Expanding Business in New Countries: 5 Go-to-Market Tips You Need to Know [Webinar Recording & Takeaways]
Going global is an ambition of every big brand. Access to the Internet, globalized business languages, international shipment and payment, tools for instant synchronized communication have made this ambition more realistic than ever.
Yet there are still issues to consider. Market research, growing a new customer base, legal research, finding partners, working across time zones, content localization are only the top of the iceberg.
To give you some insights in the marketing expansion strategy, we held a webinar with Daria Trokhina, Deputy CMO at Rocket Delivery.
Rocket is a delivery app operating in the 27 biggest Ukrainiant cities. They deliver food from over 3,000 restaurants including McDonald’s and KFC. With over 3,000,000 installations, Rocket enters Top 10 European Food Delivery Apps based on downloads.
Their plan for 2021 is to expand to 10 new countries. While preparing, they’ve done big go-to-market research, and Daria will share some findings in her webinar presentation.
For those who are looking for the highlights, here is a short summary of lessons learned.
#1. Defining your audience is a top priority.
Before going to a new market, local or international, the first thing you need to know is who is your target audience and whether their needs can be covered by your product.
The optimal way to do it is to run a focus group and ask questions like:
- How do they use your product? Why? How often?
- What is the most important in using your product?
- What extra functionality would they like to have, etc.
Once you have your answers, confirm them with a quantitative analysis. Don’t rely on answers only, because people may distort their perception and give deformed answers, often subconsciously.
When going to several countries, each market will have a different target audience profile. People will have different needs and different habits determined by location, cultural background and local behavioral patterns.
#2. Growth modeling is your navigation compass.
There is no single growth model that fits all businesses. You will calculate yours based on your own metrics.
Assumptions and calculations for the growth model:
- Marketing (channels you’re going to use);
- Sales funnel (how people will interact with your product);
- Business plan (how you’re going to monetize your product);
- Investment (money spent on marketing).
#3. Splitting budget between marketing instruments.
You need to come up with a set of instruments for each stage of the purchase funnel.
- Awareness: digital display, ad campaigns, media;
- Interest: Google search, ad campaigns;
- Desire: Google shopping, remarketing campaigns, direct marketing;
- Action: remarketing ad campaigns, direct marketing.
- Post-click analysis;
- Post-view analysis;
- Reach and frequency analysis.
For more videos, subscribe to our YouTube and learn marketing from the best experts.