Internationalisation of Spanish companies
Many Spanish companies are considering internationalising as a possible solution to any existing problems they might have. Throughout the country various institutions, such as Acció in Catalonia, as well as the Spanish Foreign Trade Institute have been stimulating small and medium enterprises to take the leap into foreign markets over the past couple of years. The statistics however, are quite explicit. Despite the fact that many companies decide to take an an international expansion, a very low percentile of these companies continues to export as years pass by. This arises the question of whether or not Spanish companies take the correct approach when it comes to internationalising.
What are some of the most common mistakes made when it comes to the internationalisation of Spanish companies?
The biggest mistake companies tend to make is to not seek expert advice on their internationalisation. In order to expand a businesses activities abroad, it is essential to create an action plan and perform a proper market study before taking the leap. Trade intermediators and business development experts can provide a helping hand and due to their experience can help you get in touch with the right people in your target market(s). In addition, they can also provide assistance in the selection process of hiring sales agents or distributors in your target market. Often times companies spend too little time on properly evaluating who they will start doing business with. Another common mistake is to apply the same set of rules to both your local market, and your target market(s). However, the management criteria you apply in your local market might not get the desired results in your target market, and even though a product is successful in your local market, it might need modifications or does not fit in the perspective of the customer orientation.