Domestic or International Markets?
In talking with executives from small to mid-size companies who are building their go to market (GTM) strategies the most common question they ask me is how to spend their marketing dollars here in the US to build brand awareness and sales revenues. After all, the US represents one of the biggest single markets, is the most accessible and most of them are familiar with the market.
Not surprisingly, my answer is not so fast – let’s sit down, evaluate the entire landscape and build a strategic plan that leverages international markets to build brand and revenues– especially when cash is limited. Yes you guessed what’s coming next – words like costs, lack of familiarity, localization, customs, logistics become common fare.
Now the fun begins – and the facts;
- While the US represents the biggest single market and is the most accessible “the same applies to all your competitors”.
- Though social media may be great to create brand awareness, the actual costs to convert leads to paying customers is considerable more here in the US.
- For some markets like medical, mobile the regulatory and market hurdles may be easier to overcome outside the US.
There are smaller markets out there which may be a great fit for launching new products / technology. Best of all these markets may be easier to access to gauge product acceptance, and in some cases can lead to faster revenue streams.
There are numerous success stories, and recently at Alara we were able to build an international presence with 6 distributors selling in 25+ countries with a staff of three (3) and minimal marketing and PR budget – a fraction of what it would have cost to build a similar presence and revenue stream locally. Best of all it was done in record time.
An open mind, sound strategy, honest evaluation of your technology and markets, marketing and support budgets are all keys for successful execution of this strategy. A good partner to help lead these initiatives may be invaluable.