This is how you increase your opportunities to expand internationally

This is how you increase your opportunities to expand internationally

Every company that has a unique idea, a scalable product, and a verified market that is sufficiently internationally attractive must seek to expand its operations in order to establish itself outside of Sweden as early as possible. This is one of the principles on which STING Stockholm Innovation & Growth works.

Our task is to enable business development that includes an international presence as quickly as possible. In this way, the risk that another company or an alternative solution will satisfy an identified customer need before reaching this market is reduced.

Att expandera sin verksamhet internationellt kräver dock noggranna förberedelser och val av lämplig strategi. Oftast innebär det ökade kostnader och i viss mån ett nytt risktagande, men möjligheterna är oändliga.

Genom att tidigt vara medveten om vad det innebär kan rätt förberedelser göras vare sig det gäller hur produkter utformas, vilka partner man samarbetar med och vilken affärsmodell som väljs. Det handlar också om att skydda sin affär genom att söka patent utanför Sverige, att inte ingå samarbeten som förhindrar en internationell expansion och att inhämta information om konkurrenter och köpbeteenden i andra länder.

Normalt vill man inleda sin internationella expansion baserat på en etablerad marknad på hemmaplan men det finns även situationer där en specifik marknad kan erbjuda en snabbare väg mot ökad fakturering, då denna marknad har större behov av den lösning som man erbjuder än vad som finns i den egna marknaden.

Given that you have verified the product’s functionality, customers’ needs, and your own ability to deliver quality-assured products, you should therefore always begin your expansion outside the home market. In this situation, it is very much about choosing which market to start in, with which method to attack this market and which business model you see best reaching this market. It is not obvious that the strategy that has been successful at home is the one that should be used in new markets. By conducting a thorough analysis of competitors, customers’ purchasing behavior, and possible partners, it is easier to reach sales with minimal own costs.

The choice is between a number of different routes to the market. You can sell directly to selected end customers, in some cases, these may even be part of the companies you already have as customers at home. Alternatively, you look for suitable local dealers who are responsible for local marketing. However, they often also sell other products and therefore do not have the same focus as their own company. If it is important to create greater trust in your product, you can choose to refrain from marketing your own brand and instead let already established companies sell the product with their brand. And in the event that the solution requires a lot of technical or concept understanding, it may be most appropriate to start a new own company that takes all business responsibility, but then you also have greater financial risk but on the other hand greater margins.

We see it as central that you understand your application, analyze different markets and verify customer interest. By asking interested end customers which companies they prefer to buy this product from, you create a picture of the appropriate go-to-market strategy and business model.

STING works methodically in its Go Global program to prepare companies for all the aspects that an international expansion entails. This applies to market selection, business model, competitor analysis, legal aspects, and financing requirements. With the right preparations and the right timing, most companies can create a very rapid expansion and thus a more secure business development.

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