Going global - What does it take to be successful?

Understanding which markets make sense for you is key. This requires a ton of research and talking to potential customers and partners in the respective market. You don’t have to be a monopolist to enter the market successfully but you should be well aware how to differentiate yourself from competitors. A successful strategy includes defining your beachhead market. This does not mean a niche but rather securing a consumer base before advancing into new markets. Product features and preferences how to use a product should also be checked beforehand. In North America for instance customers pay everything by credit card which is less common in Europe where cash is still pretty common.

Explore the market

Research should be complemented by regular visits. Filmwerte from our Hub in Potsdam recently opened their subsidiary company myfilmfriend, Inc. in Austin, Texas and Benoît Calvez, CEO, points out the importance of being on site: „However, even as somebody passionately invested at a 200% level in digital service – „myfilmfriend“, a streaming film service for users of public and university library users that fully aligns with the demands and dematerialized consumption models of our time (…), to me a founder cannot bypass the need to make several preliminary visits to the country in which they intend to introduce their service.“ Filmwerte develops and distributes digital products and services all around movies and works closely with libraries. During his market study he discovered: „(…) it’s been one thing to observe figures and statistics compiled within a digital study, which lead you to guess that libraries hold significant importance in the lives of Americans, even more than here in Europe. Yet, it’s been another to whitness myself every morning the long queues forming outside even the smallest American neighboorhood library before its opening!“

Prepare and adapt your pitch

Pitching styles can vary extremly between countries. While Germans are very focused on the details and the product, North Americans are rather interested in your story. This means you should rather start with the „why“ instead of the „what“. They might want to hear why you are excited about your start-up and the product. Another point that is associated with a „why“ is your target audience. Make sure you are aware who you are pitching to. Most infos like investors’ investment strategy, stage, industry and most recent investments can be found online. Many investors abroad might also be more interested in your team and the diversity of skills. This should also be adressed in your adapted pitch and potentially put in one of your first slides.

Your online presence

Most sales are done online and therefore websites should be optimized. Potentially, language needs to be adapted in markets with strong local languages like Spanish, French or Arabic. Also SEO should be used in the most effective way. Keywords, Meta descriptions, URLs and content can easily be checked via online tools. 

Many of our founders have had extreme success with LinkedIn using it as recruiting and sales platform in international markets. Benjamin Heese from Sensit! states: „Being active on LinkedIn means a free range of your brand and personal branding. You can directly reach decision-makers and they get a positive trust by an active LinkedIn account in comparison to a standard email.“ He shares that Sensit! won almost all big Sales deals by LinkedIn activities. „Afterwards we were able to stay in social contact – it’s a people business.“ Also Swantje Jung, Head of Marketing at out Smart Infrastructure Hub SpinLab in Leipzig confirms the power of LinkedIn: „LinkedIn can serve as a powerful tool to enhance international expansion. We have found that strategically posting and sharing engaging articles can effectively enhance your visibility on social media. Within LinkedIn, you can share insights about emerging technological trends and your expertise within your specific fields. This demonstrates your knowledge and attracts connections from various industries and countries. Additionally, startups that have participated in our program have discovered that LinkedIn's outreach capabilities facilitate connections with potential clients and partners whom they may not have otherwise reached. By consistently engaging with their network and actively participating in industry groups, founders are able to establish themselves as a credible player within this global business arena.“ 

Networking, networking, networking

Filmwerte, our start-up with Austin presence, stresses the importance of attending numerous industry events or gatherings. They found it valuable to connect with the local Diaspora for example German or European institutions, founders, legal and financial advisors. „(…) They can provide you with valuable insights into the local market before you make the plunge, as they’ ve been familiar with it for a long time and of course better than you.“, states Benoit.

Business travels like Digital Hub Initiative’s yearly trips to selected Tech and start-up events facilitate networking and give a more detailed insight into local ecosystems. Find future events here.