Plan Your Expansion with the Internationalization Canvas
We’re here to support you in crafting an international expansion strategy by guiding you through the creation of your business’s Internationalization Canvas.
By completing this document, you’ll gain a clear view of essential aspects of your expansion and be prepared to implement actionable steps for your next target market.
I. Completing the Canvas
This specially designed canvas will guide your team in outlining a tailored internationalization strategy. As you go through the sections, you’ll discuss and outline the key elements of your expansion, giving you a comprehensive overview of the steps required to grow globally.
- Internationalization Goal
Why are we going international?
In this section, define the main motivation for expanding into new markets. Examples might include:- Increasing the number of customers
- Accessing a market with favorable regulations
- Reducing development costs
- Results (KPIs)
How will you measure your internationalization success?
Having identified your goal, set clear KPIs to measure your performance. SMART indicators will help set achievable targets, e.g., reaching $10k in sales in the first year or expanding the team by three members within six months. - Resources
What resources can support your internationalization?
Identify key resources you can commit, such as:- Financial resources
- Human resources (weekly hours)
- Governmental assistance
- Partnerships and existing channels
- Limitations
What might restrict your internationalization?
Consider both internal and external factors that could impede your progress. Examples include limited resources, complex regulations, or team inexperience.
II. Choosing Your Next Market
5a. Target Market Criteria
What characteristics should the target country offer?
List the criteria your ideal target market should meet, adjusting them based on your company’s needs.
5b. Country Options
Which countries match these criteria?
Conduct research to find countries that align with your identified criteria. This is an essential step in your market selection process.
III. Market Entry
- Lean Strategy
Which lean entry strategy best suits your company?
Adopt one of our seven lean strategies to streamline market entry and reduce costs. - Stakeholders
Who are the key customers and partners in the new country?
List potential partners and networks to help you enter the market effectively. - Value Proposition
What strengths can we leverage in a new market?
Define your unique advantages and how these will be adapted to appeal to international customers. - Cost Structure
What are the projected costs?
Consider potential costs such as staffing, marketing, office space, and local tool integration. - Localization
What adjustments are necessary for the new market?
Identify any modifications needed, such as adapting payment gateways or forming new partnerships.
Download the material below to get started on building your Internationalization Canvas!
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