One of the many ways companies can grow their business is entering into global markets. It’s a daunting task and not one to be taken without preparation. To compliantly do business and sell products or services in a new global market, you must develop an international strategy.
What is an international strategy?
An international strategy is a plan that a company forms when deciding how it intends to grow its business in new global markets.
Companies seeking global expansion typically start by exporting or importing goods or services overseas while maintaining their UK sales. Some of the steps their strategy should include are:
• Identifying their target markets
• Create or modify a product to sell in those markets
• Determine their production and distribution methods
• Hire international staff or outsourcing partners to help facilitate the work
What are the benefits of an international strategy?
Companies that implement an international strategy to grow overseas see several benefits, from more financial stability to global brand recognition.
Economic stability: When domestic markets are unstable, an international strategy helps companies balance economic slumps in the UK. Companies with an international presence benefit from a diversified revenue stream and enjoy an economic safety net in times of downturn.
Competitive edge: Expanding overseas gives companies a competitive edge against businesses that remain domestic. Gaining international recognition gives companies access to new customers and helps develop brand awareness overseas.
Reduced business costs: The global marketplace provides opportunities for cost efficiency. For example, international markets allow companies to access more economical sources for raw materials, advanced technological processes, and attractive tax incentives, all of which contribute to lowering their ongoing operational costs.
Innovation: Entering a new global market exposes companies to new innovative business tools and techniques that could help streamline operations, gain a competitive edge against competitors, and ultimately improve their bottom line.
Global recognition : Companies with a global footprint reach a far greater customer base and increase their brand awareness, which helps differentiate them from smaller competitors.
How Essex Chambers can help
Our Creating an International Strategy training aims to develop knowledge and understanding as to how an organisation develops an international trade strategy.
It includes establishing export goals, undertaking research into potential markets, developing an international pricing strategy, investigating shipping and logistics, marketing and promotion, documentation, distribution and review and monitoring.
Date: Wednesday 9th October 2024 9.30am to 1.00pm 
Virtual: Zoom Platform
Cost to attend: Members £345.00 + VAT Non-Members £390.00 + VAT
This training is part of our Trade Expert Training Academy online program which offers a comprehensive curriculum designed to equip you with the knowledge and skills needed to excel in the global marketplace. You can enrol for the Academy and achieve an endorsed Level 4 Qualification. Find out more HERE
In partnership with Essex County Council, we are offering all Essex Chambers Members Match Funding for two places on our Trade Expert courses. This will include our selected British Chambers of Commerce Accredited Training and extends to the individual courses that form part of our Academy Training, saving you 50% on course costs. Contact us to apply.