How to use advisors on global market entry?
Entering global markets does not anymore require heavy investments like renting an office and hiring local sales people. Much of the B2B sales that used to require face to face meetings, can now be done over teams. This is a huge opportunity especially to smaller companies that now have the whole world as their market.
However, in most cases doing sales purely remotely to an other country is difficult. You do not know people which makes it hard to get meetings agreed. This is where local advisor can be of great help.
There are few key ways that advisors can help businesses with global market entry.
- First, they can provide valuable market research and analysis, helping businesses understand the local market conditions and customer preferences in the countries they are considering entering. This can help businesses make informed decisions about which markets to enter and how to tailor their products and services to meet the needs of local customers. It will likely save a lot of time and money when market selection is done properly and with someone that knows the destination market.
- Second, advisors can assist with the development of a global marketing strategy. This can include identifying the most effective channels for reaching customers in different countries, developing localized marketing materials and messaging, and creating a plan for promoting the business's products or services in the target markets. This is naturally done in close co-operation with the sales and management of the company and advisor role is typically to support the work.
- Third, advisors can help businesses navigate the legal and regulatory landscape of different countries. This can include providing guidance on issues such as intellectual property protection, export and import regulations, and compliance with local laws and regulations. This is particular important in countries like the US where competition is tough and regulatory environment complex.
Overall, working with advisors can help businesses develop a comprehensive plan for entering global markets, and can provide valuable support and expertise throughout the process. This was also the case with one of our client companies.
First, they "warned" us that we would need to find someone really skillful: "I want to point out that we are not really looking for anyone so it would have to be a "perfect match"". They were looking for an advisor to support the CEO and the management on the growth and global expansion. Requirement was that advisor has experience in an industrial B2B software business, preferably on a SaaS company that has successfully entered the global markets.
Now they are working with an advisor we found, apparently a perfect match :)
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