Modern Marketing Engine podcast hosted by Bernie Borges
Bernie Borges - Host of the Modern Marketing Engine Podcast
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How To Plan Your International Business Expansion Strategy
Subscribe to Modern Marketing Engine on your app of choice When it comes to creating and successfully implementing an International business expansion strategy, there are numerous variables that must be addressed. Wouldn’t it be great to have a seasoned International expansion advisor on your team? On this episode, Bernie speaks with an executive who has overseen or been a part of International expansions for many companies. Most importantly, he’s done so successfully and can share lessons-learned that will be of great benefit to anyone seeking to expand to International markets. On this episode, Bernie speaks with John Pincott, GM of Conversica Europe. John has extensive experience with International expansion and is very passionate about the nuances of expanding a successful business into another region of the world. Listen to learn how to know if your company is ready to expand, what it takes to do so, and pitfalls to watch out for along the way. This episode is sponsored by Conversica, AI software for marketing and sales that fosters real conversations to discover the most qualified sales opportunities. Learn more at https://conversica.com If You’re Looking To Expand Be Thoughtful, Not Opportunistic Many companies have a “go global” ambition. There is nothing wrong with that but you need to ensure that your organization as a whole is ready for expansion. John believes 4 things should be considered. Is the organizational maturity level ready for expansion? John says you need to honestly assess whether your team is ready, if your company is in the right stage of business for expansion, and whether your product is truly ready for the “big time.” In his words, “If you haven't cracked the nut’ in your domestic market, the thought that you’re going to be successful in a foreign market is very slim.” Do you have the resources in place to expand? It’s alluring to think of International expansion but if your systems and other resources are not to the point that they are working well in your current market, you’ll be better off in the long run if you don’t export an offering that is less than ready. John says this applies to the areas of technology, human resources, and virtual resources. Is there a team commitment across the organization to expand? If expansion is a siloed exercise that doesn’t have a clear strategy across the organization, then what you’re considering is not going to work as well as it should. A company-wide focus will make success more likely. Are you ready to adopt a startup mentality as you enter a foreign market? John points out that even though you might be entering a new market as a mature organization, you have to change the way you think as you move into a new market. In many ways, you are truly going back to the startup stage, almost as if you’re launching your company all over again. Be Sure You Do Your Homework Thinking of International business expansion can feel very “glamourous” but John points out that you can’t let the exciting things keep you from doing what he calls “the boring work.” What would this include? Be sure to ask questions like these... What do we do best? Is our product offering an established category in this region? Do we know the TAM (Total Addressable Market)? Do we understand the geography, verticals, and market segments? What are the routes/channels to market and their relative cost? Have we done a S.W.O.T. analysis - strengths, weaknesses, opportunities, threats. What do we understand about the culture in the new market? What do we know about the competitive landscape? Is the talent we need available in the region? What are the legal issues we need to be aware of? When Conversica expanded its AI Assistant technology solutions into Europe they discovered that there was not much competition on the ground in this market. There wasn’t even an existing category for their product. That may sound like a dream, but
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