This article appears in Customer Think online.
By Kelly Waller
It’s a familiar scenario: your business has seen exceptional growth within a specific region. Seeking new growth opportunities, you identify a promising chance to enter additional markets. Expanding into these markets could boost growth and revenue and solidify your brand’s global presence. However, these rewards come with risks. According to McKinsey, four out of five companies fail in their international expansion efforts.
Why? Companies underestimate cultural differences and enter new markets with a rigid approach, even when the same language is spoken. This can lead to setbacks, as business practices vary widely by country. Additionally, insufficient research on the market, competitors, pricing, potential partnerships, and financial investments can result in failure.
But you can improve your chances of success by developing a Go-To-Market strategy that integrates demand generation and leverages local expertise. Let’s explore the benefits along with our best implementation tips.
What is a Go-To-Market Strategy?
A Go-To-Market strategy is a detailed, cohesive plan that outlines how you will introduce and establish your product or service in a new market. This strategy encompasses all aspects of business, including research and data-driven insights to identify the target market, understand personas, analyze competition, and set up the necessary infrastructure for marketing, sales, operations, and customer support. It also considers cultural nuances to ensure relevance and effectiveness. The goal is to ensure your offerings reach the right audience at the optimal time and in the most impactful ways.
