Studies show that startups are going global more quickly than ever before: economic forces and globalization are pushing us to explore new markets, while technology has made cross-border transactions and communication comfortable. Accessing capital and reaching more early adopters are strong incentives to expand internationally.
There is a whole world of potential customers out there – why limit yourself? But if you want to go global you’ll need a killer market entry strategy – here are ten top tips to get you on your way.
1 Do your Homework at home (the clue is in the name)
You have already invested in outstanding marketing and have a tight value proposition. Now you need to get to know your new market. Ask yourself these questions: Who are your early adopters? Who are your target customers? In this brave new world what is your story; your USP? What do the people here want? Where is the biggest opportunity? Be wary! Why hasn’t someone else taken this ground? Play devil’s advocate.
Identify your competition at home and abroad. How can you outflank them? What are your operational requirements? How much must be done locally? Who will be your biggest brand advocates or strategic partners? Can you build those relationships in advance of your arrival? And, last, but not least, are you clued up as to the employment laws, regulations and customs of the country?
If this is tricky information to amass remotely, why not hire a local freelancer on oDesk or Elance to do some digging for you?
2 Are you really ready?
Does your product truly work? You don’t want to go out there with hitches and glitches. Check. Check. Then, check again. Never mind the bells and whistles, the ‘basics’ must work without fail. Check. Check. And, check again.
3 You gotta start somewhere
Do you enter guns blazing or with one small step? You have to start building your customer base somewhere. At first, don’t worry about doing things that don’t scale. You’re stalking future profit. Secure ‘buy-in” by recruiting influential customers one by one. Stay focused. Seek out the sweet spot. (Though if there’s ready money to be made, there’s nothing wrong with plucking a little low hanging fruit).
4 Setting up shop
Give top billing to the top performing products in your portfolio. Of course you’ll have other niche goods and first-rate services; but, if you’re courting loyal customers, be wary of rushing into cross-(or up-)selling. Focus at first on what makes you distinctive – and what you do best.
5 Dream Team
Your landing crew should be a mixture of generalists and specialists; hustlers and managers. It must stay fleet and focused. How and where do you find your first hire in a new market? Recruit for initiative and collaborative skills.
A bad hire can make or break your business. If a team member is consistently under-delivering, cut your losses quickly and let them go.
6 Build a brand Bible
As at home, your brand should speak with a strong consistent voice. Although you can make small tweaks to regionalize where necessary, you should only do so sparingly. Have a style bible for your branding and communications – and stick to it.
7 Partners welcome?
Take your existing partnerships global and make new strategic alliances with brands with similar attributes or shared values.
Find partners with similar brand attributes and target audiences who can expose you to a high volume of new prospective customers. Don’t be pushy and be sure to listen. It’s all about the old “win-win”.
8 Localisation: Get down with the lingo
Even if you’re only seeking to conquer the English speaking world you still need to get with the vernacular – at a minimum make sure your tagline, website copy and email campaigns will resonate with your new audience.
9 Hitting the headlines
You need top notch PR in a new market so choose your agency wisely. Take heed: don’t be reeled in by their A-team to then be fobbed off with the B squad.
Ideally, you should find a PR team who understand not only the nuances of the local media but also your business and plans for expansion. To get your brand out there, they need to ‘get’ you first.
10 Spread the love
Be extra kind to your first customers; do small good deeds, offer freebies and reward feedback. You want to build a community of users. Every interaction should be considered as part of the brand experience so generate favourable word of mouth.
Remember – when you’re a stranger in a foreign land, new friends are priceless.
Hayley Conick is Country Manager for Elance-oDesk in the UK
Elance-oDesk are offering Tech City News readers $50 towards paying their first oDesk freelancer – more details here: http://try.odesk.com/techcitynews/