How to develop your Tourism business abroad passing by an innovation assessment ?
Internationalization coupled with an innovation in Tourism are increasingly becoming key strategies for the survival of many businesses in the hospitality branch.
Internationalization is a must
Despite the importance to have a consolidated approach to international markets, many tourism companies have not previously defined a strategy on internationalization and innovation. This means they risk being unprepared for certain activities and can end up investing a significant effort into something that does not give the expected results.
If you want to start a process of internationalization in your tourism business, you must first prepare an international strategy plan. You must be clear on what this is, as well as the points to keep in mind when developing it.
Enterprise Europe @ hub.brussels in collaboration with hospitality.brussels would like to give you some tips on how to develop your internationalization strategy passing by your internal innovation management.
We recommend a step by step approach:
1. The first point is to understand our approach, what do we mean with Innovation? We define Innovation as the successful exploitation of a new product, service, process, organization or new business model which is new to a company, new to a market, or new to the ecosystem.
2. Before to go internationally, it would be better to analyze and have a clear innovation strategy, innovation organization and culture, innovation processes and enabling factors that might significantly enhance innovation results. This will reflect on whether your company is ready to take this leap.
The assessment should also include aspects such as :
-the business lines of the hospitality company
-the market segments to be dealt with, plus marketing capabilities
-global’ and ‘sectorial’ environmental analysis
-level of need and motivation to go international
-organizational and management capacity
-financial and planning capability
3. Once you have a general picture of your company, you can start to develop your international strategy. It has to be tailor made according to the vision, the values and the priorities of your company
4. Study your new consumers/customers – it is advisable to have a thorough knowledge of your foreign target market so that you can adapt your business model abroad.
5. Get to know your competitors – study and learn from them – you need to know who the competitors are, how many there are and what their respective strengths are.
6. Evaluate the financial risk of the operation – the company must be stable, and capable of meeting financial and human resources requirements, for a successful internationalization process.
Do you want to know more and to get help ?
Don’t hesitate to contact us, it would be an excellent starting point for the future internationalization of your own services !
Elena Angiolini – Innovation advisor @hub.brussels