scale

Exhibitor Tips, Return on Investment

The Key to Identifying High-Quality Prospects

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It turns out that the key to identifying high-quality prospects isn’t a huge marketing budget or a massive sales team. Rather, the key to identifying high-quality prospects lies in the precision with which you execute your strategy. At MEET, we help international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. We do this because we believe that trade shows deliver the most efficient way to get face-to-face with a target prospect. And if carried out correctly, 100% of those targeted and enrolled will be high-quality prospects that deliver a strong return on investment (ROI). In the advent of social media, trade shows remain the most efficient way to get face-to-face with high-quality prospects. 90% of exhibitors fail to maximize ROI With 75+ years of experience in trade shows and in-person events, we feel confident in our assessment that approximately 90% of exhibitors fail to maximize ROI. This results in wasted money (trade shows aren’t cheap!), and wasted time that key team members could be using to deliver results. What contributes to this loss of valuable resources? Many exhibitors fail to take advantage of the opportunity that trade shows represent. There are a number of reasons why, the first of which is a poorly defined target. What is a high-quality prospect? One of the greatest challenges companies face in delivering ROI at trade shows is defining a prospect. At MEET, we’ve identified three criteria to help our clients distinguish high-quality prospects from the sea of trade show attendees who may or may not approach the booth during an event. High-quality prospects must have a need, the resources (money) to fulfill that need, and urgency. 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. In the absence of any one of these criteria, this individual is not a high-quality prospect and therefore should not be the focus of your trade show strategy. Another key step to identifying high-quality prospects is to understand the purpose of trade shows, i.e. what you are there to accomplish. The goal of individual trade shows and an annual trade show strategy The goal of individual trade shows is to identify and connect with volumes of high-quality prospects. That means that in and amongst the 1,000, 10,000 or 30,000 people in attendance at a show, you are aiming to find the 10 to 300 that are actually prospects today, separate them out, and enroll them in a lead nurturing process. An annual trade show strategy plan helps to manage your prospect pipeline. Its purpose is to avoid ebbs and flows that will overwhelm your sales team, resulting in poor quality follow-up and hundreds of missed opportunities. When executed with precision, an annual trade show strategy plan delivers a steady stream of high-quality prospects, allowing for manageable, un-yielded growth. The key to identifying high-quality prospects Understanding the purpose and focus of each trade show opportunity is the first step to carrying out a successful strategy that will deliver high-quality prospects. The next steps include determining a buyer persona, booth strategy, and mechanisms to ensure effective follow-up. For more perspective on formulating a trade show strategy plan from start to finish, including show selection, hypothesis testing, and measuring for results, check out our Special Report: How to Maximize ROI with a Trade Show Strategy Plan. For access to all of MEET’s webinars and Special Reports, check out our Resources Page. 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 free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821.

Return on Investment, Uncategorized

Diving into U.S. Market Entry? Don’t be Afraid to Ask for Help

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You’ve spent boatloads of time carefully researching the decision to plunge into the U.S. market. All signs point to yes. It’s time to dive in. Fortunately, there are many lifeboats to help keep you afloat—the key is knowing where to look. At MEET, we help international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. To learn more about how we can help scale your business in the U.S. market, contact us today. To highlight some of the work our partners do to support companies endeavoring to scale in the U.S. market, we interviewed Blair Parks, U.S. and Canada Business Manager for the Mayor’s International Business Programme, London & Partners. The Mayor’s International Business Programme is a free 12-month program designed to help UK-based high-growth, ambitious scale-ups expand internationally. To learn more about the program, check out their site here. How does London and Partners help companies taking the plunge into U.S. market entry? “Our primary goal is to help connect founders to networks and mentors,” shared Blair.  “In a place like New York where there are so many associations and networking groups, even investor groups specifically designed to serve Europeans founders, it’s difficult to know where to focus your energy.” Your goal as a founder in a new market should be to meet as many people as possible that can inform and support your business strategy. From an events perspective, however, Blair warns that founders should be selective. “SXSW may be awesome for some founders, but it’s big, saturated, and while fun, may not be a great fit for everyone.” Key Advice! Foreign founders have exclusive access to a number of networking groups and events uniquely tailored to their needs. Don’t miss out on these opportunities to meet investors and learn from peers. The value of building relationships when scaling in a new market While events are a great way to build your business network, the underlying goal is to build relationships. Introducing your team to people in the new market will not only help them assimilate and learn the culture, but it will also help them build social support networks that will keep them onboard. It’s important to understand every networking opportunity for the full value it can offer your team. Building relationships with companies who have achieved U.S. market entry may also help you gain valuable advice and avoid common pitfalls. Support with finding investment U.S. investors are not interested in one-off introductions warns Blair. Equipped with their own teams of researchers, VCs have no trouble finding the best of the best. “They will take meetings if a company is persistent and has a good sell, but in general, they are not interested in these type of opportunities.” London and Partners works to connect investors with UK-based scale-ups through exclusive events. Investors are most interested in maximizing their time by meeting groups of companies. Blair’s team facilitates these opportunities. Key Advice! It’s not always necessary to have an existing U.S. office or existing U.S. customers in order to get funding from a U.S.-based VC. That said, you may be asked to set up an office with senior leadership on the ground, so prepared to move quickly! In preparation for meeting with investors, Blair encourages founders to research those who are truly the best fit for their company. “Look at their history and their appetite. Look at the profiles of those they’ve invested in previously and how many were European startups.” Support with building your team According to Blair, European scale-ups often face difficulties and frustration when recruiting and hiring high-quality employees. Many scale-ups fail to invest in accountants and HR advisors to support this process. “When putting out a job description and assembling your employee benefits package, companies need to know how to appeal to U.S. talent and how to be competitive. Dedicated HR firms can help” “In order to attract the best talent, you need to do everything you can to stand out. That means getting it right from the beginning.” Be bold and ask for help From Blair’s perspective, those taking the plunge into U.S. market entry have two things to learn from American companies: be bold and ask for help. “You need to think like an American. Don’t be afraid to say you’re the best because that’s how American companies present themselves.” “Americans are also not afraid to ask for help. It’s part of our culture. Keeping everyone—customers, investors, team members, in the loop at every stage and seeking out support from peers and mentors when you need it is crucial to U.S. market entry success.” To learn more about this topic and the work of London & Partners, check out our full interview with Blair Parks on Issues and Opportunities when Endeavoring to Scale in the U.S. Market. 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 free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821.

Uncategorized

U.S. Market Entry, When is the Right Time to Scale?

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For many companies across the globe, U.S. market entry represents unrivaled opportunity, a veritable pot of gold at the end of the rainbow. And while many international firms do find success on U.S. shores, others are forced to retreat with empty coffers. The decision to scale in any market is complex; one that requires numerous phases of self-reflection, evaluation, and calculated risk. Knowing when, and if, your company is ready for U.S. market entry is the first step. Support is out there—the key is to know where to look. At MEET, we help international B2B growth companies soft land and scale in the U.S. through trade shows and in-person events. In an effort to explore this question of when is the right time to consider U.S. market entry, we spoke with Blair Parks, U.S. and Canada Business Manager for the Mayor’s International Business Programme, London & Partners. The Mayor’s International Business Programme is a free 12-month program designed to help UK-based high-growth, ambitious scale-ups expand internationally. To learn more about the program, check out their site here. To help founders determine the right time for U.S. market entry, Blair explores a series of questions with her clients. Is your business solid and stable in your home market? Financial stability is the most obvious place to start. Does your company have the necessary investment capital on hand and in projected sales to afford U.S. market entry? Fortunately, through support from agencies like London and Partners, international scale-ups can be connected with U.S.-based firms specializing in tailored cost projections. Beyond financial stability, you’ll need a solid team. Blair makes sure her clients have the necessary support, from HR to legal, as well as employee buy-in for international expansion. Finally, Blair helps her clients gain a realistic understanding of the amount of time and energy it takes to set up internationally. “A lot of people don’t realize how much you’re going to have to travel back and forth to get this office set up. Make sure you’re at a place in your life when you can commit that time and energy.” Like sand in an hourglass, time does run out for firms exploring U.S. market entry.  Money, investor support, employee retention: all are limited resources during a high stakes expansion. This makes timing all the more critical. Is U.S. market entry the next best milestone for your company? Many international firms perceive the U.S. market not only as exciting but endlessly bountiful. Blair works with her clients to make sure that U.S. market entry is truly the next, most logical step and that they have considered other markets in Europe as well as Canada. “The U.S. may not always be the best place to scale first. Companies need to ask themselves: What is the competition in the U.S.? Is there a market? Logistical factors like time zone and ease of travel may make European expansion a good practice or interim step.” For data to support this decision, Blair encourages companies to drill down into their client data, even explore the source of their web traffic to which parts of the world their company is gaining the most traction. This will help to determine the next best market. Jumping in with both feet There are actual risks to only partially committing to U.S. market entry. Embracing the time and resources international expansion requires is a critical step in the scale-up process. “If you tell your prospective clients or even your current clients that you’re coming to the U.S. and it takes too long, it looks like you don’t have your house in order.” Whether you take Blair’s advice to send a senior manager from the home office to lead the expansion (see our post on common post-scaling pitfalls) or decide to scale digitally, your full commitment to the U.S. market must be visible. “Companies often get attracted by an opportunity and think this is a “hot time” to be in a particular city like San Francisco. If it’s really too soon or doesn’t make sense for you yet, I recommend waiting.” To learn more about this topic and the work of London & Partners, check out our full interview with Blair Parks on Issues and Opportunities when Endeavoring to Scale in the U.S. Market. 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 free, no-obligation consultation bill@meetroi.com or +1 (860) 573-4821.

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