With the arrival of 2024, the enthusiasm to execute that plan that was only on paper is gaining momentum and, for many entrepreneurs who are focused on expanding their business, internationalization is one of those goals that can prove to be both a promising and challenging step. According to the latest survey carried out by Dom Cabral Foundation on the internationalization trajectory of Brazilian companies in 2023, around 7,000 companies in Brazil operating abroad were mapped. Within a sample that covered all regions of the country, it was found that 85.7% of them have exporting as their internationalization pillar. In addition, younger companies internationalize more quickly, while companies founded before the year 2000 took around 19 years to be able to operate in other countries, and those created after this period take only six years.
This is the case with the multinational e-commerce specialist Social Digital Commercefounded around seven years ago. Since 2022, it has had operations in countries such as the United States, Portugal and China, and is consolidating its branches in Latin America in Mexico, Chile, Argentina and Colombia. For the company's executive director, Ricardo Onofre, a few steps are essential to ensure the success of the expansion and the products to be marketed in a new country. "You have to take into account all the details of the new market, because not everything that works here in Brazil is successful in other nations," said the executive, who listed some essential topics for entrepreneurs who want to break new ground in 2024. Check them out:
Define the country and identify the competition
Many criteria are relevant when choosing another country to consolidate your business. It's not enough just to be familiar with the local culture or to base yourself on the market figures for that sector abroad: you need to identify which territory has your niche market and target audience. This is why identifying your competitors and their level of activity is essential at this early stage.
Adapting the product portfolio
Not every product portfolio sold in Brazil is suitable for other countries. Various factors affect this relationship, such as habits, socio-economic context, culture and geography. In addition to the fact that the size of the market can be very different, it may even be necessary to develop a new product specifically for consumers in a given country.
Understanding legislation
In the midst of the whole process of surveying the international market and drawing up a strategy within this context, another important point that goes hand in hand with building a product portfolio is studying the legislation that prevails in the chosen country. You need to research all the certifications required for a given product to enter a border.
"Electronics, for example, have technical specifications that differ from one country to another. There may be a need to adapt or regionalize a product in accordance with current legislation," says Ricardo. "By moving in this direction, the entrepreneur who finds a partner company that makes the whole process of getting the product out of Brazil and importing it into the new country feasible can have a more assertive vision and increase the chances of success in internationalization," says Onofre.
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