target country. Things to consider include the existence of real demand, challenges posed by the local business culture and competition in the market area. The goal of the market survey is to produce a description of the market that describes the key customer needs and trends of the market, analyses the competitive situation and evaluates the market potential for the business in question.

The market survey’s result could also be that the market’s potential is not as good as you first expected. In this case, you also need to have the courage and wisdom to make a so-called “no-go” decision.

Both domestic and foreign experts should be used when choosing a suitable market area. Once a set of potential market areas have been surveyed and pre-selected, more detailed information can be obtained on the most interesting areas. We are happy to help you find the necessary expert services and to launch your market research process.

INTERNATIONALIZATION CHECKLIST:

• recognizing market potential and collecting market information; “market surveys”
• finding and choosing the correct potential target markets: market potential
• finding the right partners and networks in the target market
• recognizing potential customers
• finding out what competition is like in the market
• identifying your product’s/service’s competitive advantages in the chosen market; potential for success
• the target market’s requirements for the product/service: does the product need to be modified/changed (due to e.g. regulations, type approvals etc.)
• assessing whether the product/service fits in with the target culture and its habits
• the competition situation and price level in the target market
• protecting the product/service in the target market: are your immaterial rights, patents, trademarks etc. in order?
• managing the business in practice: what principles will you be putting into action in the target market?
• what is the best way to enter a new market, considering the special features of your business? will your business operate from Finland or locally in the target country, through either a branch or a partner company?
• choosing a delivery method: direct exports, a representative, your own sales office etc.
• methods of delivery, logistics, payment terms export document management, potential prepayments
• which currency will you use? preparing for potential currency risks
• planning your sales and marketing
• getting to know the market: industry-specific expos, meetings etc.
• creating the necessary marketing materials (website, brochures etc., LANGUAGE VERSIONS)
• setting sales goals
• working on pricing
• managing customer relationships
• studying the culture and building personal connections
• writing the necessary contracts