Finland’s economy is still stagnating, although there is light at the end of the tunnel and many companies still have limited growth opportunities in the domestic market. Are you ready to look abroad for new sources of growth? Internationalisation is not just an opportunity, it can be a necessity if you want to stay competitive. But success abroad does not happen by chance, it requires careful planning and a deep understanding of your customers.
Internationalisation without customer understanding? Risky.
Traditionally, Finnish business has thought that a good product or service can succeed anywhere. Fortunately, this has changed over the years, because a good product or service is a good start. Without an understanding of what customers really need and value, internationalisation in particular can be a frustrating and expensive experiment. For example, are you aware of what customers in different countries expect? And how local competitors operate and bring value to the customer?
What is your reason for going international?
1. The Finnish market is saturated
If you no longer have room to grow in Finland, what will you do? New markets can offer much-needed room to grow, but do you understand their dynamics and customer expectations? Without understanding your customers, you risk stepping into an uncertain future.
2. You want to accelerate growth
If you are concerned about slowing growth in your home market, internationalisation may seem like a logical solution. But are you sure you have chosen the right market? Do you know how to reach your international customers and what interests them? Understanding your customers will give you an edge when competing for new markets.
3. Your product is better suited for international markets
Do you have a product or service that is already “too good” for the domestic market or its real potential lies outside Finland’s borders? Just because a product or service is suitable for an international environment does not guarantee success. You need a clear plan and an in-depth understanding of how your product will be received by different customers. The right customer understanding will ensure that your product will find its place in international markets.
Customer insight, the key to success in an economic downturn
When domestic demand is not enough, it’s time to look abroad. But successful internationalisation is not just about entering new markets, it’s about understanding how customers operate there, what they value and how their needs differ. The lack of this knowledge is the real risk.
1. Know your local customer
In new markets, your competitors already know your local customer base and without understanding them, you won’t be able to offer them what they really value. Customer insight helps you to see what makes your product an important and desirable option in a new market.
2. A face paused that resonates
Competition in new markets is often fierce and presence alone is not enough. You need to find a way to convince local customers that your product or service is exactly what they have been waiting for. Understanding your customers will help you shape your value proposition so that it stands out from the competition and appeals to them.
3. Timing and communication
Successful internationalisation requires the right timing and knowledge of local customers. Customer insight ensures that you know when and how to present your product so that it reaches the right people at the right time.
What’s your next move?
Is your company ready to take the next step and expand into international markets? Or are you waiting for the domestic market to improve? The recession can be an opportunity for those who dare to look beyond and seek growth abroad.
Whatever your goal, one thing is certain. Customer insight is the key to international success
Interested?
Book an appointment and we can discuss further how our services could help your business internationalise.
Contact us today and let’s start a journey together towards deeper customer understanding and sustainable growth!
