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.Learn how to plan your International #Business Expansion strategy. Join @BernieBorges, #CMO of Vengreso, and his guest John Pincott of @MyConversica for this episode of the @MMEnginePodcast. 🎧 Listen! #SocialSelling #Leadership Click To Tweet
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. One of the most important steps in starting a business in a new market is securing the necessary licenses and permits. Before taking any steps, it’s crucial to check this out and make sure you have a reliable registered agent to help you with your startup stage.
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 it requires that the organization’s approach focuses to a large degree on educating potential buyers on the merit of their solution.
John has extensive advice that he shares on this episode, particularly about cultural differences and the route to market. You won’t want to miss his advice.When expanding Internationally, be sure to do your homework. What should you consider? Join @BernieBorges and John Pincott of @MyConversica to find out, on the @MMEnginePodcast. 🎧 Listen! #SocialSelling #ModernMarketing Click To Tweet
Be Clear About What Success Looks Like And Set Goals And Budgets
John says agreeing on success metrics is a huge part of reaching it. Alignment has to be achieved around the definition of success because it will dictate whether or not everyone on the expansion team is rowing in the same direction. With alignment on a success plan everyone can establish realistic expectations and time frames. Expansion efforts frequently take longer and cost more than expected. A phased approach is the way to go rather than trying to accomplish too much too fast.
You might start with U.S. based benchmarks such as cost of customer acquisition, conversion rates, and other KPIs. – but you’re actually using it as a thesis that you’re testing in the new market. Your success will look very different in a new region, so take a long term perspective. As John describes it, “Take a land and expand mindset.”
Begin To Prove Your Thesis Through Execution
The premise of any International business expansion strategy must be to leverage the expertise you have domestically into the new market abroad. As you do, you’ll have to iterate and adapt to the new culture and business market.
This is what John calls the “test and learn” stage – use the approaches to assess what you already have in place domestically and begin applying them to your International business expansion strategy. You’ll discover ways you need to modify your approach. You want to do ongoing assessments regarding your execution, how it evolved, and whether you hit your goals. When you achieve your goals, you can expect to get the green light to keep going. If not, you’ll want to change your approach using data to steer your decision making so you increase your success in your strategy.
This episode is packed with insights from John Pincott, GM of Conversica Europe based on his rich experience in expanding companies Internationally. Don’t miss this opportunity to learn from him.As you expand Internationally, create a thesis of how to do it, then prove it via execution. Great advice from John Pincott of @MyConversica, for this ep of @MMenginePodcast w/ @BernieBorges. 🎧 Listen! #Entrepreneur #Business Click To Tweet
Featured on This Episode
Outline of This Episode
- [1:30] Get to know John Pincott and his company, Conversica
- [3:50] Discerning whether your organization is even ready to expand
- [20:20] Is it smart to pull personnel from your domestic branch to get started?
- [26:56] Bernie’s recap of the topic of International Expansion
- [30:45] When you get into the new market, things will be different than you expect
Resources & People Mentioned
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
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