Throughout my years of working with software vendors, I’ve seen plenty of companies reach their limit when it comes to growth in their initial market. When local opportunities grow scarce and no longer deliver sustainable business growth, it’s time to explore new markets. While such growth is generally a great thing, future planning and expanding into new markets bring a whole new set of challenges.

Do your homework

Remember that every market is different, and customers in new markets often behave differently throughout their purchase journey. Spend time conducting in-market research and learn more about that market’s language proficiency in English, digital readiness and messaging preferences.

Use those findings to guide priorities for expansion. For example, if you don’t have the resources required to translate a website into the intended market’s local language, look to expand only in markets with greater English proficiency. If you do have the means to translate sales and marketing resources, remember that elements like a properly translated website and local payment methods will play a critical role in your ultimate success. From a recent meeting I had with Google discussing international expansion, I took away that a translated website can increase conversion rates by 15%, and offering a localized payment method can increase them by 42%.
 

Prepare your team

It’s a plus if a salesperson on your team is fluent in the new market’s local language. Don’t worry if you don’t. It's not a deal-breaker, and you can effectively prepare your sales team to work with globally sourced leads by reminding them to speak clearly, use simple examples and avoid culturally specific jargon or phrases.

Be sure to share any findings on the market’s buying behavior with your team. Are buyers in this market hypersensitive when it comes to pricing, or do they prefer straightforward messaging? Adjust sales pitches and follow-ups to match in-market preferences and ensure interactions with new leads are as effective and successful as possible.

Expanding sales into new, global markets is one of the most efficient ways for a software business to increase market share, revenue and brand awareness. Just remember to approach new markets with the same care and strategy used to get your business started. Give your teams adequate time to perform meaningful market research and prepare your teams well to improve your chances for success.

Learn more about how you can connect with in-market buyers worldwide.

Evgeni Pavlov

Evgeni Pavlov is a Senior Business Development Executive for Gartner Digital Markets. He specialises in helping software vendors successfully optimise, develop, and grow their digital marketing efforts across all channels. In his free time, Evgeni loves traveling and being a crazy foodie and cooking enthusiast. Connect with Evgeni on LinkedIn.