Market-Entry Archives - Page 6 of 6

Myth vs Reality for Life Sciences Companies Entering the US Market with Mark Lesselroth, BioPort USA

Mollie Ring / December 6, 2021

Link to video HERE Podcast Transcript Bill : Hi and welcome to the next episode of Belly to Belly. It is great to have you here with us today. So today we’re actually going to spend a little bit of time in the life sciences space and we’re joined by Mark Lesselroth from BioPort USA. Welcome, Mark. Mark : Thanks for having me, Bill. Bill : It’s great. So the title of this conversation is around the myth versus reality of life sciences companies entering the US market. We certainly want to kind of dive into that conversation. And just as a for context here, our listeners are both companies, b2b companies that are looking to enter the US market plus also a variety of Trade Representatives that are helping and support organizations that are helping these companies come into the US. Just for a moment before we hop into that really interesting conversation. It’d be great to know more about you and about Bioport. Do you mind just kind of giving us a little thumbnail of your background and also what you’re what you’re doing today with bio port USA. Mark : Absolutely. So first of all, I want to thank you. I appreciate this opportunity. You know, anytime I have the chance to spread the word so to speak, or spread the gospel, if you may. It’s a wonderful thing. So I am the president and CEO BioPort USA. Which was established in April of 2018. And the impetus behind it was, I wanted to identify innovative life science technologies, be a biotech medtech pharma in vitro diagnostics for around the world that could really improve our healthcare system. I know it sounds somewhat altruistic, but I’ve been around the world for a number of years. I was originally born in Germany, and lived throughout lived almost 15 years throughout my life in Germany. So both as a child as a student and then work there and as a result I you know, I not only learned the language, thanks to mom, who’s German but is also experiencing a lot of different cultures, not just the German culture. I was traveling a lot and I was exposed to a lot and and I recognize that while I love the United States, I think it really is a great country, that there are some amazing things happening outside and, you know, I don’t know how much longer I’ll live but I thought with the remaining years here, I want to do something good and, you know, find a way to introduce this technology just to make it easier on patients and make it easier on health care providers. Bill : That’s really cool and amazing. So oh, you know, I guess I’d start with our thesis here, which is the myth versus reality so I guess what, what’s the sort of paradigm that where you see companies that are life science companies are coming into the US? What are the myths that they’re is sort of holding closer or embracing that are challenging Mark : I’m glad you asked. I think one of the number one miss is that they know the US market. After all, we are a Western nation. Many of the International life science companies speak English. Many of them have traveled here either for pleasure or business. Some of may even studied here and work here. And so you know, the thought of well, if I went out to business here, how hard can it be? versus you know, China for example, I’ve met many people who think oh my god, I don’t speak the language. I don’t understand the culture. I definitely need help. There’s no way I can do this on my own. And with us, they think no problem. We can do it. And frankly, nothing further could be from the truth. They really don’t understand the US market in terms of how we make decisions, whether it comes to buying something, selecting something, the nuances associated with the regulatory process, they sure as heck don’t understand our reimbursement system, because most of them come from a country that offers universal health care. So that’s a big one in terms of a mess. Bill : That makes a lot of sense. So yeah, I would venture to say that many people in the US don’t understand the reimbursement system. So the idea that someone from outside the US would understand it would be difficult. So when companies, you know have these challenges where they maybe don’t understand this the sales process or the regulatory system, what challenges does it create for them? Well, how does that handicap them? Mark : Well, you know, it’s problematic because if they think they know the system, and then they go through and go about doing business as they’re used to in their home country, many of them will invariably fail. You know, they think it’s good enough to, let’s say, exhibit at a trade show and industry trade show, find a sales rep or distributor, sign an agreement and pay we’re off to the races, and nothing further could be from the truth and that holds true for American companies as well. But I think American companies for the most part, know better. Now those companies that are more successful United States are the ones that understand what you need to do in terms of developing a sales strategy, what you need to do to support a distributor how important your brand is in terms of influencing the purchasing decision. These are all concepts that for the most part are extremely foreign to the international life science community. And so many of them either fail outright or they do not achieve the success that they had anticipated. Because they weren’t prepared to adapt and adopt the US way of doing business. Bill : So, in sort of thinking about that, which would you say

Market-Entry

5 Steps to Launching a Virtual Trade Show Plan

Mollie Ring / July 23, 2020

One outcome of the recent explosion in virtual events due to COVID-19 is the unprecedented opportunity it has created for companies that are expanding internationally. Truly, the “cheese” has moved. By lowering barriers to entry, the ability to confidently and skillfully navigate virtual venues is more valuable than ever, particularly as entire industries move their trade show and events online. How long will it take for things to return to normal? Tech giants like Microsoft and Facebook have already announced they are not planning any physical events until July 2021. Other industries are testing virtual platforms for the first time, but making no commitments. In essence, there’s no way to know. Regardless, the question every market-entry firm should be asking themselves NOW is, given the lower barriers to entry and unique opportunity to differentiate, do virtual events make sense for our company? If so, what is the best path to leverage the opportunity? Here are five steps to help you get started. Step 1: Avoid Overwhelm For many companies, particularly those endeavoring to scale into new markets, the dynamics of moving to a virtual trade show strategy may feel overwhelming. You may be asking yourself: How can I market to prospects I can’t see? How can I train my staff if I’ve never participated in a virtual trade show event myself? Is it possible to translate our branded booth display to the virtual format? Outside the booth, how can I take advantage of trade show content and virtual hospitality events? Don’t get paralyzed by fear! At MEET, we specialize in helping international B2B growth companies soft-land and scale in the U.S. through trade shows and events–even those that are virtual. Step 2: Get Focused The good news is that regardless of whether an event is virtual or in-person, the strengths of a highly effective trade show strategy are the same. They’re also the same as fishing. You must know: Who is your target prospect, i.e. what type of fish you are trying to catch Where to find them, i.e. in which body of water they live What type of call-to-action will prompt them to self-identify, i.e. what type of bait will attract them to your line The first step to adapting your in-person trade show plan to a virtual format is identifying where your existing strategy is strong and where it needs to be strengthened. After all, the likelihood of catching the right kind of fish is zero if you’re looking in the wrong body of water no matter which type of bait you use. Think it might be time to take a closer look at your existing trade show strategy and how to optimize for better results? Check out MEET’s Trade Show Performance Assessment today. Step 3: Set Goals Undoubtedly, there are certain features of the virtual platform that you and your team will need to learn. Some opportunities to consider include: Spend time getting to know the conference platform and booth features before the show. Design a virtual booth display that is clean, easy to navigate, and brand-aligned. Train your team not only on how to use the technology but how to be active and engaged on the platform. Begin with specific goals for each event and align your preparation to those goals. Step 4: Test Your Hypotheses At MEET, we always advocate for testing your strategies during events and measuring results. None of that should change when you adapt to a virtual platform. In fact, it may even be easier and less resource-intensive to A/B test your marketing messages with a virtual display. Additionally, don’t be afraid to do some competitive intelligence. For better or worse, it’s now easier to visit your competitors’ booths and see how they are using the platform. Step 5: Ask for Help The vast majority of virtual trade show participants are new to the platform and it’s safe to say that exhibitors, hosts and attendees are all learning together. Now is a great (and easy) time to stand out. At MEET, we support international scaling companies to leverage all the unique capabilities of virtual platforms while laying a stronger foundation for in-person events when they come back online. If you’re looking to: Prepare and train staff on how to navigate virtual platforms Adapt your integrated marketing strategy to fully leverage virtual booth displays Identify and engage prospects in and outside the booth Gain visibility during live sessions Host virtual hospitality events MEET’s Virtual Trade Show System can help. Now’s the time to claim your “cheese” and get a leg up on the competition in a new market. Plan, Prepare, and Preform. Launch your virtual trade show strategy TODAY. About   MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. MEET’s processes help clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward. Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Market-Entry

Q&A with Bill Kenney on the Future of Trade Shows

Mollie Ring / June 26, 2020

Are in-person trade shows gone forever? That’s a good question. It seems pretty unlikely that in-person trade shows and events are gone forever. We’ve already seen some events come back on the calendar and believe that the advent of a widely available vaccine will be a big milestone in the general return of large in-person gatherings. That said, the industry may forever be altered with so many more virtual platforms now on the market. What type of new opportunities exist in virtual trade show platforms? Virtual trade shows are an interesting space. We just surveyed about 35 platforms to get a sense of the industry. Some have been up and running for 20+ years while others haven’t been around for 20 weeks. From a functionality standpoint, there are definitely some differences. Some platforms offer many of the same functions as a typical trade show – main stage, breakout rooms, exhibit booths, sponsor promotion, and networking functionality. Others are more focused on specialty functions such as networking. These platforms typically emphasize matchmaking and reduce much of the trade show functionality and capacity. Has anything been lost? There are some really good platforms today but it’s hard to imagine that anything will replace meeting people face-to-face. Shaking someone’s hand and looking them in the eyes, for most people, is a fundamental part of relationship building. What’s the best way to adapt an in-person trade show strategy to virtual? We wouldn’t necessarily suggest adapting an in-person strategy to virtual. Rather, we suggest looking at an integrated strategy. As much as we are confident that in-person events will come back, we believe that virtual events are here to stay and believe that many organizations will need to augment their in-person schedule with more frequent, more targeted virtual events. The efficiencies are just too great. When looking to develop an event marketing strategy, we suggest three basic steps: Identify your target and be super specific – the more narrow, the better Identify the events and/or create events that attract your target Identify the value proposition and offer that attracts and converts your target How can MEET help? MEET can handle the process from A to Z, from strategy to execution to measurement and continuous improvement. For about half of our clients, we are their first employees in the U.S. so we are adept at operating independently to establish early traction and a sales system. The other half of our clients have existing U.S. offices and operations and we come in much more as an accelerant and force multiplier to help the company scale quickly. About MEET (meetroi.com) helps international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. MEET’s processes help its clients ramp-up sales quickly and maintain a steady stream of high-quality prospects going forward. Contact Bill Kenney for a no-obligation conversation: bill@meetroi.com or +1 (860) 573-4821.

Exhibitor Tips, Market-Entry, Workshops and Webinars

Digital Marketing Strategies for Market Entry How to Test, Gain Traction, and Scale

Bill Kenney / April 6, 2020

Jeffrey Cohen, Vice President at Imageworks is interviewed by Bill Kenney, Founder and Client Advocate at MEET about Digital Marketing Strategies for Market Entry How to Test, Gain Traction, and Scale on the Belly2Belly podcast. Listen on iTunes or Spotify Watch on YouTube Bill : Welcome to the belly to belly podcast where we explore in-person business to business marketing. This episode is brought to you by MEET, the company that helps international companies exhibit at US trade shows. Check them out at meetroi.com Welcome, everybody. My name is Bill Kenney, and I’m here with Jeff Cohen from ImageWorks. This is the belly to belly podcast. It is a product of MEET and we help international companies exhibit at US trade shows. So one of the things that is so important with trade shows and really any marketing is is to have an integrated approach and to look at really a variety of ways that you can amplify what you’re doing and really nothing speaks to that more than what you can do today with in terms of digital media and we’re so excited to have Jeff Cohen here with us. That’s Jeffrey, welcome. Jeff : Thanks. Hey, everybody. Bill : So we have people, Jeffrey. So you know, we have people watching this from all over the world, what they’re concerned about is, you know, how do I get into a new market is effectively and efficiently as possible. And these are all b2b companies typically looking to attract, you know, that executive buyer who certainly is going to have specific needs they’re going to need, they’re going to have certain language opportunities and whatnot. So we’ll let’s get into that in just a couple minutes. But first, before we do, let’s make sure people know who you are your company, so that there’s context to your comments. So do you want to tell us a little bit about yourself? I know you’ve got a company called image works, but how did you get here? Jeff : Yeah, how long do we have for this? Bill : maybe a minute. Jeff :Very storied past I actually have two different degrees, because I made a career change 30 years ago. So I have a degree in graphic design and then I have I went back to school to become a computer programmer, because I wanted a career change, not because I was smart enough to know that well if you wait another 10 years graphic design and programming are going to merge and this thing is going to be called the internet. So yeah, I found myself uniquely qualified once the internet was born. Bill : Cool, thanks to Al Gore and all his hard work. Jeff : Yes, of course. Bill : So, let’s talk about imageworks you all and I’ve known you for many, many years now. And you know, it was originally a sort of web design firm. You all have you know, bolted on as the internet is developed as really digital media is develop, you have bolted on significant additional capabilities, but do you want kind of walk us through what you all do? Jeff: Yeah, Sure. So that’s that’s actually I forget how long we’ve known each other. But it used to be that probably for the first 10 years, we were in business and we’re in our 23rd year, just to give some perspective. launching the website was the end of the project, we would shake hands, we would get paid, we would launch the website, we’d all raise a glass and good luck and they call us once every whatever if they needed update to the site. The launch of the website now has become the beginning of the digital marketing process, not the end. So we sort of and I don’t want to diminish the importance of a good website, but that’s sort of the window dressing. And I can hear a lot of people in my industry groaning at me saying that, but you have a lot of options now for getting a simple website. Done. Especially if you’re in a small service business, if you’re a restaurant, you know, you need five pages, a map with directions, pictures of your food, your menus, how to order. simple stuff, you have a lot of options of where to go. Now if you want to get that website found, that’s a whole different discussion. And that sort of begs the question now what? So about 10 years ago, we started adding the now what services in those are it’s a huge array of paid search and inbound marketing and reputation management, social media, and search engine optimization and retargeting and remarketing. It’s a really big bucket. But that’s sort of, that’s our growth area. That’s what we focus on online lead generation getting people’s phones to rank. Bill : And how long have you been working with international companies? I know you’ve worked with Many over over several years long, Jeff : yeah. Um, so I would probably say maybe 15 years. Hmm. And that has changed even more dramatically than our industry. But yeah, there’s there’s It comes with certain complexities. But yeah, for a long time, we had companies who came into the US or opened up the North America division of a German manufacturer for quite some time. Bill : Hmm, cool. So let’s then that’s an awesome segue to really hop into our topic. So I know that you’ve seen some sort of the good, the bad and the ugly of market entry with regard to digital media. Let’s talk about some of the challenges that you’ve seen. international companies have when they’re when they’re entering a new market, and Kind of pitfalls that maybe have happened on the way? Jeff : Yeah, so, um okay, so there’s the language and cultural barrier and these are in no particular order. But really having someone on your

Market-Entry

Myth vs Reality for Life Sciences Companies Entering the US Market with Mark Lesselroth, BioPort USA

5 Steps to Launching a Virtual Trade Show Plan

Q&A with Bill Kenney on the Future of Trade Shows

Digital Marketing Strategies for Market Entry How to Test, Gain Traction, and Scale

bill@meetroi.com

+1 (860) 573-4821

+1 (860) 573-4821

bill@meetroi.com

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