Internationalizing Your B2B Business

You’ve conquered your home market, and now you’re ready to take the next step with your B2B business. Expanding internationally is ambitious, but with the right tools, the right considerations, and the right mindset, you can maximize your chances of success.

When people think of the world’s most influential global brands, the first names that usually come to mind are consumer goods companies. But according to Statista, the global B2B eCommerce market is actually worth more than five times its B2C equivalent.

If you’re considering joining this business-to-business revolution and expanding internationally to reach new markets, you need to account for a wide range of factors. From currency and tax issues to advertising in another language, the barriers are many and varied — but they’re far from insurmountable for a smart business like yours. Here are 5 tips to help you get started.

1. Research the international market

You wouldn’t sell ice to an Eskimo. The countries with the greatest commercial potential will vary depending on the products and services you offer, so make sure you target the ones that deliver the most value. Thorough market research is a good place to start: it helps you understand the environment your B2B business will operate in and how to begin building awareness for your brand. Why not create a checklist to kick off your market research?

• Key population characteristics (age, social class, religion, education, income)
• Geopolitical factors, such as government censorship of key channels like Google and social media platforms.
• Potential B2B customer base. Recent studies show that millennials account for 59% of B2B technology buyers worldwide. It may therefore be worth adapting certain aspects of your business to this age group.
• Could the local culture affect your sales?
• How developed is the technology landscape there?
• How stable and profitable are the key industries you serve in that country?
• Do you need to comply with different quality control measures or regulatory bodies?
  

2. Make website adjustments

Whether you’re launching a physical store or office in a new country, your website will play a key role in your B2B performance abroad. It needs the functionality to accept country-specific payment methods, postal codes, and address formats. But when it comes to how the website itself will work internationally, you have two options:

1. Launch a country-specific domain for every market you serve. That means each country has its own URL, effectively creating a separate website. This approach is expensive and can be fairly complex, but it tends to perform better from an SEO perspective.
2. Use subdirectories for your country-specific sites. With this option, your B2B customers choose their language or country when they land on your site, and they’re redirected to the relevant page. This option is less expensive, but it isn’t always as effective for lesser-known brands that can’t rely on branded traffic.
   

3. Sell globally, connect locally

When you sell worldwide, it’s important to think both big and small. Your B2B business should aim to build connections with local communities where you want to establish a customer base. That means paying attention to how things work in the country in question, whether that’s using regional terminology in your product descriptions or observing local public holidays.

But the most important localization factor to consider is arguably currency — after all, money makes the world go round. Before your products can be purchased in other countries, your storefront needs to accurately convert prices and shipping fees across a wide range of currencies. For example, you can integrate your B2B eCommerce platform with a currency data API, which can automatically detect each customer’s native currency based on their IP address. A high-quality currency data API will also update exchange rates daily and give B2B customers the option to choose a different currency if that works better for them.

4. Consider new hires

You can do all the research in the world, but in the end, no one is better placed than a local to unlock a foreign market. That doesn’t mean you need to hire an entirely new team on the ground, but it may be worth partnering with freelancers based nearby. It’s a flexible, affordable option that can give you valuable insight into the local industry and flag any major cultural differences. Not to mention, you’ll have an expert hand to guide you if your strategy starts drifting away from the target market.

5. Define your payment methods

Choosing payment methods is one of the most complex processes to implement when you operate in a new country. Regulations vary everywhere, and human preferences can also shape your decision. For example, some countries still rely mainly on cash, while others are almost entirely cashless.

The key things to keep in mind are data security, accessibility, and compliance with local regulations. Why not identify the most popular payment methods on other B2B eCommerce platforms serving your target market, and find an affordable way to support them on your site?

Most importantly, stay ahead of the market in the countries where you want to expand. Track trends, keep up with any major legal changes, and get to know your B2B customers. You’ll be international in no time.

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