Entering international markets has long been considered a strategic move for many thriving businesses and organizations. But in today’s highly digital world, going global is slowly becoming less of an optional strategy and more of an expected or highly awaited maneuver. Going global has been Commit’s success model since the company’s inception in 2005.
Commit is a global tech services company with offices in New York, Israel, Eastern Europe and Latin America. The company was founded in 2005 and has over 600 multi-disciplinary innovation experts who serve a broad range of companies from small startups to large enterprises in multiple business sectors. Commit has over 30 Unicorns in its portfolio and offers innovative, end-to-end technology solutions by developing custom software and IoT platforms.
Commit has been focused on taking companies to a global scale since its inception. Commit has served over 1,000 customers globally,having a good global presence is a good way to reduce the amount of risks.
It’s a smart business model. Research shows that expanding reach beyond their domestic market is not a dream but a necessity for today’s tech companies. A study conducted by McKinsey & Company found that B2B digital leaders who focused on global sales drove five times more revenue growth than their peers. With the slowing of smartphone and computer sales worldwide, it is becoming increasingly important for tech companies to explore new markets to maintain growth. By focusing on global sales, tech companies can reach a wider audience and increase their chances of success. But many tech companies wonder how they should take that first step.
“You have access to more customers, which ultimately means more sales, revenue, and profits,” said Max Nirenberg, Chief Revenue Officer and Managing Director for Commit-IT North America. Nirenbger’s role is to lead and optimize our sales organization, while spearheading strategic management planning for the global account management teams. “Working for a global clientele is a great way to come up with new ideas and find hidden growth opportunities. Having a local presence (globally) allows for more intimate knowledge of locally (and culturally) relevant content.”
Nirenberg says companies should start with research.
“You want to find geographies in which you already have a product market fit, ” Nirenberg said. “You need to find a global tech partner who can PIVOT and can support your aspirations.”
“Look into potential acquisitions or partnerships in other countries that could boost your global presence exponentially. Sometimes, it’s better to buy, not build,” he added.
According to Nirenberg, another benefit of focusing on global sales for tech companies is the opportunity to work with diverse clients and discover new ideas and growth potential. Working with clients from different cultures and backgrounds can provide valuable insights and perspectives that can lead to innovation and new product development. Additionally, as service companies, tech companies must find creative ways to fund their distinctive advantages. By working with global clients, tech companies can identify new growth opportunities and develop new strategies to increase efficiency and revenue. In today’s rapidly changing tech landscape, it is essential for companies to be innovative and adaptable, and focusing on global sales can provide the necessary inspiration and resources to achieve these goals.
Some tech companies worry about staffing and other costs. Nirenberg says exceptional talent can be found in every corner of the globe. He adds it is important to avoid restricting yourself to one particular area and instead focus on accessing the greatest talents from all regions.
“To expand a company globally, it is crucial to consider the importance of culture. This includes not only the global culture at large but also the distinct culture of each individual company with whom we collaborate,” said Nirenberg. “It is imperative for founders to go beyond assessing the technical skills of engineers and also evaluate whether they would be a good cultural fit for the team and project they would be working on.”
To reduce expenditures and personnel, Nirenberg recommends a shared services structure be implemented. This model could be utilized in various areas of the organization, such as backoffice, human resources, finance, and technology.
“Your presence in several different nations is a buffer against recession and economic hardships in your country. And having globalization as a part of your business strategy allows you to move into more markets faster and get a foothold before your competitors can,” Nirenberg said. “Another way to look at it is this: when a competitive product or service pulls out of a market, you are already there and ready to take on its share of the market.”
Nirenberg adds that having global tech talent allows for the best ideas the world has to offer.
By sourcing these services globally, companies can expand their reach while benefiting from the highest level of knowledge and skill.