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International Expansion Checklist – Are you ready to grow your partner program?

Bonus: Interactive checklist template

Are You Ready for Overseas Expansion? 

The international market evaluation checklist 

The latest State of Global Expansion Report found the majority of businesses surveyed said they were looking to expand into new markets next year.

International expansion is key to business growth, with strategic plans focused on tapping into new markets and reaching new audiences. If your business is getting ready for overseas expansion, use our handy checklist to help you:

•  Does your brand name make sense globally? The first step is making sure your brand name and image resonates with global markets. Make sure your brand is easy to pronounce and understand, doesn’t have any negative connotations and can live out the test of time. 

•  Is there a market to expand into? Next, it’s time to check if your products and services are suitable for the local culture, laws, religion and other values of your target countries. Conduct market research, consult local experts and look for places with less competition. 

•  Is your product needed there? If choosing a location with less competition, is there a reason why? Market research will tell you the market size and potential growth opportunities for each new country and can also highlight any potential risks.

•  Will your product need to be tailored for different territories? Not only do you have cultural changes to consider but also currency exchange rates. US buyers are likely to spend the most, followed by European buyers and then elsewhere, like India and much of Asia. So, it is important to consider price and operating budgets.  

•  Are you prepared to hire employees in-region to close sales? Cultural factors regulate the appropriate way to approach potential clients. How do you plan to negotiate contracts? You can hire a sales team to meet prospects face to face before closing a deal or invest in international partnerships.

•  Do you have any international partnerships? The best way to expand is to build alliances and partnerships with complementary businesses, consultants, suppliers and resellers relevant to your industry. Being local they already know the market you are targeting and will be able to provide invaluable support and insight.

 

Once you feel confident in the above it’s time to start implementing your global expansion strategy. This is one of the best ways to set your business up for long term success as it will help your company grow like never before. From reaching new audiences to engaging local talent, learn more about global expansion in our second sheet, a checklist for building international partnerships. 

 

Expanding Your Partnerships Globally 

The international partner evaluation checklist 

Since the global pandemic, businesses have had to change dramatically. From new technologies and ways of working, to evolving consumer habits and buying behaviours, companies have had to adapt to survive.

During these unsettling times, companies have been turning to the ‘partnership economy’ to help spread potential risks and the burden of building a healthy pipeline to stay competitive. Helping to engage audiences in fresh, honest and authentic ways, the partnership economy is set to continue in 2023 and grow globally. 

But is your business ready for this expansion? We’ve put together a handy checklist to help you extend your partner ecosystem abroad:

•  Have you researched your potential partners? First, make sure your partner list fits your business needs. Are they well known in the area you are targeting? Will they be able to reach new markets? Do you have an overlapping customer base? These are all important questions to answer before moving forward. 

•  Do you have an onboarding strategy? Next, it’s important to consider how you are going to approach potential partners and get them onboard. Contracts, NDAs, SLAs, billing currencies and so on are all part of the onboarding process. If you use a partner relationship management (PRM) system then onboarding is automated and simplified, providing new partners with access to all the resources they need. 

•  Have you thought about marketing? Your marketing resources and collateral will need to be revamped for each new target country. Create location-based content, including website copy, advertisements and blog posts, and share these with your partners. A PRM like Allbound’s can help by providing customisable marketing templates for partners to tailor for their own needs and use immediately.

•  Do you have a centralised location for information? When it comes to collaborating on a specific campaign, it’s important to have a centralised location with all the information. We recommend the Allbound PRM system as it not only streamlines the partner management processes with everything in one place, it also drives stability and visibility across your diverse partner base.

•  How are you going to maintain motivation? Make sure that your partners are putting your interests first. Set up marketing development funds to reward partners who follow up on leads in a timely manner and sell your products by the rule book. Keep them updated and engaged via up-to-date information, comms and training through an all-in-one PRM system.

•  Do you know how you’ll pay out partners in multiple currencies? Before expanding, you must consider, how will you deliver payments to your partners. 

International partnerships are a way for two or more companies to achieve a common purpose. Bringing value both financially and holistically, partnerships are beneficial to businesses of all sizes as they bridge the gap between a home market and a foreign one, utilise local knowledge to create positive customer experiences and build good working relationships worldwide.