market entry

  As 2019 comes to a close, many CEOs of scaling ventures are taking stock of the year’s marketing investments. They’re looking at their budgets and sales pipelines, and asking the ultimate question: what was our ROI? This time of year is not only about reflecting back—it’s about projecting forward. Setting goals and benchmarks, and determining new definitions of success based on well-situated growth strategies. At MEET, we help international B2B growth companies soft-land and scale in the U.S. through trade shows and in-person events. We believe these opportunities are crucial to most any B2B marketing and sales strategy and work in every way possible to guarantee trade show success for our clients. With 75+ years of experience, we feel confident in our assessment that approximately 90% of trade show exhibitors fail to maximize ROI. There are a number of reasons why this is the case and while some are more obvious, others may come as a surprise. Here are three ways of guaranteeing trade show success in 2020 that you may never have expected. Engage the minority The primary purpose of trade shows is to connect with and enroll volumes of high-quality prospects. Whether there are 1,000, 10,000 or 100,000 attendees at an event, your goal is not to engage as many of them as possible. Your goal is to engage the minority who are actually prospects. Many companies either miss or fail to identify their target prospect persona before participating in an event. As a result, they cast an overly wide marketing net and waste time and money engaging people who are not viable prospects. There are three qualities that we have found best define a prospect for any company: 1. They have a NEED for your solution 2. They have MONEY or the resources to satisfy that need 3. They are URGENT We call it NEED, MONEY, NOW. If a company presents only two of these qualities, they are not a prospect. At least, not today. The percentage of attendees who meet all three criteria may be less than 1%. This is ideal as it helps focus your energies on the highest potential opportunities as opposed to clogging up your funnel with “suspects” that will never close. Therefore, your first step to achieving trade show success is to develop a marketing strategy to engage the minority of trade show attendees who are true prospects. Don’t even try to make B2B sales from inside the booth At MEET, we work closely with our clients on booth strategy and have written a number of posts on our staffing philosophy.  We firmly believe that the best role for salespeople at a trade show is in pre-set 1-on-1 meetings with prospects who are already in the sales funnel, customers, partners, and centers of influence. In essence, salespeople should not expect to make sales from inside the booth. As such, they shouldn’t be inside the booth at all. In the booth, you want transaction experts—those capable of delivering your offer to qualified prospects within 1-2 minutes. A well-crafted offer will ensure that the stacks of business cards your team collects by the end of the event are those who have a need, the money to satisfy that need, and urgency for a solution. Events are not only about you While enrolling high-quality prospects remains your number one goal, trade shows and in-person events have other valuable assets besides filling your pipeline. We encourage all our clients to use trade shows and in-person events for competitive intelligence. In addition to doing competitive research prior to the event, it’s important to leverage the full scope of learning opportunities. For example: Make sure your sales team has time to walk the floor, observe and even engage with competitors Make time in their schedules for event content and hospitality, underscoring the importance of noting who is in the room and what is being said. The factors that contribute to trade show success are no mystery. That said, some of the best techniques could come as a surprise. For more on how to ensure trade show success in 2020, check out our recent webinar on this topic. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

At MEET, we talk a lot about the critical link between clearly defined buyer personas and marketing ROI. But for international scaling companies, developing the right marketing strategy also requires a careful account of the unique cultural ways of doing business in each foreign market. India’s vast size and gateway access to Southeast and East Asian markets represent enormous opportunities for scaling firms. As such, insight into how to “make it” can be extremely useful. For advice on how to succeed in achieving marketing ROI in India, we sat down with Nilesh Gopali, Founder and CEO of AAVOR. AAVOR provides international business advisory services for cross-border growth of ventures, especially those where the Internet plays a significant role in their expansion. Getting into the marketing mindset for India Depending on one’s experience with similar scaling endeavors, Nilesh’s first tip for maximizing marketing ROI is to let go of preconceived notions about your target prospect. “In many developed nations, you’re marketing directly to the customers you want to buy your products and services. Hence your marketing message is centered around them—how they will benefit.” Nilesh explains that in India, your marketing audience is almost always a third-party distributor or channel partner and not the end-user customer. “Never in your life, will you interact, meet or do anything with the end-user in the Indian market.” “You have to think in a completely different way when marketing in India.” As a result, your target persona is your channel partner, which in turn directly impacts your marketing message and strategy. “Your messaging should reflect both how good your product is for their customers and how good your company will be as a financial partner.” Keep in mind: in India, there may be multiple layers of intermediaries involved in selling your product nationwide. As a result, a highly effective marketing strategy will help to ensure that your first channel partner will subsequently sell your product to the next one, who in turn will reach the end-user. Don’t try to beat the system To put his recommendation into context, Nilesh provided an example of what happens to scaling firms that try to side-step channel partners and market directly to their customers. “I have seen companies that come to India with plans to do online marketing to our population of 1.4 billion. To their surprise, they do not make a single sale, despite the price being in-line with other Indian products and services.” The problem, as Nilesh points out, is that nobody may want to buy that kind of product online. The culture dictates that this type of product is best bought in a shop with customer service. International scaling firms don’t have that perspective and therefore run the risk of sinking millions into a failed marketing strategy. Third-party distributors, on the other hand, specialize in this knowledge. Who are potential channel partners? In India, Nilesh describes a potential channel partner as anyone with access to well-trained talent and resources. Depending on the sector you are in, this may be a bank, an educational institute or an engineering college. What is convenient for scaling firms is the fact that channel partners will collaborate and synergize with you to determine the best working relationship. “Ultimately they know they are talented resources and may even be open to forming a joint venture.” The added value of marketing to India Despite the time, resources and mindset shift required to maximize marketing ROI, many international scaling companies chose India for one simple reason: they believe that what works in India will work with 40% of the global population. And they’re right. Nilesh suggests that for those who are looking to develop their product or services for India, the probability of it being replicable across Asia Pacific and Africa is very high. “That’s where the talent, the resources, everything comes into focus. Because you’re not just marketing to India, you’re marketing to about half the world’s population.” For more insight into India market-entry, check out our full interview with Nilesh Gopali titled: Capitalize on the India Growth Story for Market Entry.  To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

At MEET, we help international companies soft-land and scale in the U.S. through trade shows and in-person events. Many of the companies we work with are not new to international scaling. In fact, it’s their success—both at home and abroad—that has led them to explore U.S. market entry. One thing we emphasize with all our clients is that successfully landing in one market does not guarantee a smooth or even viable landing in another, especially with different terrain. With its vast demographic and geographic diversity, India is a prime example of a high-demand market that requires different landing gear for international scaling firms. On November 12th, we sat down with our good friend Nilesh Gopali, Founder and CEO of investment and business advisory firm AAVOR, to explore India market-entry, and in particular, some common pitfalls that international scaling firms face. Success is a double-edged sword for international scaling companies India’s distinct culture and large population are a few of the obvious challenges that scaling firms anticipate. But that doesn’t stop them. “If you look at the companies that are coming to India, they have done exceptionally well in their home market. Many have experience with fast growth, which is why they are looking to scale abroad.” Nilesh points out that sometimes the success that builds confidence in scaling ventures can be a double-edged sword in the Indian market. “The senior management team is thinking about India and assumes that they’ll need a couple of months to get to know the market. Then, based on a proven history of success in their home market or others, they prescribe a familiar scaling tactic.” According to Nilesh, the biggest mistake that India market-entry firms make is to underestimate the amount of time it takes to successfully gain traction. Within three months these companies expect to be able to reach a conclusion about the India market and, by the fourth month, begin operating on those assumptions in an effort to reduce costs. This truncated timeline is where Nilesh feels the biggest mistake lies. Setting a realistic timeline Nilesh suggests setting aside the first six to eight months for learning. “You should expect to have a steep learning curve during that time, followed by very fast implementation.” He believes that operating with anything less than that significantly limits your understanding of the market, and leads to other challenges. “You might get the first 10 or 15 customers—the tip of the iceberg—but you will never get a large chunk of the Indian market. And once you establish your brand identity you become typecast as a particular company and it becomes impossible to reposition yourself.” Underestimating the power of cultural, regional and language differences are common pitfalls any international scaling endeavor should anticipate. Accurately estimating the time it will take to overcome them requires additional skills. Making friends in the sandbox Nilesh describes the Indian market as one that is very open for international companies, especially when compared to other Asian countries. That said there are two aspects that Indian market-entry firms must consider. The first involves positioning, to ensure there is a clear benefit to Indians. While the Indian government is keen to help international scaling firms, that support comes at the price of ensuring there is added value for the Indian population. The second is to recognize the importance of building relationships with Indian counterparts—as opposed to transaction partners—and the amount of time that will take. “In India, a meeting that might take one hour in the West will take two, and you might only get as far as exploring each other’s personalities. But you need to go through that process.” There is more than enough support for international scaling companies in India, Nilesh advises, but they need to play by the rules of sandbox. For more insight into India market-entry, check out our full interview with Nilesh Gopali titled: Capitalize on the India Growth Story for Market Entry.  To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

  As the world’s sixth-largest manufacturer, powered by a labor force of 520 million, India market-entry is a massive consideration for many globally scaling firms. On November 12th we spoke with Nilesh Gopali, Founder and CEO of the investment and business advisory firm AAVOR in an interview titled: Capitalize on the India Growth Story for Market Entry. Our goal was to explore the type of questions scaling firms—both in and out of India—ask themselves about how to leverage this market-entry opportunity, and where to look for help. AAVOR provides international business advisory services for cross-border growth of ventures, especially those where the internet plays a significant role in their expansion. We met Nilesh this past June at the 2019 Select USA Summit in Washington DC, an annual 3-day event that joins 1,200 business owners who are looking to enter the US market from 79 international markets with economic developers from 49 U.S. states and territories. Nilesh has gained a unique market-entry perspective from the 15 years he spent working in London before returning to start his own consulting firm in India. Nilesh credits his transnational business experience with his coveted ability to understand both Western and Indian mindsets and business practices. We started by asking Nilesh about the common services he provides to firms seeking to enter the Indian market. What services are most needed for India market-entry companies? “I help international companies from the point of initial market-entry validation to full operation in India. I also help US and UK companies raise cross-border funds and vice-versa.” Interestingly, while some companies exploring India market-entry have a great deal of scaling expertise within their own organization, Nilesh noted that it isn’t until they are exposed to the cross-border vision and market validation that they become aware of its value. As such, Nilesh helps companies unearth not-yet-developed, uniquely relevant products or services where skills and expertise already exist. He then works on developing these assets with the board of directors and scaling them into India or other Asia Pacific markets. What are the major differences between entering the US or the UK and India? Nilesh immediately pointed to business culture as the first major difference between doing business in India versus the West.  “The West is more transactional, whereas India is more relationship-driven,” he said. Nilesh also pointed to India’s vast scale and broad geographical and economic differences as an important distinction that impacts distribution and pricing models. “India is very price-sensitive. If you are entering the U.S., Canada or the UK, you might go in with a similar business model and pricing scheme nationwide. When it comes to India, each region is almost like a separate country with different languages and cultures, and as such, different markets. All that needs to be taken into account when scaling.” To manage these challenges, Nilesh explained that many international scaling firms use a third-party distributor model in order to fully capitalize on the market. “With a population of close to 1.4 billion people, you have to think differently in terms of culture, price sensitivity, and your scaling model. Especially for B2C companies, you may not be interacting with the customer directly, which is an adjustment for many parent companies.” Prior to entering the Indian market, what kind of assessment do you do? According to Nilesh, the old market-entry technique of putting in place a team, securing a property and setting up a sales channel, will not work. In today’s Indian market, it’s all about sales. Here’s how Nilesh helps firms test their viability. “We engage in a two-step process to determine if there is an opportunity to sell your products and services in this market. The first step is the traditional market-entry practice of going and talking to people and doing research on product-market fit.” “The second, which is the most important, is proof of concept or a pilot customer. That is what makes or breaks India market-entry.” Nilesh suggests that before setting up your company in India, and even before hiring a local team, investing in proof of concept and some early-adopter customers. This, “actually gives you a complete vision of the opportunity and opens up so many avenues for feedback that you previously may not have thought of.” Looking for make or break tips to India market-entry? Nilesh suggests early, robust investments in market validation and, especially for B2C companies, working with a third-party distributor to engage the breadth and depth of the Indian market. For more insight into India market-entry, check out our full interview with Nilesh Gopali here. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

  Scientists and engineers define a system as any group of interacting, interrelated, or interdependent parts that form a complex and unified whole with a specific purpose. More simply, all systems: Have a purpose Must contain all parts to perform optimally Are impacted by the order in which these parts are arranged, and Maintain stability through feedback Sound too esoteric? Let’s put this into context. A system versus a collection Are the tools in your toolbox a system? They do have a purpose, but that’s about it. The effectiveness of your hammer in driving a nail is not changed by whether you also have a screwdriver. Nor is it changed by the order in which your tools are arranged in your box. And there aren’t any mechanisms in place to indicate when one of your tools is underperforming. The absence of these features means that your toolbox is not a system, but simply a collection (of tools). Let’s take another example that you probably rely on every morning: your coffee maker. Its purpose is clear, and as anyone who has misplaced their filters knows, achieving that optimal cup of coffee requires that all parts be present. The order in which these parts are arranged does, in fact, impact the result. Additionally, there are built-in mechanisms such as the warming plate and steam valve to ensure optimal results. The presence of all four features means that your coffee maker, unlike your toolbox, is a system. But how does this relate to marketing? With the vast number of high and low-cost marketing tools available today, many firms tend to employ an array of independent modes simultaneously to attempt to attract their target audience, resulting in a series of random exposures that are difficult to track and measure. Part of the reason why this occurs is that too many firms fail to view their marketing strategy as a system. In essence, they think they have a toolbox when in fact they have a coffee maker. Don’t worry, we’ll take this step by step. The purpose of your marketing strategy On the surface, the purpose of investing in marketing modes is to drive sales. Or in the B2B world, to drive meetings that you hope will result in sales. At MEET, we would argue that the purpose of marketing is a bit more refined. The purpose of your initial marketing phase is to build awareness amongst target prospects. These are clearly defined personas with an expressed need, the resources to fulfill that need, and urgency for a solution. Understanding the purpose of marketing, as opposed to the function, helps to optimize your investment of resources. By focusing on your target prospect as the driving force behind your marketing strategy, this investment will be better utilized and deliver stronger ROI. The whole of an integrated strategy is better than its parts In our recent webinar, we discussed the step-by-step process of developing an integrated marketing strategy.  An integrated marketing strategy is one in which all parts are timed and targeted toward funneling your target prospects to convert into customers. The first step to integrating your strategy is to determine which of your marketing modes has the highest conversion rate. Next, you want to nurture prospects toward that marketing mode. Rather than view the array of marketing modes available, e.g. e-news, webinars, website, blog posts, etc., as a collection of techniques at your disposal, do the research to determine how each mode can work to form a stronger, more cohesive, more complete strategy. (Check out this recent post for a simple example of integrated marketing.) Order matters There are three stages to relationship building with a target prospect in B2B marketing: Awareness Intimacy Trust The ultimate goal of B2B marketing is to yield preset meetings with high-quality prospects, which in turn triggers the handoff to your sales team. It is more likely that you will build awareness through your website than your webinars. As such, it is critical that you consider the unique assets of each marketing mode in the context of your relationship stage for the purpose of achieving that goal, and apply them in order. Learning through feedback If you follow our blog posts and webinars, you know we talk a lot about the importance of learning through measurement. Investing resources into a marketing mode without putting in place mechanisms to measure your results is money down the drain. A system has levers in place to let us know when it is off course. A well-functioning marketing strategy should have similar levers, allowing us to consistently measure our results and iterate our process to improve productivity. So tomorrow morning, take a moment to appreciate your coffee maker. Because those same features that deliver a satisfying cup of coffee can also deliver better marketing ROI. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

The spaghetti technique of “throw it against the wall to see what sticks” is too often adopted into practice by marketing professionals. With so many low-threshold, low-cost marketing tools out there, it’s increasingly easy to simply flood the market and hope for success. We refer to this “spray and pray.” The first pitfall of the spaghetti technique is that firms begin to rely on an over-exaggerated definition of their target prospect. The second pitfall is that it becomes increasingly difficult for firms to measure marketing ROI, resulting in wasted resources. We recommend an integrated marketing strategy that focuses on a narrowly defined target prospect and pays close attention to the stages of lead nurturing. Here’s how to get started. Start with a clearly defined prospect Like top chefs who are highly selective about the ingredients they use, we recommend being similarly selective when it comes to defining a prospect. At MEET, we’ve identified three criteria to help our clients characterize high-quality prospects—they must have a need, the resources (money) to fulfill that need, and urgency for a solution. For the point of simplification, we like to use the phrase: NEED – MONEY – NOW In essence, these are individuals for whom your product or service solves one of their top three problems at this moment. While someone could have a need and money, without urgency they are not a prospect today—though they could be in the future. Look for what’s keeping your prospects awake at night. In the absence of any one of these criteria, individuals go from prospects to suspects, and therefore should not be the focus of your marketing strategy. An integrated marketing strategy needs to consider the result that you want, and that result (in the B2B world) is meetings with decision-makers. Distinguish marketing modes within the stages of the lead nurturing process At MEET, we like to think of marketing strategy as a funnel. At the top of the funnel, when engaging with contacts or suspects, are marketing awareness activities such as social media, advertisements and event presence. Once a contact has established interest in your product or service, increasing their likelihood of identifying as a prospect, there is movement down the funnel. In the second part of the funnel are lead nurturing activities such as webinars, white papers or hospitality events that demonstrate to this individual precisely how their unique solution can be solved through your product or service. These activities start to build intimacy. The bottom of the funnel is reserved for prospects with initial trust in your solution who are ready to begin the sales process (conversion) by setting a first meeting with the sales team. (For a visual of MEET’s marketing funnel, check out this post or reach out to us directly with questions) Don’t take our word for it We’d be foolish not to offer at least one case example as proof of theory in practice. Picture this scenario drawn from one of our early clients: Company: systems integrator with $10 million in annual sales Target customer: tech and admin executives In our early assessment of the company, they reveal a variety of marketing assets—e-news, website, blogs, webinars, trade shows and a range of fairly active social media—all with good content. While inquiring more about the webinars, we discover they are happening weekly and are attracting 5 to 6 attendees. Before jumping to the conclusion that the issue is frequency, we asked about the conversion rate to sales meetings for these webinars. The answer: 50% With a conversion rate of 50%, it was clear that this content must be better than just good—it must be excellent! It also meant that some aspect of their marketing strategy was effectively attracting high-quality prospects. We decided to start there. Utilizing all of their top-of-the-funnel, awareness-building marketing modes, we drove contacts to their webinars. What happened? Over the course of two years, our integrated marketing strategy increased webinar attendance tenfold. And perhaps more importantly, the conversion rate remained 50%. Imagine going for 2-3 sales meetings per week, to 20-30 in two years—all with minimal additional investment. A marketing strategy for top chefs Similar to top chefs who carefully select the right ingredients to achieve desired results, we recommend closely examining your marketing assets, finding out where the lever is, and driving results through an informed, integrated strategy. For more on how to develop an integrated marketing strategy, check out our recent webinar: Taming the Marketing Funnel and How to Integrate Your Marketing. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

People don’t pay to hear the New York Philharmonic get on stage and make a lot of noise. They pay to hear music—beautiful music that is performed with precision and expert guidance. And then they pay to hear it again. In our recent webinar on October 17th titled: Taming the Marketing Funnel and How to Integrate Your Marketing, we offered up an analogy between a poorly conducted orchestra and a common B2B marketing pitfall. Both result in a highly disenchanted audience. Common B2B marketing (dis)function With the full spectrum of high and low-cost marketing tools available today, it is not uncommon to see firms employ an array of modes simultaneously at their target audience. The result is a series of random exposures that are difficult to track and measure. In the absence of an integrated, results-driven marketing strategy, two negative outcomes typically emerge: • Poor results (minimal ROI) • Little opportunity to improve (nothing to leverage for the future) Whether it’s e-news, events, social media, or paid advertising, the goal is not to make a lot of noise in the market simply because you can. The goal is to make music—the type of music that will keep people coming back for more. Here’s what we recommend. Prioritize learning The saying that 50% of our marketing dollars are wasted, we just don’t know which 50%, is often true. Using a variety of marketing tools to attract B2B customers through randomly sequenced exposures makes matters worse. At MEET, we focus on in-person events as a B2B marketing strategy for targeting high-quality prospects. But whether you are putting money into events, print advertising or social media, something vital can be learned and leveraged from every marketing endeavor. The first step is to integrate learning through measurement into your marketing strategy. (See this post for an introduction to the variety of ways to introduce learning at trade shows and in-person events). The second step is to convert that learning into positive change by actively evolving your marketing strategy. While 50% of your marketing budget may still be wasted in the short term, the key is to figure out which 50% is bearing fruit and leverage it. Leverage each stage of your marketing strategy Back to our orchestral analogy, what would it sound like if the conductor raised her baton and invited every musician to play at once? Pure chaos. Instead, conductors control the pace and composition of the music by introducing new instruments at precisely the right time. A good marketing strategy does the same. Rather than look at the different modes of marketing, e.g. digital, interactive, events, websites, etc., as equals in terms of the value they provide in attracting prospects, we recommend that you set them in context with each stage of the relationship-building process. When and how you transition to the next marketing tool should be informed by the level of your relationship with a target prospect. The three stages of B2B marketing There are three stages to relationship building with a target prospect in B2B marketing: Awareness Intimacy Trust The ultimate goal of B2B marketing is to yield preset meetings with high-quality prospects, which in turn triggers the marketing handoff to your sales team. As such, it is critical that you consider the unique assets of each marketing mode in the context of your relationship stage for the purpose of achieving that goal. Using a trade show strategy as an example, your first marketing mode should aim to build awareness among target prospects. Think of this as a gateway opportunity for them to see alignment between their urgent need and the resources you provide. Drawing prospects to your website to build initial awareness is a low-cost, low-threshold marketing tool to build a positive first impression. Converting prospects from awareness to intimacy comes from introducing them to additional marketing modes that more directly address their urgent needs. Webinars, white papers and e-news are great tools to help newly aware prospects become more intimate with your industry competence. Finally, because trust is where relationships convert to meetings (i.e. our ultimate goal in B2B marketing) this is where one-on-one contact, needs assessment, and a warm handover to the sales team takes place. For a visual display of a marketing funnel broken down into three stages, check out this post. In a crowded market, it’s easy to simply add to the racket. But while making music may take a bit more planning, your audience will appreciate the effort. So will your sales team. For more on how to develop an integrated marketing strategy, check out our entire webinar here. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

  The business world is full of metaphors and famous quotes invoking the importance of finding the right partners and team members to drive success. Whether it’s “get the right people on the bus” or “it’s better to be alone than in bad company,” the point is clear: surrounding yourself with the best people to get the job done is critical. This is especially true for international scaling firms. Identifying the right partners to help you launch at a local or regional scale in a foreign market can be tricky, particularly when it comes to something as important as offshore manufacturing. For some perspective on the art of partnership vetting as an international scaling firm, we spoke with American manufacturing market-entry guru Lance Scott of Alliance Technologies. We asked Lance for a recommendation on the best tools international scaling firms could use to validate the capability of new partners, starting with the example of offshore manufacturing. Quality certifications mean more than you might think Lance recommends looking at ISO 9000 and TQM (Total Quality Management) as a place to start the vetting process. “It’s not only as a measure of quality but a measure of how the quality system is managed. Whether it’s ISO or TQM, it’s expected in the U.S. that you have some basic quality assurance in place.” And that requires good management. Lance also recommends asking to see a manufacturing partner’s quality manual and to ask questions. For example, do they have the latest ISO certification and if not, why? Depending on the market, there are additional certifications that can help you assess the quality of a potential partner. Meeting FDA manufacturing practices, for example, is another standard to look for—depending on the market. Advice to international scaling firms: don’t be afraid to look internally If your company is successful enough to consider international scaling then you’re clearly doing something right. And while we’d never recommend simply replicating your marketing or customer acquisition strategy in a foreign market, it’s likely that your existing methodology for identifying high-quality partners can be used as a model. Lance recommends that international scaling firms look internally at their own supplier audits and use them as a guide to developing future partnership vetting strategies. “There’s no reason you can’t do a lot of that legwork upfront by sending potential partners your supplier quality audits.” Using these supplier audits as a format, scaling firms can begin to look at layers of compliance both with international standards and other U.S. regulatory bodies such as the Equal Employment Opportunity Commission (EEOC) and the U.S. Department of Labor. For more advice on navigating the U.S. regulatory system, check out this post. It all comes down to good management Ultimately, the best partners will be attracted to a well-managed company, and vice versa. From Lance’s standpoint, great technology, great customer service, and a great corporate culture are the key ingredients to a successful company. All vetting strategies require a strong foundation, not only when comes to identifying partners, but particularly when it comes to all the potential political and economic risks and barriers beyond your control. Whether it’s currency fluctuation, tariffs, or political unknowns like Brexit, almost any issue can be mitigated through skillful management and strong partnerships. That’s why before embarking on an international scaling endeavor, we always recommend testing your company’s financial readiness as well as your management team’s readiness to enter a new market. The results of these tests will both inform your partnership vetting strategy and ensure greater resilience overall. For more expert advice on overcoming the challenges of U.S. market-entry, check out our interview with Lance Scott titled: Navigating the Challenges of the American Market: The Impact of a Vast Geographic Territory. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

For most CEOs of scaling firms, U.S. market-entry isn’t their first rodeo. The majority have withstood the bucking bronco at home—maybe even won the blue ribbon. A handful has had the opportunity to test their skills in other venues (foreign markets) for that added layer of certainty. Still, no matter how much success a scaling firm has experienced in the home market, much remains unknown about the process of U.S. market-entry. Unknown but not unknowable. During our September 12th conversation with American manufacturing market-entry guru Lance Scott of Alliance Technologies, we discussed a range of strategies for navigating the challenges of U.S. market-entry. Among them, we discussed how to understand the relative strengths and weaknesses of different regions or clusters in the U.S. market, and whether this knowledge comes at a high price. The value of market research Investing in market research can be costly, but not necessarily from a cash perspective. While market research certainly can be expensive, Lance pointed to an array of resources that are available for free, or through low-cost monthly subscriptions. The true cost in market research comes from making the time to gather these insights. For competitive landscape research, Alliance Technologies utilizes D&B Hoovers. Through this site, Lance can get a glimpse of the main players in the market and their key accounts. For U.S. market-entry firms looking for key clusters to inform their decision on where to geographically locate, these insights are highly valuable. “It doesn’t typically matter where the firm is based on the distribution side because many have a massive facility in one location that ships everywhere in the world. But on the key account side, you’ll want to look for these industry clusters.” Lance even recommends testing this cluster identification strategy in the home market to see if it works for your industry. “I think you’ll find that if you look at your own key accounts in your home market and where their parent companies are located, it’s a good indicator of where these industries are concentrated.” Free resources Lance’s team has spent years collecting links to websites and reports that provide valuable (free) insight into market data. “Whether it’s KPMG’s 2018 Global Manufacturing Outlook, links to U.S. government initiatives like SelectUSA, or industry-specific reports, we aim to make sure an array of resources are available.” Lance also recommends reaching out to Consulates for foreign connections and useful data. How to maximize ROI With all the free and low-cost market research websites and publications out there, it’s clear that making a large financial investment in cluster analysis may not always be necessary. However, it’s important to recognize that these are only assumptions, and assumptions must be tested. That’s where partners like MEET come in. At MEET, we help clients engage and enroll quality prospects through trade shows and in-person events. We focus on trade shows and in-person events because we believe they are the most effective way of getting face-to-face with high-quality executive prospects. Successful execution and continuous improvement of event participation ROI is how MEET solves the budgetary challenge that scaling firms face in determining the most cost-effective way to gain traction and find early success in a new market. Firms seeking U.S. market-entry can partner with companies like MEET, Alliance Technologies, and other service providers to test their assumptions while gaining early traction, hence maximizing ROI. For more on the theory of soft-landing your scaling venture, see this post. While the high risk, high reward reputation of the U.S. market may make it seem like the Wild West, there’s no reason to jump in like a reckless cowboy (or cowgirl). High-quality, low-cost market research, coupled with the array of soft-landing partners makes it possible for U.S. market-entry firms to make well-calculated decisions without having to sacrifice valuable (sometimes scarce) resources. So, come earn your spurs in the U.S. market. Flankmen are standing by to help. For more expert advice on overcoming the challenges of U.S. market-entry, check out our interview with Lance Scott titled: Navigating the Challenges of the American Market: The Impact of a Vast Geographic Territory. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.

Sales traction, ideally early sales traction, is requisite for every scaling firm. Therefore, if given the choice, wouldn’t all firms devote the necessary resources to achieving sales traction as quickly as possible? The answer, strangely enough, is no. Each internationally scaling firm takes a slightly different approach to new market entry based on unique industry, economic and budgetary factors as well as customer demands. At MEET, we believe that despite these differences there exists a set of best practices for international scaling which take into account the sensitive factor of time. Like sand in an hourglass, time does run out for scaling firms, especially those exploring U.S. market entry.  Money, investor support, and co-founder and employee retention: all are limited resources during a high stakes expansion. For some additional insight into the critical factor of time in U.S. market-entry and the element of choice for scaling firms, we spoke with American manufacturing market-entry guru Lance Scott of Alliance Technologies. Lance founded Alliance Technologies with a mission to help international advanced manufacturing companies accelerate strategic growth in the American market through direct operational management and expert guidance. Sales traction and the element of choice Internationally scaling firms have two options when it comes to achieving sales traction in a new market: Commit resources to partners like Alliance or MEET to soft-land the company and deliver early sales traction. (For more on the theory of soft-landing U.S. market-entry, see this post.) Budget for a 12-18 month (i.e. realistic) gestation period for first orders to come to revenue recognition. How scaling firms choose between these two options comes down to comfort level, but more importantly, it comes down to maximize speed and the probability of success while at the same time managing risk and operating expenses.  “If you have a certain number, you can pretty easily say what sort of revenue and profitability is needed to be at reasonable operation for a set period of time,” shared Lance. How important is the time factor? Back to our hourglass analogy, time is perhaps the least talked about factor to U.S. market entry and also one of the most critical. In the absence of sales traction and early wins, scaling firms begin to lose two of their most highly valued assets: Co-founders and team members: the best and brightest will begin to look for better opportunities as they suspect the ship is about to sink Investment interest: those previously interested will start to drop off when signs of success do not present themselves. Making the best use of your time We couldn’t agree more with Lance’s assessment that the best approach requires a network of pre-launch market researchers and on the ground reps that can help firms identify key account targets and audience trends. Implementing layers of support that can both gather information and act on it without an over-investment of time and money will deliver the early traction to keep both investors and valuable team members on board. Can you choose how long it takes to get traction in a new market? To some degree, yes. Because while you may not always be able to predict success, understanding the critical factor of time and the importance of early sales traction in the precarious process of international scaling will clarify the decision of whether to seek support or go it alone. And while early sales traction can still take seemingly forever to materialize, putting in place the right mechanisms to measure and analyze every point of data that comes back from the new market will be the best predictor of all. For more expert advice on overcoming the challenges of U.S. market-entry, check out our interview with Lance Scott: Navigating the Challenges of the American Market: The Impact of a Vast Geographic Territory. To check out all of MEET’s webinar content on how to successfully scale your company in the U.S. market, subscribe to our YouTube Channel. 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.