With more and more businesses aiming for global growth, an increasing number are partnering with companies in their target markets. Whether you’re stepping into a competitive, crowded arena or looking to make early headway in emerging markets, the support of an international expansion partner can make all the difference. Here, Galvin International outlines the variety of ways an international expansion partner can help your business, and how to maximise these benefits.
One of the most significant benefits of a strategic partner is their ability to provide you with referrals and recommendations. We tend to trust people that we already know – and business dealings are no different. A referral from a partner is more likely to gain the ear of a contact in your new market than if you were to approach them without introduction.
The same is true for the customers in your new market. A locally recognised and respected company will be of benefit in increasing your own brand awareness. Customers can be put off from taking a chance on brands that are completely unknown to them, whereas arriving with the endorsement of an established name will increase the likelihood of yours being accepted.
All too often the subtle differences between international markets are missed when planning a business expansion. But these tiny variations in everything from business practise to negotiation customs can cause unnecessary bumps in the road of your expansion process. The best expansion partners are the ones with the most expertise in your new market. Established companies who have worked within the market for a significant amount of time will be able to provide you with the knowledge of every intricacy and nuance of your new environment and help to make the transition process smoother.
When expanding into a new market, one of the biggest costs can be setting up an entirely new set of resources. From joint marketing and promotional campaigns to access to new technologies and contacts lists, partnering with an established company can provide you with a wide range of resources that you would otherwise be forced to build from the ground up.
Make sure to carefully negotiate these factors when drawing up your partnership deal to ensure the most mutually beneficial outcome for both partners.
Galvin International can provide you with the expertise you need to find the right international expansion partner. Not only do we identify the ideal sales partners for you, but we also introduce you and help to set up partnership agreements.
Please get in touch to find out more.